Trans Mountain approval revoked by Federal Court

The long weekend is over and everyone is back to work and school today. August averaged $68.80/MWh.
Significant volatility in August had 67 hours settle with triple digits. Half of those hours settled above $250/MWh.
This past week settled $31.21/MWh with very mild temperatures and few outages. There was little movement in
the forwards week over week with a trade holiday yesterday.

Today is the first trading day in September for AECO – it’s still early in the month, but storage injections are up
~500MMcf/d over August, and ~400MMcf/d higher than the five year September daily average. August price
averaged $0.90/GJ, however forwards are projecting higher as we enter into the winter season.

In an unexpected turn of events, the Federal Court revoked the NEB’s approval of the Trans Mountain Expansion
based on shortcomings in the environmental assessment and stakeholder consultation. In response, Premier
Rachel Notley announced that Alberta would not participate in the Canadian climate change plan.