Gas production is up in Alberta!

Alberta power prices have remained steady week over week averaging 7% less at $36.57/MWh. The week is
forecasted to be well supplied with significant wind generation week over week, which should keep prices in the
$30-$40/MWh range. The BC tie line has been down for maintenance but is scheduled to return before the end of
the week. Forwards are trending flat week over week.

Gas prices are up 5% to 1.37/GJ. Production in Alberta is up ~0.5Bcf/d week over week. Demand across the
country was also up week over week with cooler weather and more production flowing onto the grid as pipeline
restrictions were lifted. Most restriction outages seem to be finished for the winter season.

The Federal government has announced that the National Energy Board has twenty-two weeks to review the oil
tankers environmental impact caused by the Trans Mountain Expansion. Meaning that by the end of February the
NEB must be ready to make a recommendation if the project should go forward.