“The Spark”

(www.epa-mc.com 973) 285-3352 F (914) 381-6303 October 22, 2010

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

atural Gas & Electricity

Natural Gas continues to put in new lows on an almost daily basis. We've seen some reports that the United States now has enough
Natural Gas reserves to last for the next 100 years. In our opinion Economic activity remains the key determinate in prices going
forward. There of course may or may not be a short weather anomaly in the coming heating season months, but taking the variable
nature of the weather into account, we believe we will continue to see a stable to flat rate environment in the near future. One impor-
tant development to note is that long-term prices and fixed rate contracts for electricity have come down significantly in recent
weeks. "The Spark" believes these fixed rates require serious examination when determining electric rate product type moving for-
ward.

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

Natural Gas Strip Current Price*

6 Month 3.80
12 Month 3.95
24 Month 4.37

PJM Electric Strip Current Price

6 Month 4.39¢
12 Month 4.63¢
24 Month 4.78¢

NJ SREC Current Price

2011 $647

12 Month Natural Gas 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