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2018 review of Alberta Power & Gas

Happy New Year! 2018 was a year with significant change including the first coal unit retirements, increased
carbon tax and Power Purchase Arrangements ending. 2018 averaged $50.35/MWh with significant volatility in
the daily settles ranging from $19.11/MWh to $395.55/MWh. The first week in 2019 averaged $32.52/MWh.
There is softness in the forwards trending down ~$0.50/MWh. Significant events that could change the forward
curve include the provincial and federal elections in 2019.

Alberta gas saw significant volatility with daily averages from -$0.18/GJ to $3.35/GJ. The 2018 average was $1.42/
GJ. With decreased pipeline capacity and no plan in place for additional, pipeline availability will be the biggest
risk in 2019 for Alberta gas prices. Any unforeseen outages could cause significant swings in price. 2019 forward
prices are forecasted to remain under $2/GJ.

The heaviest load ever on Alberta roads is moving to a new petrochemical facility. The 820 tonne piece of
equipment will help to produce a recyclable plastic known as polypropylene.