Thermal maintenance and high settles for Alberta power

With sun shining and temperatures picking up, power prices settled significantly higher this week – over
200% higher – at $94.91/MWh. With multiple thermal derates, the supply cushion was tighter across the
week allowing for hourly settles as high as $958.02/MWh. Markets were illiquid with US holiday Memorial
day yesterday, the curve was relatively flat over the week.

Contrary to power prices, gas was down slightly this week averaging $1.89/GJ. East Gate is only allowing
contracted volumes to flow which caused prices to drop off over the weekend. Forwards remain relatively
flat.

Conservative opposition leader Andrew Scheer has pledged to make Canada energy independent by 2030
which would include connected energy infrastructure across the country. He also stated that he would
cancel federal levies on carbon. The federal election will take place in the next five months.