Agreement for the Sale of the H.R. Milner Power Station

Calgary, Alberta August 26, 2003 - The Balancing Pool announced today that it has entered into a Heads of Agreement ("HOA") with a consortium of investors headed by Maxim Power Corporation (the "Maxim Group"), for the sale of H.R. Milner power station. The H.R. Milner plant is a 144 MW coal fired power station located near the town of Grande Cache, Alberta, which is currently operated by ATCO Power Ltd. for the benefit of the Balancing Pool.

Under the terms of the HOA, the Maxim Group and the Balancing Pool have agreed to finalize a binding asset sale agreement by September 30, 2003. Financial close for the transaction is targeted for January 30, 2004 with an effective date of January 1, 2004. Closing of the transaction will be conditional upon Maxim securing a long-term coal supply for the power station; discussions have commenced with several prospective coal suppliers.

The Balancing Pool and ATCO Power Ltd. will be entering into an agreement to extend the current operating agreement in order to bridge the time period to the closing date of the sale.

The Balancing Pool was established in 1999 through the Electric Utilities Act to manage the financial accounts arising from the transition to a competitive generation marketplace, and to assume ongoing responsibilities related to both the sold and unsold Power Purchase Arrangements.

For more information, please contact:Gary ReynoldsPresident and CEO(403) 538-3443

Bruce RobertsDirector, Planning and Development(403) 705-8519

Tom Laidlaw Macquarie North America Ltd.(416) 594-5164