Alberta election on April 16 will led to clarity for power market

Things are heating up all over the place in Alberta up with the buzz of an election and temperatures in the
double digits. The weekly average was $41.66/MWh, a ~30% decrease week over week. Even with
decreased settles, forward prices continued to climb last week, up over $1/MWh across the curve.

Gas prices averaged $2.56/GJ this week, still strong settles but slightly decreased week over week. The gas
storage deficit of 71 Bcf may decrease by over 2 Bcf this week with less draws than anticipated due to
warmer weather. Draws compared to last year at this time are lower, decreasing the fairly significant gap.

Premier Rachel Notley called the 2019 Provincial election this morning. It will take place on April 16th. The
announcement came after the Throne speech yesterday. After the election, there should be more clarity
around the capacity market and carbon tax. The UCP have said that they would alter the current carbon tax
structure if elected.