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

**2002      through 2006**

**Wholesale      Energy:**

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

| **Year** | **High**                        | **Month** | **Low**                               | **Month**                                                                      |
|----------|---------------------------------|-----------|---------------------------------------|--------------------------------------------------------------------------------|
| 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.              |
| 2006     | $    769.90 | August    | $     0.00** | April,                May, June, July, Aug.,                Nov., Dec.         |

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

| **Year** | **High**                             | **Month** | **Low**                                               | **Month** |
|----------|--------------------------------------|-----------|-------------------------------------------------------|-----------|
| 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       |
| 2006     | $   189.87            | July      | $                    (2.00)  | May       |

**Fuel:**

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

| **Year** | **High**                             | **Month** | **Low**                              | **Month** |
|----------|--------------------------------------|-----------|--------------------------------------|-----------|
| 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      |
| 2006     | $     58.75 | January   | $     37.50 | November  |

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

| **Year** | **High**                                        | **Month** | **Low**                                         | **Month** |
|----------|-------------------------------------------------|-----------|-------------------------------------------------|-----------|
| 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   |
| 2006     | $     10.63            | January   | $       4.20 | September |

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

| **Year** | **High**                             | **Month** | **Low**                              | **Month** |
|----------|--------------------------------------|-----------|--------------------------------------|-----------|
| 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   |
| 2006     | $     54.25 | April     | $     35.00 | October   |

**Sulfur      Dioxide Emission Allowances:**

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

| **Year** | **High**                                             | **Month** | **Low**                                              | **Month** |
|----------|------------------------------------------------------|-----------|------------------------------------------------------|-----------|
| 2002     | $        177 | March     | $        126 | November  |
| 2003     | $        221 | December  | $        135 | January   |
| 2004     | $        730 | November  | $        210 | January   |
| 2005     | $     1,610                 | December  | $        640 | January   |
| 2006     | $     1,598                 | January   | $        445 | November  |