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The Spark
(914) 381-6300 F (914) 381-6303 January 8, 2010

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

atural Gas & Electricity

In the three weeks since our last post we have not seen much movement in Natural Gas or Electric prices. What is significant about
this is that we are drawing near the end of the Natural Gas withdrawal season and we have seen no consistent major move based on
increased demand. Natural Gas futures fell on profit taking yesterday despite a large withdrawal from storage and cold weather in the
U.S. Midwest and Northeast. The latest withdrawal numbers brings our current amount of gas in storage to 11% above the five year
average and about 10% above last year.

With the Natural Gas withdrawal drawing to a close, "The Spark's" opinion is that unless Front Month Natural Gas gets above $6.20
in the next few weeks, we will be looking a sustained period of weakness in energy prices.

Natural Gas Strip Current Price* Price Target

6 Month 5.66 – .12 7.10
12 Month 5.95 – .09 9.00
24 Month 6.17 –. 13 8.80

PJM Electric Strip Current Price* Price Target

6 Month 5.93¢ +.34 7.40
12 Month 6.04¢ +.17 8.40
24 Month 6.07¢ +.07 8.30

NJ SREC Current Price*

2010 $662 + $2

Natural Gas 1 Year Strip

*prices are a snapshot at time of composition. Price changes are on a publication over publication change.

This Newsletter is authored by Michael E. Mollin. Michael E. Mollin is the principal of M.E. Mollin & Company LLC a Registered Investment Advisor in
New York State. The information contained herein is believed to be reliable, however, Energy Portfolio Associates ("EPA") and M.E. Mollin & Company
LLC ("MEM") 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 2009, M.E. Mollin & Company, LLC