Alberta Energy Market Report – Week of October 26 – November 1, 2026

Week in one line: Alberta’s wholesale power price averaged $85.88/MWh for October 26 – November 1, up 144% from $35.18/MWh the week before and the highest weekly average since this report began in August. Thursday, October 29 did about half the damage, peaking at $837.10/MWh in hour ending 18 as wind output collapsed, and not one hour of the week settled near zero. The 30-day average rose to $52.56/MWh. Get Energy’s variable electricity rate rose 0.30¢ to 5.99¢/kWh, and our two-year fixed rate dropped 0.70¢ to 7.27¢/kWh.

Reporting week: October 26 – November 1, 2026. Published November 2, 2026. Wholesale data from AESO; gas reference pricing from the Government of Alberta; forward prices from TC Energy; retail rates from Get Energy’s live rate sheet.

Wholesale power: the week in numbers

Metric	Oct 26 – Nov 1	Oct 19–25	Change
Average pool price	$85.88/MWh	$35.18/MWh	+144%
Median hour	$37.91/MWh	$24.21/MWh	+57%
Highest hour	$837.10/MWh (Oct 29, HE18)	$537.55/MWh (Oct 19, HE17)	+$299.55
Lowest hour	$16.53/MWh	$0.02/MWh	+$16.51
Hours above $100/MWh	20	10	+10
Hours at or near zero	0	4	−4
Average Alberta internal load	10,897 MW	10,592 MW	+305 MW
Peak load	11,627 MW	11,474 MW	+153 MW

The 30-day rolling average for the period ending November 1 is $52.56/MWh, up from $41.00/MWh a week earlier. The seven days that left the window (September 26 – October 2) averaged roughly $36/MWh, far below this week’s $85.88, so the rolling figure jumped by $11.56.

What actually happened

One Thursday did most of the damage. Daily averages: $24.91 Monday, $57.71 Tuesday, $36.06 Wednesday, $286.06 Thursday, $45.42 Friday, $42.10 Saturday and $108.93 Sunday. Thursday, October 29 alone accounts for about 48% of the week’s summed hourly prices. Prices topped $440/MWh from hour ending 8 to HE10 (high $556.65 in HE9), eased through midday, then climbed again: $477.20 in HE16, $655.24, $837.10 in HE18, $829.35, $807.54 and $695.98 in HE21. The four hours HE18–21 make up about 22% of the week’s summed prices.

Thursday was a wind story. Pipeline Online, citing AESO data, reported that wind output was 167 MW out of about 5,684 MW of installed capacity at the 9 a.m. price peak, and fell to 13 MW by 8 p.m. At 9 a.m. the province was importing 494 MW. With almost no wind, high evening demand (about 11,400 to 11,500 MW in HE17–20) had to be met by other supply, and prices followed.

Even without Thursday, the week was more expensive. The other 144 hours averaged about $52.50/MWh, well above last week’s $35.18 average. Tuesday had four hours above $100 (HE7–9, peaking at $238.64 in HE8, and HE22 at $126.29), and Sunday evening, November 1, added five more, from $152.04 in HE17 to $553.43 in HE19. We did not pull wind data for Tuesday or Sunday.

No free hours at all. For the first time since mid-August, not one hour settled at or near zero. The lowest price of the week was $16.53/MWh, early Monday morning. With the floor gone, the median rose 57% to $37.91/MWh, so the typical hour cost more as well as the spikes.

Load was higher, and this time the high prices lined up with it. Average load rose 305 MW to 10,897 MW, and peak load reached 11,627 MW on Wednesday, October 28, in hour ending 18, at a modest $61.37/MWh — the highest load in the last 30 days. Thursday’s evening spike ran at almost the same load. For three weeks running the costliest hours had not matched the highest demand; this week, high demand and very low wind arrived together.

Alberta Time took effect at 2:00 a.m. on November 1. Clocks did not fall back, so the week has the usual 168 hours with no repeated hour.

Natural gas

The Government of Alberta’s natural gas reference price series has not been updated since last week; August, at $1.23/GJ, is still the most recent month published. The 2026 series reads $2.46/GJ in January, $1.95 in February, $1.69 in March, $1.28 in April, $1.16 in May, $1.37 in June, $1.35 in July and $1.23 in August.

For a more current read, TC Energy’s October power market update (indicative as of October 5) showed AECO gas at $1.84/GJ for November, with calendar 2027 at $2.06/GJ. TC Energy had not posted a November update as of this morning. Last year’s reference price climbed from $0.95/GJ in October to $2.04 in November and $2.71 in December; the winter months are the ones that weigh most on a household gas bill. Winter Rules now cover home natural gas service: from November 1 to April 14 it cannot be disconnected, according to the Utilities Consumer Advocate.

Where retail rates sit

Product	Rate (Nov 2, 2026)	Week over week
Electricity — variable (30-day avg, calculated Oct 26)	5.99¢/kWh	+0.30¢
Electricity — 2-year fixed	7.27¢/kWh	−0.70¢ (was 7.97¢)
Electricity — 3-year fixed	8.87¢/kWh	Unchanged
Electricity — 5-year fixed	9.87¢/kWh	New term
Natural gas — 30-day discount moving average (calculated Oct 23, includes transaction fee)	$3.70/GJ	+$0.15
Natural gas — fixed (guaranteed to April 2028)	$3.57/GJ	−$0.20 (was $3.77)
Rate of Last Resort (default)	12.01–12.06¢/kWh	Fixed to Dec 31, 2026

Our fixed lineup changed this week. Get Energy no longer offers a one-year fixed electricity rate (it was 6.57¢/kWh last week). The two-year fixed rate dropped 0.70¢ to 7.27¢/kWh, the three-year is unchanged at 8.87¢/kWh, and a five-year term has been added at 9.87¢/kWh. The fixed natural gas rate dropped 20 cents to $3.57/GJ, guaranteed to April 2028. Rates shown are Get Energy’s Advantage rates from our live rate sheet.

The variable electricity rate rose 0.30¢ to 5.99¢/kWh. The October 26 calculation does not include this week’s prices, including Thursday’s spike; the next calculations will. We will report them as published rather than estimate them. Variable now sits 1.28¢ below the two-year fixed rate.

On gas, the order flipped. The 30-day discount moving average rose 15 cents to $3.70/GJ, while the fixed rate fell to $3.57/GJ, so the floating rate now sits 13 cents above the fixed rate, from 22 cents below it last week. The default Rate of Last Resort remains 12.01 to 12.06¢/kWh — about 65% above our two-year fixed rate, about 35% above our three-year rate and roughly double our current variable rate — and it does not move with the pool price.

Forward market and load growth

TC Energy had not published a November Alberta power market update as of November 2, so the latest public forward table is still its October update, indicative as of October 5, 2026: 2027 flat at $44.04/MWh, 2028 at $61.47/MWh and 2029 at $77.97/MWh, with November 2026 at $38.75/MWh. This week’s actual average of $85.88/MWh was more than double that November figure, a reminder that a forward price is what term power could be bought for on the date shown, not a forecast of any week.

The last 30 days of pool prices ($52.56/MWh) now sit above the 2027 forward and below 2028 and 2029, the years large new load is expected to begin connecting. On that load: the Alberta Utilities Commission approved, in a decision dated October 23, the Beacon AI Centers Heartland Project, a 920 MW gas-fired plant near Gibbons built to supply about 800 MW to an on-site data centre, with service expected in late 2027. The AUC said its approval covers the power plant only; any grid connection needs separate applications. Under the province’s “bring your own generation” approach, the data centre is planned to run mostly on power built for it rather than drawing that load from the grid.

Regulatory and market news

• AESO files to restore B.C. import capacity. On October 29 the AESO filed a needs application with the AUC for the Alberta–British Columbia Intertie Restoration project, which would raise import capability from about 800 MW to approximately 950 MW. AltaLink estimates the Alberta work at about $179 million, with in-service scheduled for the first quarter of 2034; BC Hydro has committed to fund the work on its side. It needs AUC approval, and transmission costs are recovered through the regulated delivery side of bills.
• Alberta Time is in effect. The AESO has operated year-round at UTC−6 since 2:00 a.m. on November 1. In Decision 31067-D01-2026, dated October 28, the AUC approved the AESO’s administrative amendments to its rules and a reliability standard to reflect the change; they took effect November 1.
• Restructured Energy Market rules, next round. The AESO’s second engagement window on REM ISO rule revisions opens November 6, with a stakeholder session on November 17 and written feedback due December 4 (dates subject to change). The AESO is targeting ministerial approval of the amended rules by the second quarter of 2027.
• Rate of Last Resort, next term. Unchanged at 12.01 to 12.06¢/kWh through December 31, 2026. Under AUC Decision 29204-D02-2025, the 2027–2028 rates must be filed at least 30 days before January 1, 2027, with a valuation date on or before December 2, 2026, and can be adjusted by no more than 10 per cent.
• Distribution system plans. Registration for the AUC’s November 17 stakeholder meeting on the first distribution system plans from Alberta’s four large wire utilities closes November 10. The plans do not change any rate on their own.

What this means if your contract is up

This was the most expensive week since this report began in August, and the 30-day pool average rose to $52.56/MWh. The variable rate is 5.99¢/kWh today, but its latest calculation predates this week, so this week’s prices have not reached it yet. Variable follows the market with a lag, in both directions.

The fixed side changed too. The two-year fixed rate is now 7.27¢/kWh, 0.70¢ lower than last week, and fixed rates do not move for their term. The three-year is 8.87¢/kWh and the new five-year is 9.87¢/kWh. The trade-off is the same as always: variable has been the lower rate and moves with the market; fixed costs more today and holds still.

On gas, the fixed rate of $3.57/GJ is now 13 cents below the floating 30-day average of $3.70/GJ, heading into the months when gas prices have historically been highest. The default Rate of Last Resort at 12.01 to 12.06¢/kWh sits above every other option in the table, and its 2027–2028 rates will be set by early December.

We publish this report every Monday. The reasoning behind the fixed-or-variable decision is set out in fixed vs variable electricity rates in Alberta, and current rates are always on our rates page.

Sources

• AESO market and system reporting — hourly pool price and Alberta internal load, September 26 – November 1, 2026. Retrieved November 2, 2026.
• Pipeline Online — “Saskatchewan making bank when Alberta’s wind output bottoms out, again” (October 30, 2026; wind output and imports on October 29, citing AESO data). Retrieved November 2, 2026.
• Government of Alberta — Alberta natural gas reference price — monthly $/GJ series through August 2026. Retrieved November 2, 2026.
• TC Energy — Power Market Update, October 2026 (forward prices and AECO gas indicative as of October 5, 2026; no November update posted as of November 2). Retrieved November 2, 2026.
• Alberta Utilities Commission — Decision 30518-D01-2026, Beacon AI Centers Heartland Project Thermal Power Plant (October 23, 2026). Retrieved November 2, 2026.
• AESO — Alberta–British Columbia Intertie Restoration and Needs Identification Document (October 29, 2026). Retrieved November 2, 2026.
• AESO Engage — Alberta Time Change Administrative Amendments (AUC Decision 31067-D01-2026); AESO Engage — REM ISO Rules engagement schedule. Retrieved November 2, 2026.
• Utilities Consumer Advocate — default rates — Rate of Last Resort 12.01–12.06¢/kWh to December 31, 2026; AUC Decision 29204-D02-2025; UCA — Winter Rules. Retrieved November 2, 2026.
• Alberta Utilities Commission — Distribution system plans released and future process (October 20, 2026). Retrieved November 2, 2026.
• Get Energy rates — live rate sheet, Advantage rates. Retrieved November 2, 2026.

Get Energy is a competitive retailer in Alberta, a tradename of Utility Network & Partners Inc.