Strength in Alberta power and gas prices into winter

Snow has set in across Alberta which probably means that Winter is here to stay. An October with record
snow fall averaged $63.48/MWh, over a 200% increase from last October which averaged $20.45/MWh.
Strong settles continued into the first week of November averaging $55.17/MWh. 12 hours settled over
$100/MWh. Short term forwards continue to increase with outages in MIDC.

October gas averaged $1.36/GJ, with three days settling negatively due to the Enbridge pipeline outage. This
week averaged a 10% increase at $0.98/GJ. Near term forwards are up ~$0.25/GJ with response to cold
weather forecasts in keeping with NYMEX price which is also trading up.

Without additional transportation capacity, Canadian crude is expected to continue to trade at a significant
discount. Production is expected to decrease in the last couple months of the year in response.