Alberta generation mix moves away from coal

With parts of Alberta reaching above 0 degrees this week, Spring may have sprung with patio goers out this
weekend. Price volatility remains with forced outages this week, however, the week averaged $54.43/MWh,
a 66% decrease week over week. Forward prices saw significant upward movement in 2020 and 2021 with
an announcement that two thermal units mothballing is extended through October 31, 2021. Near term
forwards remain consistent.

Natural gas averaged $2.73/GJ this week, a 32% decrease week over week but still a strong settle. Forwards
are flat.

Interestingly, the NDP reported that less than half of Alberta generation in 2018 came from coal. Emissions
in the sector dropped 16% over 2017. Natural gas generation increased 11% with the trend expected to
continue as many coal units are being cofired prior to their natural gas conversions.