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The Spark
(914) 381-6300 F (914) 381-6303 March 19, 2010

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

atural Gas & Electricity

Natural gas’s recent sell-off accelerated yesterday after the EIA reported a much smaller than expected with-
drawal of 11 Bcf last week, plunging gas prices nearly 22 cents lower to a 6th consecutive day of losses and a
new 5 month low at $4.085 as the arrival of mild Spring like weather which underscores the end of this year’s
heating season and ample supplies of gas continue to punish the gas market. Gas prices ranged from a high at
$4.292 down to a new 5 ½ month inter-day low at $4.054 which dragged the gas market more than $2.00 or
33% from this year’s highs near $6.10 reached back during the first week of January.
Our price target for front month Natural Gas remains $3.40 and continue to recommend variable priced prod-
ucts in both electricity and Natural Gas to our clients.

Natural Gas Strip Current Price*

6 Month 4.27
12 Month 4.77
24 Month 5.21

PJM Electric Strip Current Price*

6 Month 4.65¢
12 Month 4.65¢
24 Month 4.86¢

NJ SREC Current Price*

2010 $664.

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