Canadian Federal election is less than a month away

The Canadian Federal election is less than a month away and leaders are campaigning across the country. This
morning the Liberals are promising to push Canada to net-zero emissions by 2050. The Conservatives are saying
they would fast track pipeline challenges straight to the Supreme Court. As with many elections, the energy
industry including national infrastructure and climate policy are at the forefront of discussion and extremely
important to voters.

Alberta electricity prices decreased by 46% this week to $47.50/MWh. One day had higher settles in the triple
digits, but no deviations to forecast over the weekend led to multiple $30-something settles. Forward curve has no
major deviations over last week.

Gas prices averaged $0.50/GJ this week. Given current low storage levels in Alberta and extremely high levels at
Dawn, there is a significant possibility of high gas prices if any unforeseen outages occur or if we experience
extreme cold this winter. Forwards remain relatively flat given current market conditions.