USMCA is announced and Canadian LNG is approved

While most of Alberta battles the first snow storm of the year this morning, power prices responded to
unavailable tie lines, increased demand and decreased wind generation. The first day of October settled $71.33/
MWh. The week averaged 22% higher at $44.78/MWh. Battle River 5 returned to industry control yesterday, and
significant strength in price is expected throughout the week. Power forwards are up an average ~$0.50/MWh.

Gas prices are creeping up to the $2.00/GJ mark, settling 28% higher week over week at $1.75/GJ. Forward prices
through the end of 2018 continue to see strength with the early arrival of winter. A Liquefied Natural Gas project
in Northern BC was approved yesterday, after delaying the decision in 2016 due to extraordinarily low gas prices.
The project is expected to be the least greenhouse gas intensive LNG facility in the world.

The United States Mexico Canada Agreement (USMCA) was reached on Sunday evening. It is not expected to
impede energy flows and preserves investor protection seen as critical to the oil and gas industry. US tariffs on
steel and aluminum imports are still in place in the agreement.