“The Spark”

(www.epa-mc.com 973) 285-3352 F (914) 381-6303 September 17, 2010

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

atural Gas & Electricity

After a brutal summer weather wise and electric price wise we are expecting a return normal conditions in the coming weeks. Sup-
plies of Natural Gas remain abundant and so far the hurricane season has been rather benign. While we just experience the warmest
summer in 20 years with electric prices to match, we were reluctant to recommend fixed prices to our clients during the heat wave
and we still hold the same belief now. While no one can control the weather, we do have a very clear picture of the fundamental
commodity market. With near record supplies of Natural Gas and Coal, and an economy that isn't exactly running at full tilt we are
still inclined to recommend variable rate energy products in this environment.

So far "The Spark" remains very encouraged by the 2011 New Jersey SREC market. Currently the 2011's are trading at $655-$660, a
consistent 2-3% discount to the 2011 Solar Alternative Compliance Payment of $675.

EPA MEMO-Cogen is now listed on Twitter! Please feel free to follow us @EPAMc

Natural Gas Strip Current Price*

6 Month 4.38
12 Month 4.45
24 Month 4.79

PJM Electric Strip Current Price

6 Month 4.57¢
12 Month 4.79¢
24 Month 4.87¢

NJ SREC Current Price

2011 $655-$660

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