Energy-only market to continue in Alberta

Big news in the power market with the announcement that Alberta will continue to be an energy-only market as
opposed to the capacity market that was being advanced. The UCP made an announcement last Wednesday after
market close, fulfilling their promise to make an announcement within their 90-day review. There has not been any
further announcements on if there will be changes to the current energy only structure. With the announcement,
forward curves are up significantly. November 2021 through the end of 2024 when the capacity market would have
been in effect is up ~$2.00/MWh.

The balance of 2019 through 2020 remain largely unchanged with the market announcement. The week averaged
$53.25/MWh, a 60% increase week over week. Some unexpected thermal outages had one day averaging $148.14/
MWh.

Gas prices increased by 100% this week, averaging $1.64/GJ. Some restrictions lifted on both East and West gates.