Volatility in Alberta power caused by outages

With Fall back in the air and expected to continue through the end of October, prices continue to experience
significant volatility. Prices averaged $88.10/MWh this week, a 5% increase week over week. Thermal outages
continued to put upward pressure on price, but units are expected back online by the end of today. Since this
time last month, forwards are up an average of ~$1.50/MWh, and as much as ~$2.50 in 2019.

AECO gas prices hit historic lows again this week with the outage on the Enbridge Westcoast pipeline. Weekly
prices settled 50% lower than last at $0.85/GJ. There were no daily settles above $1.00/GJ and two days settled
negative. BC is anticipating a decrease in supply of 20-50% over the winter. Gas forwards are up an average
$0.11/GJ month over month as well.

Premiere Notley has called on the Federal government to look at short term solutions such as rail expansion to
help get Canadian oil to market ahead of pipeline expansions and development.