Alberta power, AECO gas and WCS prices trend up

It’s officially summer and it’s been heating up across Alberta! Power prices averaged $110.89/MWh this week
with a combination of outages, derates, lower wind generation and higher demand. A 64% increase week over
week, with continued price volatility forecasted for this week. The forward curve was relatively flat week over
week.

Gas prices are trending up 136% week over week, settling at $1.34/GJ. Maintenance on East gate was completed.
Alliance and TCPL both decided they didn’t have enough interest to move forward with their open seasons – it is
expected at least one comes back with a few changes. The forward curve is down ~$0.03/GJ.

OPEC met in Europe this week to discuss increasing production; however, this wasn’t the biggest news to hit the
market. An outage at a production facility in the oilsands is expected to create a shortage in July. This may cause a
draw down in inventory go forward and a related price move in WCS.