“The Spark”

(www.epa-mc.com 973) 285-3352 F (914) 381-6303 November 5, 2010

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

atural Gas & Electricity

Writing about Natural Gas is akin to watching paint dry. Unfortunately "The Spark" does not have anything new or insightful to say
about the Natural Gas or electricity Markets. Gas reserves remain historically high, and economic demand remains tepid. The recent
election and the Fed's QE II may or may not change this scenario in the future. If and when we see any significant activity in the
markets we will alert you. For now, besides some normal seasonal increase due to the cold weather the markets remain flat. Spreads
between variable and fixed electric rates still remain very tight, with variable still offering a better deal in our opinion in current con-
ditions.

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Natural Gas Strip Current Price*

6 Month 4.10
12 Month 4.22
24 Month 4.57

PJM Electric Strip Current Price

6 Month 4.52¢
12 Month 4.78¢
24 Month 4.93¢

NJ SREC Current Price

2011 $651

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