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The Spark
(914) 381-6300 F (914) 381-6303 January 15, 2010

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

atural Gas & Electricity

Despite near record storage withdrawal levels announced yesterday Natural Gas declined on the day and was flat for the week. The
gas market still needs weeks of significant withdrawals to alleviate the near glut of supplies that have been built up this year. When
the warmer forecasted weather is combined decreased industrial production "The Spark" is hard pressed to see any significant rally
in Natural Gas prices in the near-term.

Apparently the electricity market has got the memo since we have seen an unsurprising general significant weakness in that market
over the last week.

"The Spark's" opinion is still that unless Front Month Natural Gas gets above $6.20 in the next few weeks, we will be looking a sus-
tained period of weakness in energy prices.

Natural Gas Strip Current Price* Price Target

6 Month 5.67 +.01 7.10
12 Month 5.96 +.01 9.00
24 Month 6.20 +.03 8.80

PJM Electric Strip Current Price* Price Target

6 Month 5.33¢ -.60 7.40
12 Month 5.63¢ -.41 8.40
24 Month 5.79¢ -.28 8.30

NJ SREC Current Price*

2010 $662 Flat

PJM Electric1 Year 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. 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