Alberta gas prices expect increase moving into winter

A quiet week for the Alberta power market with power prices averaging $31.75/MWh, almost identical to last
week at $31.21/MWh. There has been strong wind generation which has compensated for thermal derates this
week. Forwards remain relatively flat although there may be volatility heading into October when Battle River 5
returns to industry control.

Gas prices saw significant strength week over week, averaging $1.30/GJ, a 58% gain. Looking forward as the
restrictions in BC ease and cooler weather increases demand in Alberta – we could see some stronger daily prices.
We are entering turnaround season where individual plant outages and weather may necessitate withdrawals
from storage or stopping exports. This could result in averages of ~$2.00/GJ.

News reports continue to stack up regarding the future of the Trans Mountain Expansion. The divestment was
completed this week, and Kinder Morgan has signaled a retreat from Canada. With so much uncertainty, demand
for crude on rail is increasing, setting an export record in June.