Genesee Capacity Sold Out

March 19, 2003

Eight strip contracts totaling 762 MW of capacity related to the Genesee Power Purchase Arrangement (PPA) have been sold in the third and final phase of the Market Achievement Plan II (MAP II), completed March 14, 2003.

Buyers of Genesee strip contracts have purchased a share or "strip" of Genesee PPA capacity and are able to sell the energy, capacity and ancillary services (where applicable) associated with that "strip".

Purchasers of one or more contracts for 100 MW of energy capacity in the most recent round include:

• AltaGas Services Inc. 100 MW
  
• Direct Energy Marketing Limited 100 MW
  
• SeeGen Alberta Limited Partnership 100 MW
  
• Constellation Power Source Inc. 300 MW

In addition:

• B.P. Canada Energy Company 81 MW
  
• ENMAX Energy Corporation 81 MW

have each purchased a contract for capacity that can be sold as energy or ancillary services.

These contracts will transfer control of Genesee's PPA capacity to Buyers effective April 1, 2003 for a thirty-six month term expiring March 31, 2006. "With the completion of the MAP II sales process the Balancing Pool has now transferred control of essentially all of the Balancing Pool-held capacity into the hands of market participants" said Bruce Roberts, Director of Planning and Development. "Eleven different market participants now control the Sheerness and Genesee capacity and three of the four Clover Bar Unit Contracts. The MAP II process has also been successful in attracting seven new entrants to the Alberta market," said Mr. Roberts.

The first stage of the MAP II process culminated in late summer with the sale of three 157 MW unit-specific power contracts related to the Clover Bar Power PPA. The second stage of MAP II, which was concluded during the last quarter of 2002, involved the sale of 756 MW of strip contracts for capacity from the Sheerness Generating Station. "We are very pleased with the outcome of the MAP II process and feel that our objectives have been achieved for the benefit of Alberta consumers and market participants", said Gary Reynolds, Acting Balancing Pool Administrator and Chief Financial Officer.

For more information on MAP II, please contact:

Bruce RobertsDirector of Planning and DevelopmentBalancing Pool Tel: 403-705-8519

On sales process, and bidder participation in MAP II:

Bruce HoggVice President and DirectorMacquarie North America Ltd.Tel: 416-594-5157