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The Spark
(973) 285-3352 F (914) 381-6303 May 21, 2010

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

atural Gas & Electricity

Natural gas declined 5.2 cents to a new 9 day closing price low at $4.106 yesterday, its 3rd consecutive losing session,
as the gas market tracked lower alongside plunging oil and equity markets while it shrugged off a smaller than average
storage injection of 76 Bcf last week and the arrival of hot weather over the weekend in the Midwest.

We believe Natural Gas will remain slightly above the key $4.00 level as the market continues to balance more than ample supplies
and a muddled economic outlook versus this summer’s upcoming cooling and hurricane seasons. A seasonal bottoming pattern has
started to develop, however, it is important to note that Natural Gas remains well below it’s long-term trend line

Natural Gas Strip Current Price*

6 Month 4.37
12 Month 4.79
24 Month 5.42

PJM Electric Strip Current Price

6 Month 5.19¢
12 Month 5.07¢
24 Month 5.18¢

NJ SREC Current Price

2010 $673

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