Summer volatility in Alberta power is here already

This year is flying as we enter into June and schools are almost out for the summer. May averaged $74.78/
MWh, 13% higher than May 2018. June prices have been extremely high so far with multiple forced thermal
outages. The week averaged $154.44/MWh. Multiple units returned to service yesterday, so price volatility
is expected to decrease in the near term. Forwards are up significantly, with calendar years up over $3/
MWh week over week. The movement is attributed to traded positions.

AECO gas averaged $1.91/GJ in May, a 42% increase over last May which saw some negative pricing
days. Settles this week dropped again, averaging $0.52/GJ. Restrictions at the East Gate remain in effect.
The carbon tax has been officially removed for consumers which has been reflected in gasoline prices.

Interestingly, the UCP have decided to keep the Regulated Rate Option Cap of 6.8cents/kWh in effect. They
have stated that they are continuing to review the electricity market ensuring it is affordable for Albertans.