Power prices up in the Pacific Northwest

Things are heating up today with the Olympic plebiscite occurring in Calgary. Alberta power prices have
heated up week over week as well averaging 36% higher at $74.89/MWh. The weekend had multiple
thermal outages, low wind output and lower imports due to high prices in the Pacific Northwest. Cold
temperatures in Alberta also pushed up demand, peaking at 11,051 MW this week, 360 MW higher than last
week’s peak. Forward prices remain steady.

AECO gas prices were also driven up this week with pipeline maintenance and cold weather. Gas averaged
$2.67/GJ, a 172% increase week over week. Near term gas prices are expected to continue to settle into the
$2/GJ territory.

A similar story to the Trans Mountain Expansion, Keystone XL construction has been blocked by a judge in
the US. The ruling by the Montana federal judge prevents “activity in furtherance of the construction or
operation.”