{"content":[{"text":"contracted cash flow, extends our average \n contract life, and support progress towards a low- \n carbon economy.","bbox":{"left":0.529412,"top":0.137605,"width":0.392807,"height":0.051116999999999996}},{"text":"We delivered strong first quarter results that \n exceeded our expectations. This was the first \n quarter where all generation in the Alberta power \n market was dispatched by commercial market \n participants following the expiry of the Balancing \n Pool PPAs. The strong quarterly results confirm \n the Alberta power market is truly robust.","bbox":{"left":0.070572,"top":0.153665,"width":0.38872700000000004,"height":0.11489300000000002}},{"text":"I'll now turn the call over to Sandra.","bbox":{"left":0.529412,"top":0.201556,"width":0.28028299999999995,"height":0.019135000000000013}},{"text":"Sandra Haskins \n Thanks, Brian. I'll begin my comments by going \n over the Alberta power market on slide 6.","bbox":{"left":0.529412,"top":0.233596,"width":0.37606000000000006,"height":0.051035000000000025}},{"text":"Earlier this month, we executed an innovative 15- \n year renewable energy agreement with Labatt \n Brewing Company for the Enchant Solar project, \n that I'll cover off in more detail shortly.","bbox":{"left":0.070572,"top":0.281392,"width":0.392803,"height":0.06702700000000006}},{"text":"Extreme cold temperatures in February set a new \n daily record for demand and contributed to a high \n average power price of $95 per megawatt-hour in \n the quarter compared to a $67 per megawatt-hour \n average in the first quarter of 2020. In the first \n quarter, our trading desk captured an average \n realized price of $77 per megawatt-hour that was \n 24% higher than a year ago. The positive outlook \n for the Alberta power market is being reflected in \n higher 2021 forward prices that have steadily \n increased over the past few months and currently \n sit at $79 per megawatt-hour.","bbox":{"left":0.529412,"top":0.297466,"width":0.397736,"height":0.194728}},{"text":"With a strong first quarter and higher Alberta \n forward prices for 2021, we are forecasting our \n 2021 financial performance will be modestly \n above the top end of our annual adjusted EBITDA \n and AFFO guidance ranges.","bbox":{"left":0.070572,"top":0.361253,"width":0.396879,"height":0.08307500000000001}},{"text":"We also continue to make solid progress on our \n approximately $1.7 billion in growth projects. I'll \n also provide an update on our various CO2 \n reduction initiatives.","bbox":{"left":0.070572,"top":0.457163,"width":0.379877,"height":0.06700099999999998}},{"text":"Turning to slide 5, as mentioned, we've entered \n into an innovative partnership with Labatt for \n the Enchant Solar project. It is a 15-year \n renewable energy agreement for the sale of \n electricity and RECs. The virtual PPA is for 51% \n of the electricity from the Enchant Solar project \n that covers all of the electricity requirement \n for Labatt's Canadian operations. Approximately \n one-quarter of the RECs will come directly \n from Enchant Solar and three-quarters will be \n packaged with RECs sourced from Eastern \n Canada to closely align with Labatt's operations \n footprint.","bbox":{"left":0.070572,"top":0.537011,"width":0.3832880000000001,"height":0.21080200000000004}},{"text":"For our Alberta commercial portfolio, our baseload \n generation is 30% hedged in 2022 at an average \n contract price in the mid-$50 per megawatt-hour \n range. For 2023 and '24, we’re 24% and 10% \n hedged, respectively, at an average contract price \n in the mid-$50 per megawatt-hour range for both \n years. This compares to current forward prices of \n $63 per megawatt-hour for 2022, $54 for 2023, \n and $51 in 2024.","bbox":{"left":0.529412,"top":0.505029,"width":0.39961,"height":0.14686200000000005}},{"text":"Moving to slide 7, I'll review our financial results \n for the quarter. Overall, financial results in the first \n quarter were strong. This includes revenues and \n other income of $554 million, up 4% compared to \n the first quarter of 2020, largely due to the higher \n revenues generated from all three units at \n Genesee.","bbox":{"left":0.529412,"top":0.664738,"width":0.39674999999999994,"height":0.11489299999999991}},{"text":"The 75-megawatt Enchant Solar project is \n expected to begin commercial operation in the \n fourth quarter of 2022. When we announced the \n project in November 2020, our original guidance \n was $11 million in adjusted EBITDA and $12 \n million in AFFO on average per year for the first \n five years. This financial guidance continues to be \n reasonable, with upside from a higher value of \n RECs based on the federal carbon tax. Overall, \n the agreement with Labatt will strengthen our","bbox":{"left":0.070572,"top":0.760496,"width":0.396915,"height":0.1629100000000001}},{"text":"Adjusted EBITDA of $303 million was 29% higher \n than a year ago. Higher adjusted EBITDA for the \n Alberta commercial facilities benefited from a \n higher realized power price of $77 per megawatt- \n hour compared to $62 per megawatt-hour in Q1 of \n 2020. The higher price in the quarter was partially \n offset by lower generation during periods of milder","bbox":{"left":0.529412,"top":0.792466,"width":0.39950600000000003,"height":0.11504400000000004}},{"text":"2 | P a g e","bbox":{"left":0.855294,"top":0.941117,"width":0.06933699999999998,"height":0.015614000000000017}}],"images_bbox":[{"left":0.803531,"top":0.062729,"width":0.125881,"height":0.059999}],"images_bbox_not_text_overlap":[{"left":0.803531,"top":0.062729,"width":0.125881,"height":0.059999}]}