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The Spark
(914) 381-6300 F (914) 381-6303 January 22, 2010

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

atural Gas & Electricity

For the second week in a row we have seen basically no new net movement in Natural Gas or Electricity strips. Conflicting eco-
nomic and supply/demand data has been coming out, and the net effect on the market has been benign. We here at "The Spark" tend
not to get overly excited about what we consider to be meaningless day to day fluctuations in the market. We are mainly concerned
with major market moves. Currently we are in a narrow trading band and unless we see a breakout move in either direction we are
content with sitting in variable products.

On an interesting note, on his last day in office former New Jersey Governor Jon Corzine signed a bill extending and expanding the
New Jersey Renewable Energy Portfolio Standard (RPS). Solar Renewable energy Credits (SREC's) are now valid for two years
instead of one, and New Jersey extended the Solar aspect of the RPS to 2026 from 2020. It is important to note that this initiative is
supported by the new Governor Christie. It is of "The Sparks" opinion that this move will give more confidence to Solar Investors in
the State and encourage further development.

Natural Gas Strip Current Price* Price Target

6 Month 5.71 +.04 7.10
12 Month 5.98 +.02 9.00
24 Month 6.18 - .02 8.80

PJM Electric Strip Current Price* Price Target

6 Month 5.31¢ -.02 7.40
12 Month 5.60¢ -.03 8.40
24 Month 5.76¢ -.03 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