Stampede week in Calgary means hot weather and power price spikes

It’s Stampede week in Calgary which usually brings hot weather and thunder showers! We haven’t seen thunder
showers yet, but the hot weather contributed to the week averaging 29% higher than last at $34.76/MWh. The
week was fairly quiet until yesterday when hot weather and minimal wind generation saw price spikes into the
triple digits. The forward curve is flat week over week.

The price of gas settled at $1.06/GJ, 10% lower than the previous week. Gas production remains high, with
additional production going into storage. Injections on the Nova system are ~1.4Bcf/d in June, up from 934MMcf/
d in June. The gas curve has not moved week over week.

The Carbon Capture and Storage projects in Saskatchewan on the Boundary Dam facilities will not be added to
units 4 and 5. The decision comes as coal fired generation must be phased out under federal legislation regardless
of emissions and so further investment does not make sense at this time.