Hurricane Florence causes power and natural gas decrease in demand

Consistently chillier weather and the start of a tie line outage has led to strong prices week over week. Alberta
power averaged 23% higher at $39.16/MWh. Forwards have reacted to tightness in the market moving the
overall curve up ~1.50/MWh. There is still the potential for significant volatility in forwards and settles throughout
the fourth quarter.

Alberta gas prices continue to strengthen week over week, up an average 16% to $1.31/GJ. We are seeing less
volatility in gas forwards relative to Alberta power, up ~$0.02/GJ. Near term forwards continue to see strength
with possibility of daily averages around the $2.00/GJ mark. The last settles at $2.00/GJ occurred in early April this

Hurricane Florence moved through the US Southeast over the last few days, negatively impacting gas demand
with widespread power outages. Similar impacts may be in store for the US Northeast the rest of this week as the
storm is expected to move through the mid-Atlantic, New York and New England as a Tropical Depression.