“The Spark”

(www.epa-mc.com 973) 285-3352 F (914) 381-6303 June 29, 2010

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

atural Gas & Electricity

It’s been several weeks since we last published “The Spark” In the past few weeks the net change in Natural Gas and Electricity
prices have been minimal, however we did see a lot of volatility in the interim. The Natural Gas market rallied in early June on ex-
pectations of a warm summer coupled with an active Hurricane season. However, over the last week or so reality has set in to the
market once again. We are still at record storage and production levels in the United States, and our economy is slowly improving if
at all. India’s Natural Gas production rose 43.5% on a year over year basis, and the lowest spot charter rates in 5 years has prompted
a large amount of gas to be stored in tankers off Qatar and the UAE.

We believe that absent of a major storm that may provide a brief price spike that Natural Gas will pivot around the $5.00 range for
the remainder of the summer.

Natural Gas Strip Current Price*

6 Month 4.96
12 Month 5.10
24 Month 5.38

PJM Electric Strip Current Price

6 Month 5.54¢
12 Month 5.38¢
24 Month 5.42¢

NJ SREC Current Price

2010 $673.50
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