Alberta hearing for Bill C-48

With a giant snow storm and below freezing temperatures, prices were up 60% this week averaging $50.57/MWh.
There was significant strength in prices yesterday with less than 60% coal availability in the stack due to
maintenance and forced outages. Yesterday averaged $166.72/MWh, the only triple digit daily settle in April. The
forward curve is up over $1/MWh week over week with anticipation of market announcements under the UCP
government who will be sworn in today.

With power prices up, gas prices were down 74%, averaging $0.34/GJ. This is attributed to timing with the end of
winter. Year over year, April storage injections were much higher, continuing to decrease the overall deficit
compared to last year.

The hearing for Bill C-48 begins in Edmonton today. The bill would prevent tankers carrying oil from docking along
BC’s North coast. This will have an unfavorable impact on future projects in Alberta and possibly other parts of
Canada. Both Bill C-48 and Bill C-69 have been met with significant opposition from Albertans.