PPA terminationsComments from CIBC Wood Gundy: For the power producers, we note: - TransCanada's position is improved, eliminating unprofitable PPAs and the volatility of Alberta power price exposure - TransAlta's position for now is unchanged, although there could be a negative outcome if the Balancing Pool terminates the Sundance PPAs, as the penalty payment may be insufficient to offset lost PPA income through PPA maturity, and the company would likely have to either temporarily or permanently shut the plants down - Capital Power's position is unchanged for now, as it is unlikely to immediately terminate its ownership of the Sundance C PPA given a 100% hedged position in 2016, and the Balancing Pool is in turn unlikely to terminate the Genesee 1 and 2 PPAs given an onerous penalty payment.