Extreme heat and smoke across Alberta

After the long weekend in Alberta, a haze has set in across the province from wild fires and extreme heat
warnings continue in many areas. We’re seeing the impact on prices with the month of July averaging $58.45/
MWh, more than double the price of July last year. Since then, August has seen considerable strength in prices
due to the hot weather, currently averaging $66.01/MWh. The week overall averaged $72.09/MWh with 33 hours
in the last week settling with triple digits. There is significant volatility expected in August, but the rest of the
curve remains relatively flat.

AECO gas averaged $1.21/GJ in July against the 2017 average of $1.55/GJ. The week averaged $0.95/GJ. Storage
injections in August are well above last years, starting to reduce the year over year deficit.

The Alberta Electric System Operator released a brochure on the capacity market. In addition to existing suppliers,
energy storage has the ability to participate in the market. Projects from the Renewable Electricity Program will
not be eligible for capacity payments, but will participate in the energy portion.