Hot weather in Alberta could lead to high settles

Another mild week in Alberta had prices down 32% to $33.34/MWh. The potential for strength in prices exists this week
as temperatures are anticipated to reach as high as mid-30s across parts of Alberta. Wind generation is expected to also
increase this week, which could keep prices in their current range. Renewable generation continues to grow in Alberta
with over 11,000 MW, mostly solar and wind in some stage of development across Alberta, however, with future
Renewable Electricity Programs cancelled by the UCP, it is unclear if development will continue at this rate. Forward
prices have increased slightly across all terms.

Gas prices decreased over 50% this week to $0.82/GJ. The price decrease is attributed to the restrictions on East and
West gates.

The Capacity Market Provisional ISO Rules proceeding has concluded by the Alberta Utilities Commission. A decision is
expected at the end of July – pending that a decision from the 90-day government review is not released before.