(R)Evolution 2009-2050: Transforming Energy
Portfolio optimization
AB commercial portfolio positions
(Hedge positions as of Nov 24/21)
Power
% of power position sold forward (1)
Contracted power prices (2) ($/MWh)
Forward power prices ($/MWh) (as of Jan 11/22)
EBITDA sensitivity to a $5/MWh change in spot power prices (3) ($M)
Natural gas
% of gas requirements bought forward(4)
Weighted average cost of gas contracts (2) ($/GJ)
Forward gas prices ($/GJ) (as of Jan 11/22)
2022
2023
2024
64%
41%
26%
High-$60s
High-$50s Mid-$50s
$88 (Feb-Dec)
$70
$61
$25
$36
$49
90-100%
$2.25-$2.75
$3.53 (Feb-Dec)
85-95%
80-90%
$2.00-$2.50 $2.00-$2.50
$3.10
$2.85
Strong track record of value creation and managing merchant risk exposure
from portfolio optimization
1) Based on the Alberta baseload plants, including Joffre and Shepard
2) Forecasted average contracted prices may differ significantly from future average realized prices as future realized prices are driven by a combination of previously contracted prices and settled prices
3) Includes both baseload and non-baseload positions
4) Includes gas burn for all baseload plants, and estimated gas requirements to supply fixed retail contracts
14View entire presentation