Coal to gas asset conversions starting in 2020

Power prices doubled this week, averaging $88.04/MWh. Yesterday averaged $188.33/MWh, with
significant gas outages and low wind generation. The forward curve was relatively flat with some clarity
on unit conversions from TransAlta. Only one asset will be converted in 2020, followed by two in 2021.
It is expected that these outages will be completed in turn arounds.

Gas prices continue to decline, down 50% this week to $0.27/GJ. The potential for strength in prices
exists until the end of the month when maintenance is completed.

With the federal election almost a month away, there has been significant news coverage regarding
strategies for the energy industry. Additionally, the UCP are continuing to look at ways to continue to
export natural resources. Energy Minister Sonya Savage is looking at potentially allowing producers to
exceed their curtailment levels if they are able to ship the additional volume by rail.