Federal government looking to drive clean growth and climate action

With the Calgary Stampede usually comes hot temperatures and afternoon thunderstorms. However, we’ve
seen mild July temperatures keeping Alberta power prices extremely low so far. The weekly average was
$29.40/MWh, 7% lower than last week. Temperatures are expected to increase to seasonal levels this week.
Forward prices remain relatively flat week over week.

Alberta gas prices averaged 22% higher this week at $1.07/GJ. Storage injections are lagging compared to
the 5 year average and 2018 levels at this time. Current prices are not trading at an adequate discount to
support storage injections.

The federal government released the next steps on measures to drive clean growth and climate action. The
Output-Based Pricing System (OBPS) governs standards for industrial facilities. Large emitters will pay $20/
tonne this year, increasing by $10 until 2022 where it reaches $50/tonne.