Energy Efficiency continues in Alberta

The middle of August is fast approaching and mornings are starting to get a little chillier. The weekly average was
up 46% to $64.35/MWh, attributed to one day with triple digit settles. Stronger temperatures during the day and
some thermal derates caused high settles in the afternoon. There has been some softness in the forward curve,
~$0.25/MWh, likely due to the low settles in the past 6 weeks.

AECO gas averages were flat week over week at $1.16/GJ. BC pipeline maintenance is set to finish at the end of
August which will increase exports to the US Pacific Northwest, decreasing supply across Western Canada which
may put an upwards pressure on price.

Alberta’s Energy Efficiency program was deemed extremely successful in decreasing greenhouse gas emissions by
a national agency. In the annual report, it states that the program generated $850 million in economic growth.
Alberta was the last jurisdiction in North America to implement an efficiency program.