CEM data for Palo Verde prices from http://www.newsdata.com/wps/archives.html

Start date End date Off-peak prices On-peak prices Average Line # Low High Low High off-peak

1 8/2/2013 8/9/2013 27.4 2 7/26/2013 8/2/2013 29.7 3 7/22/20137/26/2013 33.65 4 7/15/20137/19/2013 29.5 5 7/8/20137/12/2013 23.25 33.5 37 55 28.38 6 7/1/2013 7/5/2013 21 33 43 130 27.00 7 6/24/20136/28/2013 23.25 32.25 35.75 90 27.75 8 6/17/20136/21/2013 23 31 34.5 38 27.00 9 6/10/20136/14/2013 24 29 35 39.25 26.50 10 6/3/2013 6/7/2013 24.5 31 37.25 41.5 27.75 11 5/27/20135/31/2013 25.25 36 38 44 30.63 12 5/20/20135/24/2013 20.5 31.5 35.75 42 26.00 13 5/13/20135/17/2013 20.25 27 33.75 43.5 23.63 14 5/6/20135/10/2013 19 31.5 30.25 40.5 25.25 15 4/29/2013 5/3/2013 29.7 32 37.25 44.5 30.85 16 4/22/20134/26/2013 28.5 35 35 43.5 31.75 17 4/15/20134/19/2013 27.3 32.75 35.5 40.5 30.03 18 4/8/20134/12/2013 23 33.5 34.25 38.75 28.25 19 4/1/2013 4/5/2013 26 32 35 38 29.00 20 3/25/20133/29/2013 27 32.5 35.75 37.25 29.75 21 3/18/20133/22/2013 26.25 31.75 33.25 37.25 29.00 22 3/11/20133/15/2013 24.25 28.5 31 35.25 26.38 23 3/4/2013 3/8/2013 26 29 29 33.75 27.50 24 2/25/2013 3/1/2013 27 33.75 28 36.5 30.38 25 2/18/20132/22/2013 26.75 31 29.5 33.5 28.88 26 2/11/20132/15/2013 25.75 29 28.75 34 27.38 27 2/4/2013 2/8/2013 24.25 30 31 34.2 27.13 28 1/28/2013 2/1/2013 22.75 28.5 31.25 37 25.63 29 1/21/2013 1/25/2013 23 25.5 29.35 33.75 24.25 30 1/14/2013 1/18/2013 24 30 27.25 39 27.00 31 1/7/2013 1/11/2013 20.5 30.25 28.75 35 25.38 3212/31/2012 1/4/2013 23 30 29.25 35 26.50 3312/24/201212/28/2012 24.75 27 27.5 31 25.88 3412/17/201212/21/2012 24.75 27 27.5 31 25.88 3512/10/201212/14/2012 20.25 25.75 26.25 30.25 23.00 36 12/3/201212/7/2012 22 27 30 32.75 24.50 3711/26/201211/30/2012 25.5 29 27 32.25 27.25 3811/19/201211/23/2012 22.5 28 27 32.5 25.25 3911/12/201211/16/2012 23 28.25 25 29.25 25.63 40 11/5/201211/9/2012 24 26.75 25 33.5 25.38 4110/29/201211/2/2012 23.75 28 27 37 25.88 4210/22/201210/26/2012 25.5 33 32.5 39 29.254310/15/201210/19/2012 24.5 29.5 32 39.25 27.00

44 10/8/201210/12/2012 23 28.75 30 36 25.88 45 10/1/201210/5/2012 21.25 25 29.25 36 23.13 46 9/24/20129/28/2012 20.25 28.5 29.5 42 24.38 47 9/17/20129/21/2012 20.7 25.25 28.5 33.75 22.98 48 9/10/20129/14/2012 21 28 25.5 33.5 24.50 49 9/3/2012 9/7/2012 19.5 24 25.75 34 21.75 50 8/27/20128/31/2012 19 26 25 41 22.50 51 8/20/20128/24/2012 18.5 25 30 36.5 21.75 52 8/13/20128/17/2012 19 24 33 63 21.50 53 8/6/20128/10/2012 18.25 30.5 46 75 24.38 54 7/30/2012 8/3/2012 17.5 27 30.75 40 22.25 55 7/23/20127/27/2012 17.25 26.25 32 35.75 21.75 56 7/16/20127/20/2012 15.75 22.75 27 34.75 19.25 57 7/9/20127/13/2012 15.5 21.75 31.25 40 18.63 58 7/2/2012 7/6/2012 14.5 26.75 27 40 20.63 59 6/25/20126/29/2012 14.75 25.5 28.5 38 20.13 60 6/18/20126/22/2012 14.5 20.5 27.25 34 17.50 61 6/11/20126/15/2012 15.8 25 27.5 35.25 20.40 62 6/4/2012 6/8/2012 13.75 20 24 28.5 16.88 63 5/28/2012 6/1/2012 16.25 22.55 27.5 31 19.40 64 5/21/20125/25/2012 16.25 20.5 22.5 30 18.38 65 5/14/20125/18/2012 14 22 25.75 31.25 18.00 66 5/7/20125/11/2012 15.5 22 25.5 31.5 18.75 67 4/30/2012 5/4/2012 12.25 18.5 20 26.5 15.38 68 4/23/20124/27/2012 12.75 17.25 18.5 23 15.00 69 4/16/20124/20/2012 12.5 18.5 21 26.25 15.50 70 4/9/20124/13/2012 14 17.35 20.25 21.5 15.68 71 4/2/2012 4/6/2012 14 16 20.5 23.5 15.00 72 3/26/20123/30/2012 14.25 17.25 20 22.5 15.75 73 3/19/20123/23/2012 15.65 19 20.5 24.5 17.33 74 3/12/20123/16/2012 16.25 19.3 21 24.2 17.78 75 3/5/2012 3/9/2012 16.75 19 21 23.75 17.88 76 2/27/2012 3/2/2012 18 21 24 27.6 19.50 77 2/20/20122/24/2012 18.25 22.75 23.75 26.75 20.50 78 2/13/20122/17/2012 18 22 23.5 27.75 20.00 79 2/6/20122/10/2012 18.5 21.25 25.75 28.25 19.88 80 1/30/2012 2/3/2012 17.25 22.5 24 27 19.88 81 1/23/20121/27/2012 17.5 21.2 24.25 27.75 19.35 82 1/16/20121/20/2012 19 22 24 28.25 20.50 83 1/9/2012 1/13/2012 20.25 22.75 25.5 30.25 21.50 84 1/2/2012 1/6/2012 20.25 22.75 26.25 28.75 21.50

85Most recent year averages 26.70 862012 averages 21.10Average Composite

on-peak

35.35 31.94 39.1 35.07 41.15 37.94 44.8 38.24 46.00 38.45 86.50 55.33 62.88 47.82 36.25 32.29 37.13 32.57 39.38 34.39 41.00 35.57 38.88 33.36 38.63 32.20 35.38 31.04 40.88 36.58 39.25 36.04 38.00 34.58 36.50 32.96 36.50 33.29 36.50 33.61 35.25 32.57 33.13 30.23 31.38 29.71 32.25 31.45 31.50 30.38 31.38 29.28 32.60 30.25 34.13 30.48 31.55 28.42 33.13 30.50 31.88 29.09 32.13 29.18 29.25 27.48 29.25 27.80 28.25 26.00 31.38 28.43 29.63 28.38 29.75 27.82 27.13 26.48 29.25 27.59 32.00 29.38 35.75 32.9635.63 31.93

33.00 29.95 32.63 28.55 35.75 30.88 31.13 27.63 29.50 27.36 29.88 25.62 33.00 28.50 33.25 28.32 48.00 36.64 60.50 45.02 35.38 29.75 33.88 28.68 30.88 25.89 35.63 28.34 33.50 26.76 33.25 27.63 30.63 25.00 31.38 26.67 26.25 22.23 29.25 24.09 26.25 22.88 28.50 24.00 28.50 24.32 23.25 19.88 20.75 18.29 23.63 20.14 20.88 18.65 22.00 19.00 21.25 18.89 22.50 20.28 22.60 20.53 22.38 20.45 25.80 23.10 25.25 23.21 25.63 22.68 27.00 23.95 25.50 23.09 26.00 23.15 26.13 23.71 27.88 25.14 27.50 24.93 Price with 52% off/ 48% on weighting 36.22 31.97 31.27 29.67 25.92 25.22