EPA Memo-Cogen

www.energyportfolioassociates.com
The Spark
(914) 381-6300 F (914) 381-6303 November 13, 2009

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

atural Gas & Electricity

Once again this past week we saw a steady decline of both Natural Gas and Electricity Strips across the curve. Nothing much has
changed on the fundamental front. The EIA numbers today showed yet another record amount of Natural Gas in storage, and the
injection amounts once again were above expectations.

This week "The Spark" would like to highlight the movement we have seen in front month Natural Gas over the past week. Decem-
ber Natural Gas broke through very significant support at 4.40 MMBTU yesterday giving the first sell signal in the commodity since
September. We believe that this move is very significant because it adds confirmation to our bearish theory on a technical front. We
no longer feel that we might be in a temporary pullback phase. We now believe we are in the midst of another significant downward
trend movement for Natural Gas. Our price target for December Natural Gas is now 3.00 MMBTU. "The Spark's" strategy remains
the same as it has been. We see no reason at these levels to lock in prices for any period of time for either Natural Gas or Electricity.

Natural Gas Strip Current Price* Price Target

6 Month 4.83 -.17 3.6
12 Month 5.09 -.17 3.8
24 Month 5.62 -.20 4.8

PJM Electric Strip Current Price* Price Target

6 Month 4.61¢ -.25 3.8
12 Month 5.04¢ -.23 4.2
24 Month 5.40¢ -.22 4.7
PJM Electric 12 Month Strip

*prices are a snapshot at time of composition. Price changes are on a publication over publication change.

This Newsletter is authored by Michael E. Mollin. Michael E. Mollin is the principal of M.E. Mollin & Company LLC a Registered Investment Advisor in
New York State. The information contained herein is believed to be reliable, however, Energy Portfolio Associates ("EPA") and M.E. Mollin & Company
LLC ("MEM") 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 2009, M.E. Mollin & Company, LLC