Alberta Power Market

Research evidence excerpt

Alberta Power Market

RBC Dominion Securities Inc.

Maurice Choy, CFA, CA, CPA

(Analyst)

(604) 257-7632,

maurice.choy@rbccm.com

Robert Kwan, CFA (Head

of Global Power, Utilities &

Infrastructure Research)

June 11, 2026 (604) 257-7611,

robert.kwan@rbccm.com

Greg Andrais, CFA (Senior Alberta Power Market Associate)

(604) 257-7556,RESEARCH Quick Take: Alberta government introduces data centre regulations greg.andrais@rbccm.com

Our view: Ahead of the June 24 stakeholder session by the Alberta Electric System Operator (AESO)

on Phase 2A: Large Load Integration (BYOG process), we believe the Alberta government's introduction

of the Data Centre Regulation as part of the Electric Utilities Act not only reaffirms the principles of

its bring-your-own-generation (BYOG) framework when it comes to welcoming this industry into the

province, but also offers added flexibility as to what generating units may qualify under these BYOG

rules. Specifically, our initial read suggests that Capital Power and TransAlta may benefit from this added

flexibility via existing generation units that have expansion options, as well as their coal-to-gas units,EQUITY

pending how the AESO further defines an "underutilized generating unit". We view other features of the

regulation to be broadly in line with market's understanding of the government's intentions, including

when it comes to prioritizing data centres with BYOG arrangements (i.e., "tethered data centres") in the

interconnection process, and granting the AESO the ability to curtail data center-related power supply

to maintain grid stability. Overall, we see these regulations as favourably moving the province forward

in terms of supporting new data centres, and accordingly, positive for Capital Power and TransAlta's

share prices.