The temperature in parts of Alberta reached 28 degrees yesterday and with beautiful weather comes a lot of air
conditioning load. The week was relatively quiet until yesterday’s heat caused demand to exceed forecast while
the Montana-Alberta Tie Line was down for maintenance. The AESO, concerned with sustaining operating
reserves, issued an Emergency Energy Alert. 8 hours settled above $100/MWh, including one hour settling at the
price cap of $999.99/MWh. The day settled at $239.35/MWh and the week averaged $59.84/MWh, a 126%
increase week over week. Forward prices responded to the supply tightness yesterday and are up roughly $2.50/
MWh.
Gas prices settled 43% higher this week, although still low at $0.43/GJ. Maintenance continues this week and
producers have curtailed some production due to the low prices. Kinder Morgan’s deadline for Trans Mountain is
two weeks away and Premier Notley is continuing to fight for the success of the project, including a national
media campaign to boost support. Alberta has added a two year Sunset Clause to Bill 12, which could regulate
shipments of oil to BC.
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