EPA Memo-Cogen

www.energyportfolioassociates.com
The Spark
(914) 381-6300 F (914) 381-6303 October 8, 2009

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

atural Gas & Electricity

It's been a very quite week for Natural Gas and Electricity prices, with prices on the 6,12 and 24 month strips modestly higher across
the board. We saw no movement in our charts on Natural Gas Strips, and only slight upwards movement in our Electricity Strip
charts. November NYMEX Natural Gas hovered around the $5.00 level all week while the market weighed expectations of winter
heating needs against another new potential record in today's weekly EIA storage report.

The Edison Electric Institute reported this week that US electricity production decreased 3.7% from the same week a year ago while
it decreased 6.3% from last week. Weather patterns are also benign, suggesting that any elevated heating demands in the eastern half
of the country over the next 10 days should be temporary.

Our opinion on prices has not changed since last week. We still believe that a pullback in prices from the recent increase is likely,
and as such we are still advising our clients to float with the market in hopes of locking in cheaper prices and a later date.

Natural Gas Strip Current Price* Price Target

6 Month 5.73 +.32 7.7 Incomplete
12 Month 5.93 +.25 8.4 Incomplete
24 Month 6.37 +.17 8.0 Incomplete

PJM Electric Strip Current Price* Price Target

6 Month 5.16 +.14 7.14Incomplete
12 Month 5.67 +.13 7.5 Incomplete
24 Month 6.01 +.11 7.7 Incomplete

Natural Gas 12 Month 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