Alberta thermal units offline leads to strong settles

Kids are off for Spring Break this week and the sun was shining ahead of possible flurries throughout the
week. Prices averaged $65.33/MWh this week, a 57% increase over the last with thermal units offline
unexpectedly before the weekend. The balance of year forwards are trending up on average over $1/MWh
in response to settles. The rest of the curve remains flat week over week.

The weekly gas average is down 30% to $1.67/GJ. For the first time in 2019, there were a couple daily settles
less than $1/GJ. The storage deficit to last year is continuing to contract.

With the provincial election in 22 days, campaigning including energy strategy is at the forefront of election
platforms. 3 major pipeline projects: Trans Mountain Expansion, Line 3 and Keystone XL are all facing
regulatory battles with no clear path in sight.