“The Spark”

(www.epa-mc.com 973) 285-3352 F (914) 381-6303 July 9, 2010

EPA MEMO-Cogen’s Energy Price Commentary & Technical Research

atural Gas & Electricity

Natural gas plummeted to a new 1 month low yesterday, sliding 16.6 cents (3.6%) to $4.399, after the EIA reported a larger than
expected storage injection, the gas market has now wiped out nearly all of June’s gain as the market’s near reference week record
storage level 2.76 Tcf of gas and quiet tropical outlook diverts the market’s attention from expectations of elevated cooling needs in
the coming weeks.

According to the latest short term energy outlook from the EIA, the total consumption of electricity across all sectors increased by
3.8% in the first half of this year and the second half of the 2010 is expected to see a 3.8% increase from the second half of 2009.
2011 electricity consumption is expected to increase 1.1% from this year as the market returns to a more typical growth rate.

Despite the recent scorching weather PJM electricity prices only saw a slight increase in the six month strip, while the 12 and 24
month strips actually declined in price on a week over week basis.

It should also be noted the New Jersey 2010 SRECs had a significant jump last week to a new record settlement of 679.27

Natural Gas Strip Current Price*

6 Month 4.78
12 Month 4.96
24 Month 5.25

PJM Electric Strip Current Price

6 Month 5.70¢
12 Month 5.39¢
24 Month 5.35¢

NJ SREC Current Price

2010 $679.27

Natural Gas 1 Year Strip

This Newsletter is authored by Michael E. Mollin. The information contained herein is believed to be reliable, however, Energy Portfolio Associates
("EPA") and M.ichael e. Mollin do not warrant it's completeness or accuracy. Quotes are estimates and are not guaranteed by either EPA or MEM. Neither
EPA or MEM is acting as your advisor and the decision to proceed with any transaction rest solely with you. Copyright 2010, M.E. Mollin & Company,
LLC