Alberta power and gas prices down with warmer temperatures

Coming out of the deep freeze in Alberta, prices settled 34% lower week over week at $64.00/MWh. The
monthly average remains above $120/MWh. Prices for the remainder of the month are expected to be
softer with warmer temperatures and anticipated higher wind generation. Forwards continue to respond to
the volatility in settles and are up ~$0.30/MWh on average.

Strength in AECO gas still exists, averaging $2.63/GJ this week. The storage deficit from last year is likely to
continue to widen. Draws in February 2019 are 38.8Bcf versus 30.9Bcf in 2018. Forwards remain steady.

TransCanada is requesting to use an existing pipeline to send gas to Eastern Canada that could then flow
into New England. The project was proposed after abandoning Energy East in 2017. The proposal is with
federal regulators for review.