Comprehensive Market Design news

We’re all hoping that the April snow will bring May flowers! April settled $40.55/MWh, significantly below
forecast. Wind generation came in higher than anticipated – April 29th was so windy, we saw $0/MWh settles for
the first time in 2018. The week settled 8% lower than the previous at $29.63/MWh. The second draft of the
Comprehensive Market Design was released – notably making it more difficult for power plants to be mothballed
in the capacity market. Forwards are down an average of $0.50/MWh.

Gas prices settled 35% higher than last week at $1.48/GJ. Prices are expected to decrease on average this month,
starting with same day trading day today at $0.00/GJ. Production has remained fairly steady although the winter
weather is (hopefully) gone.

Kinder Morgan has vowed to pull out of the Trans Mountain project unless BC announces that they will no longer
obstruct the project. The federal and Alberta governments have announced their intent to ensure the project
goes through, but BC has yet to let up.