AGREEMENT SIGNED FOR THE SALE OF THE H.R. MILNER POWER STATION

Calgary, Alberta October 31st, 2003 - The Balancing Pool announced today that it has entered into an Asset Sale Agreement with the Milner Power Limited Partnership (a consortium headed by Maxim Power Corp.) for the sale of H.R. Milner power station. The H.R. Milner plant is a 144 MW coal fired power station located near the town of Grande Cache, Alberta, which is currently operated by Alberta Power (2000) Ltd. ("ATCO") for the benefit of the Balancing Pool.

Financial close for the transaction is set at January 30, 2004 with an effective date of January 1, 2004. Closing of the transaction is conditional upon the purchaser securing a long-term coal supply for the power station.

The Balancing Pool and ATCO have entered into an agreement to extend the current operating agreement in order to bridge the time period to the closing date of the sale.

For more information, please contact:

Gary Reynolds
President and CEO
(403) 538-3443

Tom Laidlaw
Macquarie North America Ltd.
(416) 594-5164