**Examples        of Wholesale Energy, Fuel and Emission Allowance Price        Fluctuations**

**2000        through 2005**

**Wholesale        Energy:**

**PJM        West Hub* Power Price - $/MWh**

| **Year** | **High**                        | **Month** | **Low**                               | **Month**                                                                          |
|----------|---------------------------------|-----------|---------------------------------------|------------------------------------------------------------------------------------|
| 2000     | $    801.55 | December  | $     0.00** | Jan.,                  Feb., April, May, June,                  July, Aug., Sept.  |
| 2001     | $    838.75 | August    | $     0.00** | April,                  May, June, July, Sept.,                  Nov., Dec.        |
| 2002     | $    733.72 | July      | $     0.00** | Feb.,                  March, April, May, June,                  July, Aug., Sept. |
| 2003     | $    252.38 | March     | $     0.00** | Jan.,                  May, June, July,                  Aug., Sept.               |
| 2004     | $    181.66 | December  | $     0.00** | Jan.,                  June, July, Aug.,                  Sept., Oct.              |
| 2005     | $    315.65 | July      | $     0.00** | Jan.,                  April, May, June,                  July, Sept.              |

**Mid-C*        Power Price - $/MWh**

| **Year** | **High**                             | **Month** | **Low**                                         | **Month** |
|----------|--------------------------------------|-----------|-------------------------------------------------|-----------|
| 2000     | $3,322.42                            | December  | $       7.34 | April     |
| 2001     | $   559.40            | January   | $     12.57            | November  |
| 2002     | $     46.00 | March     | $       1.21 | July      |
| 2003     | $   113.89            | February  | $       9.13 | May       |
| 2004     | $     65.06 | July      | $     10.21            | June      |
| 2005     | $   139.76            | December  | $       7.68 | May       |

**Fuel:**

**NYMEX        Coal (1% sulfur content, 12,000 Btu) Price - $/ton**

| **Year**          | **High**                             | **Month** | **Low**                              | **Month** |
|-------------------|--------------------------------------|-----------|--------------------------------------|-----------|
| 2000              |                                 |      |                                 |      |
|   2001* | $     48.75 | August    | $     27.25 | December  |
| 2002              | $     30.00 | December  | $     23.10 | February  |
| 2003              | $     39.92 | December  | $     27.75 | March     |
| 2004              | $     63.00 | August    | $     39.67 | January   |
| 2005              | $     62.75 | September | $     51.10 | June      |

**NYMEX        Natural Gas Price - $/million Btu**

| **Year** | **High**                                        | **Month** | **Low**                                         | **Month** |
|----------|-------------------------------------------------|-----------|-------------------------------------------------|-----------|
| 2000     | $       9.98 | December  | $       2.17 | January   |
| 2001     | $       9.82 | January   | $       1.83 | September |
| 2002     | $       5.34 | December  | $       1.91 | January   |
| 2003     | $       9.58 | February  | $       2.66 | August    |
| 2004     | $       8.73 | November  | $       4.57 | September |
| 2005     | $     15.38            | December  | $       5.83 | January   |

**Residual        Oil (1% sulfur content) Price @ NY Harbor - $/barrel**

| **Year** | **High**                             | **Month** | **Low**                              | **Month** |
|----------|--------------------------------------|-----------|--------------------------------------|-----------|
| 2000     | $     32.12 | October   | $     19.52 | January   |
| 2001     | $     26.50 | January   | $     14.97 | November  |
| 2002     | $     29.10 | December  | $     14.03 | February  |
| 2003     | $     43.62 | March     | $     23.00 | April     |
| 2004     | $     35.38 | October   | $     22.12 | December  |
| 2005     | $     54.38 | October   | $     26.88 | January   |

**Sulfur        Dioxide Emission Allowances:**

**SO2        Emission Allowance Price - $/allowance**

| **Year** | **High**                                             | **Month** | **Low**                                              | **Month** |
|----------|------------------------------------------------------|-----------|------------------------------------------------------|-----------|
| 2000     | $        156 | July      | $        115 | January   |
| 2001     | $        218 | September | $        142 | January   |
| 2002     | $        177 | March     | $        126 | November  |
| 2003     | $        221 | December  | $        135 | January   |
| 2004     | $        730 | November  | $        210 | January   |
| 2005     | $     1,610                 | December  | $        640 | January   |