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(914) 381-6300 F (914) 381-6303 February 22, 2010

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

atural Gas & Electricity

As expected the Natural Gas and Electricity markets have started to decline as we are emerging from the seasonal withdrawal season
without any significant increase in demand. March Natural Gas, the new front month just broke below $5.00 for the first time since
the fall. Our target remains lower, enhancing our belief that variable priced products in both Electricity and Natural Gas are the best
option for our customers.

Natural Gas Strip Current Price*

6 Month 5.04 –.59
12 Month 5.36 –.61
24 Month 5.65 –.51

PJM Electric Strip Current Price*

6 Month 5.14¢ -.37
12 Month 5.25¢ +.24
24 Month 5.59¢ +.20

NJ SREC Current Price*

2010 $664. +1.50

Natural Gas 1 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