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(914) 381-6300 F (914) 381-6303 April 16, 2010

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

atural Gas & Electricity

Natural gas plunged nearly 21 ½ cents (5.1%) to $3.985 yesterday, erasing the previous 2 days gains, after the
EIA reported a larger than expected storage injection last week. This helped further underscore the gas mar-
ket’s lack of underlying fundamental support for rising gas prices.

Technically, Natural Gas is in a consolidation pattern pivoting around $4.00 despite the low seasonal demand
levels and more than ample supplies of gas that overhang the market. We believe that seasonal demand levels
will remain low and provide little support for gas market rallies in the coming weeks.

Our price target for front month Natural Gas remains $3.40 and we continue to recommend variable priced
products in both electricity and Natural Gas to our clients.

Natural Gas Strip Current Price*

6 Month 4.24
12 Month 4.72
24 Month 5.12

PJM Electric Strip Current Price

6 Month 4.65¢
12 Month 4.69¢
24 Month 4.86¢

NJ SREC Current Price

2010 $667.25

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