I think, just from the highest level and a principle perspective, probably any answer to what is done with the energy mix would suggest that you need some diversity. You can't be all hydro. You can't be all nuclear. The wisest thing to do is to have some diversity around that.

Each region in Canada has its own resource base. Alberta has been historically blessed with hydrocarbons. Obviously British Columbia and a number of the other provinces have very tremendous hydro resources, and they've developed their resources accordingly.

When you look at what might be the answer, what might be the build in the longer term, as basically communicated and positioned by the Canadian government, hydro is a significant part of the Canadian future in power generation. Most of the work is suggesting that hydro power in Canada has to double. I think we'd agree with that. That it is definitely a renewable resource and is, to some degree, readily available.

That, in combination with interties, can't be the only answer. If you take Alberta, southern Alberta has the best solar resource in Canada. It has a tremendous wind resource. There's a tremendous amount of renewable energy, green energy, that's available other than hydro. There continues to be good strong hydro potential in Alberta, as well.

Each region has its own unique characteristics, and in each region there is likely a different answer. Some of that answer may well be interties. Certainly I would agree that connections to northern Canada definitely have some tremendous benefits. The intertie between Alberta and B.C. today is derated, and should basically be doubled in effective capacity through improvements.

There's definitely a lot of work that can be done around interties and around transmission. The unintended consequence is when there ends up being an answer arrived at and you end up with overreliance on a particular source or particular intertie, or whatever. That creates a significant risk of a different nature. That's a part of the unintended consequences, and specifically when you look at the Alberta market.

When it was announced that there may be an intertie between Alberta and B.C. and that Site C power would go there, it had implications for our market. In the long run, people are looking at that and asking how they can build an asset and all of a sudden be swamped by hydro energy coming from British Columbia, which crashes the market.

There are some definite consequences associated with it.

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