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May 2018 settles almost 200% higher than May 2017

The month of May averaged $63.77/MWh, a 191% year over year increase from May 2017’s $21.90/MWh settle. With
lower temperatures this week and high thermal unit availability, the weekly average decreased 72% to $25.77/MWh.
Entering into this week, there has been more gas generation online attributed to low AECO prices. Week over week
forwards on average have increased ~$0.25/MWh.

Gas prices decreased 24% week over week to $1.29/GJ, but still holding well above the $1/GJ mark. Yesterday price
settled in negative territory at -$0.02/GJ as maintenance on processing plants was lower, increasing gas on the Nova
Gas Transmission Line.

On June 1st, President Trump ended the exemption for Canada, Mexico and EU on steel and aluminum tariffs. The
tariffs were originally introduced to take action due to the Chinese oversupply, but have been expanded over national
security concerns. Canada has responded by introducing $16.6 billion in tariffs on numerous American products,
effective July 1.