Federal Climate Change Plan opposed by provinces

Thanksgiving weekend had higher than anticipated settles due to a forced thermal outage with a weekly average
13% higher than prior at $50.79/MWh. 41% of the hourly settles this week were above $50/MWh. Forward prices
have decreased by ~$0.50/MWh on average week over week. The Government of Alberta is hosting a
consultation session with stakeholders regarding Capacity Market Regulations and FEOC Regulations today.
Feedback is expected to be publicly available before the end of the year.

Gas prices settled $1.85/GJ, 5% higher than the previous week. Daily settles for the week are anticipated to be
driven down due to two outages on processing plants for maintenance. Forward gas prices have seen little to no
movement in the last month.

Provinces were to submit carbon plans to the Federal government by September 1 for review. The plans are
under review, however numerous provinces including Manitoba, Ontario, Alberta and Saskatchewan are not in
favor of the Federal carbon plan.