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(914) 381-6300 F (914) 381-6303 November 20, 2009

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

atural Gas & Electricity

This past week wasn't a particularly exciting one in the Natural Gas and Electricity markets. The December contract for Natural Gas
continued to experience price erosion putting in a new low of $4.157 in front of the 8th consecutive week of all time record storage
levels. Our price target remains $3.00.

The net price movements on both Natural Gas and Electricity strips were benign. We saw some continued downward movement in
our long-term charts but nothing overly significant.

At this point we are in a waiting to see signs of a bottom in our markets. The weather has been very mild, storage continues to rise
and economic news is mixed at best. We have seen no indication that a bottom has been put in place in either a technical or funda-
mental basis, therefore we continue to recommend to our customers a variable vs. fixed energy product.

Natural Gas Strip Current Price* Price Target

6 Month 4.74 -.11 3.4
12 Month 5.02 -.07 3.8
24 Month 5.58 -.04 4.6

PJM Electric Strip Current Price* Price Target

6 Month 4.64¢ +.02 3.7
12 Month 5.09¢ +.04 4.1
24 Month 5.42¢ +.02 4.6
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