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The significant positions and results of portfolio optimization activities were as follows: 

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(1) Hedged position is for the Alberta baseload plants and acquired Sundance PPA. 

(2) Realized power price is the average price realized on the Company’s commercial contracted sales and portfolio optimization activities. 

(3) The North East U.S. portfolio activities commenced upon the acquisition of the Bridgeport and the Rumford and Tiverton facilities on April 28 and April 29, 2011. 

## Consolidated Net Income 

The primary factors contributing to the change in net income for 2012 compared with 2011 are presented below; detailed analysis of these items can be found in the Results by Plant Category and Other and the Consolidated Other Expenses and Non-controlling Interests sections. 

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