Notice: Investigation Report - TPG

August 23, 2006


Notice To Market Participants

Re: Investigation Report - Trading Practices Guideline (TPG)

In accordance with its mandate under the Alberta Electric Utilities Act and its MSA Investigation Process and Assessment Guidelines, the Market Surveillance Administrator (MSA) undertook an investigation into certain trading activity affecting the Alberta electricity market(s) during November, 2005.

The Investigation Report describes the investigation findings with respect to conduct involving ENMAX Energy Corporation and ENMAX Energy Marketing Inc. (collectively referred as “ENMAX”).

Summary of Investigation Results
The MSA conducted a complete and thorough investigation scrutinizing the disclosure and trading conduct in relation to a generating unit outage which commenced November 8, 2005, conduct which appeared to be inconsistent with the Trading Practices Guideline (“TPG”).

Based upon the investigation findings, the MSA concluded that representatives from ENMAX engaged in trading activity prior to disclosing non-public outage information to the AESO.

By taking this action, ENMAX was in breach of the TPG.

Conclusion of Investigation Process
As per the MSA Investigation Process and Assessment Guidelines, an Investigation Report has been prepared and is available for review on the MSA website. This report details the facts surrounding the investigation and the outcomes.

The MSA has negotiated a settlement with ENMAX in order to effect a change in conduct and ENMAX has agreed to appropriate sanctions for the activity identified. The MSA is satisfied the negotiated outcomes are appropriate for the TPG breach on November 8, 2005. Details of the negotiated settlement can be found in the Investigation Report.

The MSA will continue to enforce the TPG and remains available to market participants should there be any aspect of the TPG that requires greater explanation or guidance.

Yours truly,

“Original signed”

W.W. (Wayne) Silk
Vice-President, Chief Operating Officer
Market Surveillance Administrator

Investigation Report – Trading Practices Guideline (TPG)