### Author: Abt Associates Inc.

Date Created: 4/1/2009 Date Modified: 5/10/2011 Purpose: Contains adjustment factors based on Annual Energy Outlook 2009 (AEO2009).

File Contents: Worksheet Contents Rates Contains adjustment factors based on Annual Energy Outlook 2009 (AEO2009). aeo2009 Contains data pull (Table 3. Energy Prices by Sector and Source (2007 dollars per million Btu, unless otherwise noted). DataPullInfo Contains data pull information.

Input Files: External data used in calculations/analysis: None

### Date Released: March, 2009 Date Downloaded:4/1/2009 Created by: Department of Energy; Energy Information Administration. Data Sources: http://www.eia.doe.gov/oiaf/aeo/excel/aeotab_3.xls Description: Table 3. Energy Prices by Sector and Source (2007 dollars per million Btu, unless otherwise noted)Report #:DOE/EI A-0383(2009) Release date: March 2009 Next release date, early release: November 2009 Table 3. Energy Prices by Sector and Source (2007 dollars per million Btu, unless otherwise noted)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Residential Liquefied Petroleum Gases 23.88 24.9828.38 22.35 25.86 27.49 29.38 30.39 31.49 32.23 32.50 32.63 32.75 Distillate Fuel Oil 18.46 19.6623.80 18.34 18.69 19.92 21.54 22.07 22.93 23.59 23.78 23.82 23.89 Natural Gas 13.70 12.6913.02 11.69 12.09 12.00 12.03 11.95 11.94 11.98 12.07 12.24 12.42 Electricity 31.21 31.1932.34 32.42 30.89 31.40 31.45 31.70 31.69 31.77 31.86 32.03 32.26

Commercial Liquefied Petroleum Gases 21.20 23.0423.60 18.68 22.69 24.30 26.18 27.18 28.27 29.00 29.26 29.38 29.49 Distillate Fuel Oil 15.02 16.0520.84 16.06 16.15 17.67 19.31 20.01 20.97 21.64 21.78 21.81 21.92 Residual Fuel 8.88 10.2113.36 6.76 10.97 12.34 13.93 14.68 15.54 16.12 16.35 16.48 16.61 Natural Gas 11.90 10.9911.52 10.17 10.55 10.49 10.56 10.48 10.50 10.57 10.67 10.83 11.03 Electricity 28.38 28.0729.56 29.58 27.29 27.43 27.16 27.13 27.03 27.13 27.25 27.40 27.67

I ndustrial 1/ Liquefied Petroleum Gases 21.04 23.3825.52 18.77 21.84 23.45 25.34 26.35 27.45 28.19 28.45 28.57 28.68 Distillate Fuel Oil 15.74 16.8221.81 16.71 16.01 18.00 19.57 20.39 21.43 22.10 22.21 22.25 22.39 Residual Fuel Oil 9.21 10.4913.69 7.00 15.38 16.57 18.20 18.97 19.85 20.43 20.62 20.71 20.81 Natural Gas 2/ 7.96 7.52 8.96 6.62 6.91 6.85 6.93 6.89 6.93 7.01 7.10 7.24 7.41 Metallurgical Coal 3.64 3.61 4.06 4.51 4.37 4.35 4.37 4.38 4.39 4.40 4.40 4.40 4.40 Other I ndustrial Coal 2.40 2.43 2.56 2.56 2.54 2.57 2.58 2.57 2.57 2.57 2.55 2.54 2.54 Coal to Liquids - - - - - - - - - - 1.36 1.24 1.15 1.28 1.21 1.21 1.21 1.22 Electricity 18.41 18.6320.71 20.65 18.72 18.64 18.43 18.37 18.26 18.33 18.43 18.55 18.73 Transportation Liquefied Petroleum Gases 3/ 22.30 25.0128.46 22.47 25.67 27.29 29.20 30.21 31.30 32.03 32.28 32.41 32.52 E85 4/ 25.51 26.6733.85 33.59 25.47 27.24 28.63 29.69 26.32 25.51 26.26 28.49 28.82 Motor Gasoline 5/ 21.78 22.9826.49 18.86 23.47 24.99 26.23 27.01 27.99 28.74 29.02 29.24 29.45 Jet Fuel 6/ 15.24 16.1022.04 14.63 16.03 17.70 19.26 20.02 20.91 21.48 21.70 21.85 21.96 Diesel Fuel (distillate fuel oil) 7/ 20.27 20.9227.14 19.17 20.05 21.68 23.22 24.07 25.10 25.74 25.80 25.81 25.94 Residual Fuel Oil 8.21 9.3513.74 7.90 12.10 13.37 14.94 15.66 16.50 17.08 17.28 17.37 17.42 Natural Gas 8/ 16.04 15.4617.02 14.60 14.90 14.83 14.85 14.72 14.69 14.72 14.75 14.84 14.96 Electricity 30.39 30.6434.18 33.85 30.34 30.52 30.51 30.39 30.16 30.17 29.87 29.45 29.40

Electric Power 9/ Distillate Fuel Oil 13.77 14.7719.05 14.61 15.09 16.25 17.87 18.40 19.25 19.90 20.09 20.13 20.22 Residual Fuel Oil 8.38 8.3813.77 8.01 13.21 14.47 16.06 16.79 17.63 18.19 18.37 18.44 18.51 Natural Gas 7.05 7.02 9.18 6.32 6.59 6.55 6.70 6.60 6.62 6.72 6.82 6.95 7.13 Steam Coal 1.74 1.78 1.94 1.92 1.89 1.90 1.92 1.92 1.93 1.94 1.93 1.92 1.92 Average Price to All Users 10/ Liquefied Petroleum Gases 15.66 18.5319.59 17.70 20.96 22.46 24.17 25.10 26.11 26.83 27.09 27.27 27.42 E85 4/ 25.51 26.6733.85 33.59 25.47 27.24 28.63 29.69 26.32 25.51 26.26 28.49 28.82 Motor Gasoline 5/ 21.65 22.8226.32 18.92 23.47 24.99 26.23 27.01 27.99 28.74 29.02 29.24 29.45 Jet Fuel 15.24 16.1022.04 14.63 16.03 17.70 19.26 20.02 20.91 21.48 21.70 21.85 21.96 Distillate Fuel Oil 19.17 19.9425.70 18.55 18.98 20.63 22.29 23.20 24.23 24.89 24.99 25.01 25.14 Residual Fuel Oil 8.42 9.2513.72 7.75 12.66 13.89 15.48 16.22 17.07 17.64 17.83 17.92 17.982006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Natural Gas 9.50 9.0110.34 8.24 8.56 8.51 8.59 8.53 8.56 8.64 8.73 8.87 9.05 Metallurgical Coal 3.64 3.61 4.06 4.51 4.37 4.35 4.37 4.38 4.39 4.40 4.40 4.40 4.40 Other Coal 1.78 1.82 1.98 1.96 1.93 1.94 1.96 1.96 1.97 1.98 1.96 1.95 1.95 Coal to Liquids - - - - - - - - - - 1.36 1.24 1.15 1.28 1.21 1.21 1.21 1.22 Electricity 26.68 26.7028.21 28.28 26.42 26.62 26.45 26.47 26.43 26.53 26.65 26.81 27.06 Non-Renewable Energy Expenditures by Sector (billion 2007 dollars) Residential 231.09238.38#####239.19 235.27 239.42 242.78 242.60 244.30 246.49 249.23 252.19 256.43 Commercial 170.28173.09#####178.36 172.88 176.61 178.35 180.50 183.18 186.98 190.75 194.86 199.61 I ndustrial 216.13226.84#####205.26 204.25 215.26 230.24 237.37 242.09 244.30 244.32 244.57 244.90 Transportation 564.63596.75#####484.89 580.97 634.87 677.01 700.66 722.29 735.45 740.87 745.70 749.31 Total Non-Renewable Expenditures####################### 1193.36 1266.16 1328.38 1361.14 1391.85 1413.22 1425.18 1437.32 1450.26 Transportation Renewable Expenditures0.03 0.04 0.04 0.02 0.07 0.08 0.09 0.10 4.65 8.97 11.87 14.38 18.51 Total Expenditures ####################### 1193.43 1266.24 1328.47 1361.24 1396.50 1422.19 1437.04 1451.71 1468.77

Prices in Nominal Dollars Residential Liquefied Petroleum Gases 23.26 24.9829.07 23.30 27.24 29.35 31.91 33.69 35.65 37.30 38.45 39.47 40.51 Distillate Fuel Oil 17.98 19.6624.37 19.11 19.68 21.27 23.39 24.46 25.96 27.29 28.13 28.81 29.54 Natural Gas 13.34 12.6913.33 12.18 12.74 12.81 13.06 13.24 13.51 13.86 14.28 14.80 15.37 Electricity 30.39 31.1933.12 33.79 32.53 33.52 34.16 35.13 35.88 36.77 37.69 38.74 39.91

Commercial Liquefied Petroleum Gases 20.64 23.0424.17 19.47 23.89 25.94 28.43 30.13 32.00 33.55 34.61 35.54 36.48 Distillate Fuel Oil 14.63 16.0521.34 16.74 17.01 18.86 20.97 22.18 23.74 25.03 25.77 26.39 27.11 Residual Fuel 8.65 10.2113.68 7.05 11.55 13.17 15.12 16.27 17.59 18.65 19.34 19.93 20.55 Natural Gas 11.58 10.9911.80 10.60 11.11 11.20 11.47 11.62 11.88 12.22 12.62 13.10 13.64 Electricity 27.63 28.0730.27 30.83 28.74 29.29 29.50 30.07 30.60 31.39 32.24 33.14 34.22

I ndustrial 1/ Liquefied Petroleum Gases 20.49 23.3826.13 19.56 23.00 25.04 27.52 29.21 31.08 32.62 33.66 34.56 35.47 Distillate Fuel Oil 15.32 16.8222.33 17.42 16.86 19.22 21.25 22.60 24.26 25.57 26.28 26.91 27.69 Residual Fuel Oil 8.97 10.4914.02 7.29 16.20 17.69 19.77 21.03 22.47 23.64 24.40 25.06 25.74 Natural Gas 2/ 7.75 7.52 9.18 6.90 7.27 7.31 7.53 7.64 7.84 8.11 8.39 8.75 9.17 Metallurgical Coal 3.54 3.61 4.15 4.70 4.60 4.64 4.74 4.86 4.97 5.09 5.21 5.32 5.44 Other I ndustrial Coal 2.34 2.43 2.62 2.67 2.67 2.74 2.80 2.85 2.91 2.98 3.02 3.08 3.14 Coal to Liquids - - - - - - - - - - 1.45 1.35 1.27 1.45 1.40 1.44 1.46 1.51 Electricity 17.93 18.6321.21 21.52 19.72 19.90 20.02 20.36 20.67 21.20 21.81 22.44 23.17 Transportation Liquefied Petroleum Gases 3/ 21.71 25.0129.14 23.42 27.04 29.13 31.72 33.48 35.43 37.06 38.20 39.20 40.22 E85 4/ 24.84 26.6734.66 35.01 26.83 29.08 31.09 32.90 29.79 29.51 31.06 34.46 35.65 Motor Gasoline 5/ 21.21 22.9827.13 19.66 24.72 26.68 28.49 29.94 31.69 33.26 34.33 35.37 36.43 Jet Fuel 6/ 14.84 16.1022.57 15.24 16.89 18.90 20.92 22.18 23.67 24.86 25.68 26.43 27.16 Diesel Fuel (distillate fuel oil) 7/ 19.74 20.9227.79 19.98 21.12 23.14 25.22 26.67 28.41 29.78 30.52 31.22 32.09 Residual Fuel Oil 7.99 9.3514.07 8.24 12.74 14.27 16.23 17.36 18.68 19.76 20.44 21.00 21.55 Natural Gas 8/ 15.62 15.4617.43 15.21 15.69 15.83 16.13 16.32 16.63 17.03 17.46 17.96 18.50 Electricity 29.59 30.6435.00 35.28 31.95 32.58 33.13 33.68 34.14 34.91 35.34 35.62 36.36

Electric Power 9/ Distillate Fuel Oil 13.41 14.7719.51 15.22 15.89 17.35 19.41 20.40 21.79 23.03 23.77 24.35 25.01 Residual Fuel Oil 8.16 8.3814.10 8.35 13.91 15.45 17.44 18.61 19.95 21.05 21.73 22.31 22.89 Natural Gas 6.87 7.02 9.40 6.59 6.94 6.99 7.27 7.32 7.50 7.77 8.06 8.41 8.822006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Steam Coal 1.69 1.78 1.99 2.00 1.99 2.03 2.08 2.13 2.19 2.25 2.28 2.32 2.37 Average Price to All Users 10/ Liquefied Petroleum Gases 15.25 18.5320.06 18.45 22.07 23.98 26.25 27.82 29.56 31.04 32.06 32.98 33.92 E85 4/ 24.84 26.6734.66 35.01 26.83 29.08 31.09 32.90 29.79 29.51 31.06 34.46 35.65 Motor Gasoline 5/ 21.08 22.8226.96 19.72 24.71 26.68 28.49 29.93 31.69 33.25 34.33 35.37 36.42 Jet Fuel 14.84 16.1022.57 15.24 16.89 18.90 20.92 22.18 23.67 24.86 25.68 26.43 27.16 Distillate Fuel Oil 18.67 19.9426.32 19.34 19.99 22.02 24.21 25.71 27.43 28.80 29.56 30.25 31.09 Residual Fuel Oil 8.20 9.2514.05 8.07 13.34 14.83 16.82 17.98 19.33 20.41 21.09 21.67 22.24 Natural Gas 9.25 9.0110.58 8.59 9.01 9.09 9.33 9.46 9.69 10.00 10.33 10.73 11.19 Metallurgical Coal 3.54 3.61 4.15 4.70 4.60 4.64 4.74 4.86 4.97 5.09 5.21 5.32 5.44 Other Coal 1.73 1.82 2.03 2.04 2.04 2.08 2.13 2.17 2.23 2.29 2.32 2.36 2.42 Coal to Liquids - - - - - - - - - - 1.45 1.35 1.27 1.45 1.40 1.44 1.46 1.51 Electricity 25.98 26.7028.89 29.47 27.82 28.42 28.72 29.34 29.92 30.69 31.53 32.42 33.47 Non-Renewable Energy Expenditures by Sector (billion nominal dollars) Residential 225.03238.38#####249.30 247.78 255.62 263.66 268.89 276.54 285.21 294.87 305.04 317.19 Commercial 165.82173.09#####185.90 182.07 188.56 193.69 200.06 207.35 216.35 225.69 235.70 246.90 I ndustrial 210.46226.84#####213.93 215.12 229.83 250.03 263.09 274.03 282.68 289.06 295.83 302.93 Transportation 549.82596.75#####505.37 611.87 677.82 735.22 776.58 817.61 850.99 876.53 901.97 926.85 Total Non-Renewable Expenditures####################### 1256.84 1351.83 1442.60 1508.62 1575.54 1635.24 1686.15 1738.53 1793.87 Transportation Renewable Expenditures0.03 0.04 0.04 0.02 0.07 0.08 0.10 0.12 5.26 10.38 14.04 17.40 22.89 Total Expenditures ####################### 1256.91 1351.91 1442.71 1508.74 1580.80 1645.62 1700.19 1755.93 1816.77

1/ I ncludes energy for combined heat and power plants, except those whose primary business is to sell electricity, or electricity and heat, to the public. 2/ Excludes use for lease and plant fuel. 3/ I ncludes Federal and State taxes while excluding county and local taxes. 4/ E85 refers to a blend of 85 percent ethanol (renewable) and 15 percent motor gasoline (nonrenewable). To address cold starting issues, the percentage of ethanol varies seasonally. The annual average ethanol content of 74 percent is used for this forecast. 5/ Sales weighted-average price for all grades. I ncludes Federal, State, and local taxes. 6/ Kerosene-type jet fuel. I ncludes Federal and State taxes while excluding county and local taxes. 7/ Diesel fuel for on-road use. I ncludes Federal and State taxes while excluding county and local taxes. 8/ Compressed natural gas used as a vehicle fuel. I ncludes estimated motor vehicle fuel taxes and estimated dispensing costs or charges. 9/ I ncludes electricity-only and combined heat and power plants whose primary business is to sell electricity, or electricity and heat, to the public. 10/ Weighted averages of end-use fuel prices are derived from the prices shown in each sector and the corresponding sectoral consumption. Btu = British thermal unit. - - = Not applicable. Note: Data for 2006 and 2007 are model results and may differ slightly from official EI A data reports. Sources: 2006 and 2007 prices for motor gasoline, distillate fuel oil, and jet fuel are based on prices in the Energy I nformation Administration (EI A), Petroleum Marketing Annual 2007, DOE/EI

A-0487(2007) (Washington, DC, August 2008). 2006 residential and commercial natural gas delivered prices: EIA, Natural Gas Annual 2006, DOE/EIA-0131(2006) (Washington, DC, October, 2007). 2007 residential and commercial natural gas delivered prices: EI A, Natural Gas Monthly, DOE/EI A-0130(2008/04) (Washington, DC, April 2008). 2006 and 2007 industrial natural gas delivered prices are estimated based on: EI A, Manufacturing Energy Consumption Survey 1994 and industrial and wellhead prices from the Natural Gas Annual 2006, DOE/EI A-0131(2006) (Washington, DC, October, 2007) and the Natural Gas Monthly, DOE/EIA-0130(2008/04) (Washington, DC, April 2008). 2006 transportation sector natural gas delivered prices are based on: EI A, Natural Gas Annual 2006, DOE/EIA-0131(2006) (Washington, DC, October, 2007) and estimated State taxes, Federal taxes, and dispensing costs or charges. 2007 transportation sector natural gas delivered prices are model results. 2006 and 2007 electric power sector natural gas prices: EI A, Electric Power Monthly, April 2007 and April 2008, Table 4.13.B. 2006 and 2007 coal prices based on: EI A, Quarterly Coal Report, October-December 2007, DOE/EI A-0121(2007/4Q) (Washington, DC, March 2008) and EIA, AEO2009 National Energy Modeling System run aeo2009.d120908a. 2006 and 2007 electricity prices: EIA, Annual Energy Review 2007, DOE/EI A-0384(2007) (Washington, DC, June 2008). 2006 and 2007 E85 prices derived from monthly prices in the Clean Cities Alternative Fuel Price Report. Projections: EI

A, AEO2009 National Energy Modeling System run aeo2009.d120908a.2007-

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2030

32.94 32.88 33.09 33.31 33.10 33.24 33.43 33.61 33.99 34.38 34.59 35.11 1.5% 24.04 24.10 24.20 24.39 24.29 24.59 24.84 25.06 25.36 25.89 26.25 26.67 1.3% 12.59 12.50 12.28 12.32 12.40 12.75 13.07 13.34 13.65 13.89 14.11 14.31 0.5% 32.53 32.72 32.68 32.80 33.04 33.48 34.05 34.51 34.91 35.28 35.55 35.84 0.6%

29.67 29.60 29.80 30.02 29.80 29.94 30.12 30.30 30.66 31.05 31.25 31.77 1.4% 22.05 22.11 22.24 22.51 22.44 22.74 23.06 23.32 23.42 24.02 24.47 24.69 1.9% 16.81 16.68 16.90 17.08 16.82 16.96 17.07 17.20 17.39 17.59 17.77 17.98 2.5% 11.20 11.13 10.92 10.98 11.06 11.43 11.74 12.01 12.31 12.55 12.76 12.96 0.7% 27.98 28.15 28.04 28.08 28.27 28.70 29.23 29.67 30.07 30.47 30.72 31.01 0.4%

28.86 28.78 29.03 29.22 29.02 29.16 29.35 29.51 29.87 30.25 30.46 30.99 1.2% 22.52 22.56 22.72 23.03 23.00 23.31 23.68 23.97 23.94 24.59 25.11 25.19 1.8% 20.95 20.94 21.06 21.26 21.07 21.26 21.43 21.57 21.87 22.17 22.37 22.73 3.4% 7.56 7.48 7.28 7.33 7.38 7.71 7.99 8.27 8.53 8.76 8.91 9.07 0.8% 4.40 4.40 4.42 4.47 4.51 4.53 4.55 4.56 4.56 4.53 4.48 4.41 0.9% 2.53 2.53 2.53 2.53 2.54 2.55 2.57 2.59 2.61 2.63 2.65 2.67 0.4% 1.23 1.23 1.24 1.27 1.30 1.30 1.31 1.32 1.33 1.33 1.35 1.36 - - 18.96 19.06 18.99 19.08 19.29 19.65 20.09 20.46 20.81 21.12 21.33 21.59 0.6%

32.70 32.62 32.82 33.03 32.81 32.94 33.13 33.30 33.67 34.05 34.25 34.77 1.4% 29.09 29.30 29.45 29.45 29.42 29.54 29.75 29.90 29.90 30.07 29.82 30.10 0.5% 29.60 29.75 29.99 30.27 30.21 30.40 30.67 30.93 31.18 31.57 31.77 32.10 1.5% 22.20 22.15 22.28 22.49 22.44 22.68 22.98 23.23 23.44 23.98 24.39 24.63 1.9% 26.01 26.04 26.22 26.54 26.50 26.87 27.16 27.45 27.38 28.04 28.55 28.59 1.4% 17.55 17.46 17.62 17.80 17.77 17.93 18.13 18.30 18.68 19.02 19.27 19.65 3.3% 15.05 14.90 14.63 14.66 14.70 15.01 15.28 15.50 15.75 15.94 16.10 16.24 0.2% 29.52 29.48 29.32 29.55 30.08 30.81 31.63 32.23 32.78 33.32 33.70 34.15 0.5%

20.38 20.45 20.60 20.81 20.74 21.03 21.28 21.51 21.82 22.34 22.70 23.11 2.0% 18.64 18.55 18.75 18.93 18.89 19.06 19.26 19.42 19.74 20.07 20.32 20.67 4.0% 7.27 7.15 6.96 7.04 7.12 7.46 7.73 7.99 8.24 8.45 8.57 8.70 0.9% 1.92 1.92 1.92 1.93 1.93 1.94 1.96 1.97 1.98 2.00 2.02 2.04 0.6%

27.61 27.56 27.71 28.01 27.80 27.94 28.13 28.32 28.69 29.06 29.28 29.77 2.1% 29.09 29.30 29.45 29.45 29.42 29.54 29.75 29.90 29.90 30.07 29.82 30.10 0.5% 29.59 29.75 29.99 30.26 30.21 30.39 30.67 30.93 31.18 31.57 31.77 32.10 1.5% 22.20 22.15 22.28 22.49 22.44 22.68 22.98 23.23 23.44 23.98 24.39 24.63 1.9% 25.24 25.28 25.45 25.77 25.74 26.05 26.42 26.71 26.68 27.34 27.87 27.94 1.5% 18.11 18.03 18.19 18.37 18.31 18.47 18.67 18.84 19.19 19.51 19.75 20.12 3.4%2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2030

9.20 9.11 8.90 8.95 9.00 9.32 9.61 9.88 10.16 10.40 10.57 10.75 0.8% 4.40 4.40 4.42 4.47 4.51 4.53 4.55 4.56 4.56 4.53 4.48 4.41 0.9% 1.95 1.95 1.95 1.96 1.96 1.98 1.99 2.00 2.01 2.03 2.05 2.07 0.6% 1.23 1.23 1.24 1.27 1.30 1.30 1.31 1.32 1.33 1.33 1.35 1.36 - - 27.37 27.57 27.51 27.62 27.85 28.28 28.81 29.26 29.65 30.03 30.28 30.56 0.6%

260.92 263.30 263.31 266.41 270.01 276.89 282.96 288.95 294.97 301.23 305.18 310.03 1.1% 204.49 207.76 209.27 212.42 216.23 222.25 228.67 234.47 240.31 246.32 251.41 256.75 1.7% 245.16 242.68 240.85 242.76 243.31 248.31 253.34 257.86 262.51 267.85 271.83 276.26 0.9% 756.03 752.82 753.80 755.87 758.67 767.98 779.67 791.36 800.42 821.15 837.90 853.25 1.6% 1466.60 1466.55 1467.24 1477.46 1488.22 1515.44 1544.64 1572.64 1598.21 1636.54 1666.31 1696.29 1.4% 18.13 24.83 32.23 41.69 43.12 46.74 50.69 54.71 58.67 61.33 63.56 65.71 37.9% 1484.72 1491.38 1499.47 1519.15 1531.34 1562.17 1595.33 1627.35 1656.89 1697.88 1729.88 1762.00 1.6%

41.68 42.47 43.49 44.44 44.73 45.41 46.13 46.83 47.83 48.86 49.65 50.90 3.1% 30.41 31.14 31.80 32.54 32.82 33.59 34.28 34.92 35.69 36.79 37.68 38.67 3.0% 15.93 16.14 16.14 16.43 16.76 17.41 18.03 18.59 19.21 19.75 20.25 20.75 2.2% 41.16 42.26 42.95 43.76 44.65 45.74 46.98 48.07 49.13 50.14 51.03 51.96 2.2%

37.54 38.24 39.17 40.05 40.27 40.89 41.56 42.20 43.15 44.12 44.86 46.06 3.1% 27.90 28.56 29.24 30.03 30.33 31.06 31.82 32.49 32.96 34.14 35.13 35.80 3.5% 21.26 21.55 22.21 22.79 22.73 23.16 23.55 23.97 24.47 25.00 25.51 26.07 4.2% 14.17 14.37 14.36 14.65 14.95 15.61 16.20 16.73 17.32 17.84 18.31 18.78 2.4% 35.39 36.37 36.86 37.47 38.21 39.20 40.33 41.34 42.32 43.31 44.09 44.96 2.1%

36.50 37.17 38.15 38.99 39.22 39.83 40.49 41.11 42.04 43.00 43.72 44.93 2.9% 28.49 29.14 29.86 30.73 31.08 31.85 32.67 33.39 33.69 34.95 36.04 36.52 3.4% 26.51 27.05 27.68 28.36 28.48 29.04 29.57 30.05 30.77 31.52 32.11 32.95 5.1% 9.57 9.66 9.56 9.78 9.97 10.53 11.03 11.52 12.00 12.45 12.79 13.16 2.5% 5.56 5.69 5.81 5.97 6.09 6.19 6.28 6.36 6.42 6.44 6.43 6.40 2.5% 3.20 3.27 3.32 3.38 3.43 3.49 3.55 3.61 3.67 3.74 3.81 3.88 2.0% 1.55 1.59 1.64 1.69 1.75 1.78 1.81 1.84 1.87 1.89 1.93 1.98 - - 23.98 24.63 24.96 25.46 26.07 26.84 27.71 28.51 29.28 30.02 30.62 31.30 2.3%

41.36 42.13 43.14 44.06 44.34 45.00 45.70 46.39 47.38 48.39 49.16 50.41 3.1% 36.80 37.85 38.71 39.29 39.75 40.36 41.04 41.66 42.08 42.74 42.80 43.63 2.2% 37.44 38.43 39.42 40.38 40.82 41.52 42.32 43.09 43.88 44.88 45.61 46.54 3.1% 28.08 28.62 29.29 30.01 30.32 30.97 31.70 32.36 32.99 34.08 35.00 35.70 3.5% 32.91 33.63 34.46 35.41 35.81 36.70 37.48 38.23 38.53 39.85 40.99 41.44 3.0% 22.21 22.56 23.16 23.74 24.01 24.49 25.02 25.49 26.29 27.03 27.66 28.49 5.0% 19.04 19.24 19.24 19.56 19.86 20.50 21.08 21.60 22.16 22.66 23.11 23.55 1.8% 37.35 38.09 38.54 39.43 40.64 42.09 43.63 44.90 46.13 47.36 48.37 49.51 2.1%

25.78 26.42 27.07 27.76 28.03 28.72 29.36 29.96 30.70 31.75 32.59 33.51 3.6% 23.58 23.97 24.65 25.25 25.52 26.04 26.57 27.06 27.78 28.53 29.17 29.97 5.7% 9.19 9.24 9.15 9.40 9.62 10.18 10.67 11.13 11.60 12.01 12.30 12.61 2.6%2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2030

2.42 2.48 2.52 2.57 2.61 2.65 2.70 2.75 2.79 2.84 2.90 2.95 2.2%

34.93 35.61 36.42 37.37 37.56 38.16 38.82 39.45 40.38 41.30 42.02 43.16 3.7% 36.80 37.85 38.71 39.29 39.75 40.36 41.04 41.66 42.08 42.74 42.80 43.63 2.2% 37.44 38.43 39.42 40.38 40.82 41.52 42.31 43.09 43.87 44.87 45.61 46.54 3.1% 28.08 28.62 29.29 30.01 30.32 30.97 31.70 32.36 32.99 34.08 35.00 35.70 3.5% 31.93 32.65 33.45 34.38 34.79 35.59 36.45 37.21 37.55 38.86 40.00 40.51 3.1% 22.92 23.29 23.91 24.51 24.74 25.24 25.76 26.24 27.00 27.73 28.35 29.16 5.1% 11.64 11.77 11.70 11.94 12.16 12.74 13.26 13.77 14.29 14.78 15.17 15.58 2.4% 5.56 5.69 5.81 5.97 6.09 6.19 6.28 6.36 6.42 6.44 6.43 6.40 2.5% 2.47 2.52 2.56 2.61 2.65 2.70 2.75 2.79 2.83 2.89 2.94 3.00 2.2% 1.55 1.59 1.64 1.69 1.75 1.78 1.81 1.84 1.87 1.89 1.93 1.98 - - 34.63 35.62 36.16 36.85 37.63 38.63 39.75 40.76 41.73 42.69 43.47 44.31 2.2%

330.09 340.12 346.09 355.44 364.87 378.23 390.39 402.54 415.11 428.14 438.04 449.49 2.8% 258.69 268.38 275.07 283.40 292.20 303.59 315.48 326.64 338.19 350.09 360.87 372.25 3.4% 310.15 313.49 316.57 323.88 328.80 339.19 349.53 359.22 369.42 380.69 390.17 400.54 2.5% 956.45 972.48 990.78 1008.46 1025.20 1049.04 1075.67 1102.43 1126.43 1167.10 1202.69 1237.08 3.2% 1855.38 1894.47 1928.51 1971.18 2011.07 2070.05 2131.06 2190.83 2249.16 2326.01 2391.77 2459.36 3.0% 22.93 32.08 42.37 55.62 58.27 63.84 69.93 76.21 82.57 87.17 91.23 95.27 40.1% 1878.31 1926.55 1970.88 2026.80 2069.34 2133.89 2201.00 2267.04 2331.73 2413.19 2483.01 2554.63 3.2%

### DollarYear 2009 AnalysisYear 2015

Real Adjustments AEO 2009 Electricity Prices AEO Annual Adjustments 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2007AEO_Price_2007 $26.70 AEO_Adj_2008 1.057 Adjust from►

2008AEO_Price_2008 $28.21 AEO_Adj_2009 1.002 1Adjust to▼2009201020112012201320142015201620172018201920202021IPM Years Average 2009AEO_Price_2009 $28.28 AEO_Adj_2010 0.934 2 2009 1.00 1.07 1.06 1.07 1.07 1.07 1.07 1.06 1.05 1.041.03 1.03 1.03 1.02 2010AEO_Price_2010 $26.42 AEO_Adj_2011 1.008 3 20100.93 1.000.99 1.00 1.00 1.00 1.000.990.990.980.970.960.96 0.96 2011AEO_Price_2011 $26.62 AEO_Adj_2012 0.993 4 20110.941.01 1.00 1.01 1.01 1.01 1.00 1.000.990.980.970.970.97 0.96 2012AEO_Price_2012 $26.45 AEO_Adj_2013 1.001 5 20120.941.000.99 1.00 1.00 1.00 1.000.990.990.980.970.960.96 0.96 2013AEO_Price_2013 $26.47 AEO_Adj_2014 0.998 6 20130.941.000.99 1.00 1.00 1.00 1.000.990.990.980.970.960.96 0.96 2014AEO_Price_2014 $26.43 AEO_Adj_2015 1.004 7 20140.93 1.000.99 1.00 1.00 1.00 1.000.990.990.980.970.960.96 0.96 2015AEO_Price_2015 $26.53 AEO_Adj_2016 1.005 8 20150.941.00 1.00 1.00 1.00 1.00 1.00 1.000.990.980.970.960.96 0.96 2016AEO_Price_2016 $26.65 AEO_Adj_2017 1.006 9 20160.941.01 1.00 1.01 1.01 1.01 1.00 1.000.990.980.970.970.97 0.96 2017AEO_Price_2017 $26.81 AEO_Adj_2018 1.010 10 20170.95 1.01 1.01 1.01 1.01 1.01 1.01 1.01 1.000.990.980.970.97 0.97 2018AEO_Price_2018 $27.06 AEO_Adj_2019 1.011 11 20180.96 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.01 1.000.990.980.98 0.98 2019AEO_Price_2019 $27.37 AEO_Adj_2020 1.007 12 20190.97 1.041.03 1.041.03 1.041.03 1.03 1.02 1.01 1.000.990.99 0.99 2020AEO_Price_2020 $27.57 AEO_Adj_2021 0.998 13 20200.97 1.041.041.041.041.041.041.03 1.03 1.02 1.01 1.00 1.00 1.00 2021AEO_Price_2021 $27.51 AEO_Adj_2022 1.004 14 20210.97 1.041.03 1.041.041.041.041.03 1.03 1.02 1.01 1.00 1.00 1.00

2022AEO_Price_2022 $27.62 AEO_Adj_2023 1.008 15IPM Years Average 0.98 1.05 1.041.05 1.041.05 1.041.041.03 1.02 1.01 1.00 1.00 1.00 2023AEO_Price_2023 $27.85 AEO_Adj_2024 1.015 16 20220.98 1.05 1.041.041.041.05 1.041.041.03 1.02 1.01 1.00 1.00 1.00 2024AEO_Price_2024 $28.28 AEO_Adj_2025 1.019 17 20230.98 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.041.03 1.02 1.01 1.01 1.01 2025AEO_Price_2025 $28.81 AEO_Adj_2026 1.015 18 2024 1.00 1.07 1.06 1.07 1.07 1.07 1.07 1.06 1.05 1.041.03 1.03 1.03 1.02 2026AEO_Price_2026 $29.26 AEO_Adj_2027 1.014 19 2025 1.02 1.09 1.08 1.09 1.09 1.09 1.09 1.08 1.07 1.06 1.05 1.05 1.05 1.04 2027AEO_Price_2027 $29.65 AEO_Adj_2028 1.013 20 20261.03 1.11 1.10 1.11 1.11 1.11 1.10 1.10 1.09 1.08 1.07 1.06 1.06 1.06 2028AEO_Price_2028 $30.03 AEO_Adj_2029 1.008 21 20271.05 1.12 1.11 1.12 1.12 1.12 1.12 1.11 1.11 1.10 1.08 1.08 1.08 1.07 2029AEO_Price_2029 $30.28 AEO_Adj_2030 1.009 22 20281.06 1.141.13 1.141.13 1.141.13 1.13 1.12 1.11 1.10 1.09 1.09 1.09 2030AEO_Price_2030 $30.56 Average 1.006 23 2029 1.07 1.15 1.141.15 1.141.15 1.141.141.13 1.12 1.11 1.10 1.10 1.10 IPM Years Average $27.64 24 2030 1.08 1.16 1.15 1.16 1.15 1.16 1.15 1.15 1.141.13 1.12 1.11 1.11 1.11 Projections: 25 2031 1.09 1.16 1.16 1.16 1.16 1.16 1.16 1.15 1.15 1.141.12 1.12 1.12 1.11 2031AEO_Price_2031 $30.75 AEO_Adj_2008_to_2017 0.9479 26 2032 1.09 1.17 1.16 1.17 1.17 1.17 1.17 1.16 1.15 1.141.13 1.12 1.12 1.12 2032AEO_Price_2032 $30.94 AEO_Adj_2013_to_2017 1.0126 27 2033 1.10 1.18 1.17 1.18 1.18 1.18 1.17 1.17 1.16 1.15 1.141.13 1.13 1.13 2033AEO_Price_2033 $31.13 AEO_Adj_2014_to_2017 1.0143 28 2034 1.11 1.19 1.18 1.18 1.18 1.18 1.18 1.18 1.17 1.16 1.141.141.14 1.13 2034AEO_Price_2034 $31.31 AEO_Adj_2015_to_2017 1.0105 29 2035 1.11 1.19 1.18 1.19 1.19 1.19 1.19 1.18 1.18 1.16 1.15 1.141.15 1.14 2035AEO_Price_2035 $31.51 AEO_Adj_2016_to_2017 1.0060 30 20361.12 1.20 1.19 1.20 1.20 1.20 1.19 1.19 1.18 1.17 1.16 1.15 1.15 1.15 2036AEO_Price_2036 $31.70 AEO_Adj_2008_to_2015 0.9403 31 20371.13 1.21 1.20 1.21 1.20 1.21 1.20 1.20 1.19 1.18 1.17 1.16 1.16 1.15 2037AEO_Price_2037 $31.89 AEO_Adj_2008_to_2013 0.9383 32 20381.13 1.21 1.21 1.21 1.21 1.21 1.21 1.20 1.20 1.19 1.17 1.16 1.17 1.16 2038AEO_Price_2038 $32.08 AEO_Adj_2013_to_2015 1.0021 33 2039 1.141.22 1.21 1.22 1.22 1.22 1.22 1.21 1.20 1.19 1.18 1.17 1.17 1.17 2039AEO_Price_2039 $32.28 AEO_Adj_2017_to_2015 0.9896 34 2040 1.15 1.23 1.22 1.23 1.23 1.23 1.22 1.22 1.21 1.20 1.19 1.18 1.18 1.18 2040AEO_Price_2040 $32.47 AEO_Adj_2017_to_2013 0.9875 35 2041 1.16 1.241.23 1.241.23 1.241.23 1.23 1.22 1.21 1.19 1.19 1.19 1.18 2041AEO_Price_2041 $32.67 AEO_Adj_2015_to_2013 0.9980 36 2042 1.16 1.241.23 1.241.241.241.241.23 1.23 1.21 1.20 1.19 1.19 1.19 2042AEO_Price_2042 $32.87 AEO_Adj_2020_to_2015 0.9621 37 2043 1.17 1.25 1.241.25 1.25 1.25 1.25 1.241.23 1.22 1.21 1.20 1.20 1.20 2043AEO_Price_2043 $33.07 AEO_Adj_2015_to_2020 1.0394 38 2044 1.18 1.26 1.25 1.26 1.26 1.26 1.25 1.25 1.241.23 1.22 1.21 1.21 1.20 2044AEO_Price_2044 $33.27 AEO_Adj_2015_to_2025 1.0862 39 2045 1.18 1.27 1.26 1.27 1.26 1.27 1.26 1.26 1.25 1.241.22 1.21 1.22 1.21 2045AEO_Price_2045 $33.47 AEO_Adj_2015_to_2030 1.1522 40 20461.19 1.27 1.27 1.27 1.27 1.27 1.27 1.26 1.26 1.241.23 1.22 1.22 1.22Real Adjustments AEO 2009 Electricity Prices AEO Annual Adjustments 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2046AEO_Price_2046 $33.68 41 20471.20 1.28 1.27 1.28 1.28 1.28 1.28 1.27 1.26 1.25 1.241.23 1.23 1.23 2047AEO_Price_2047 $33.88 AEO_Adj_2009_to_2015 0.9380 42 20481.21 1.29 1.28 1.29 1.29 1.29 1.29 1.28 1.27 1.26 1.25 1.241.24 1.23 2048AEO_Price_2048 $34.09 AEO_Adj_2007_to_2009 1.0591 43 2049 1.21 1.30 1.29 1.30 1.30 1.30 1.29 1.29 1.28 1.27 1.25 1.241.25 1.24 2049AEO_Price_2049 $34.30 AEO_Adj_2028_to_2015 0.8832 44 2050 1.22 1.31 1.30 1.30 1.30 1.31 1.30 1.29 1.29 1.28 1.26 1.25 1.25 1.25 2050AEO_Price_2050 $34.50 AEO_Adj_2028_to_2009 0.9416 45 2051 1.23 1.31 1.30 1.31 1.31 1.31 1.31 1.30 1.30 1.28 1.27 1.26 1.26 1.26 2051AEO_Price_2051 $34.71 46 2052 1.241.32 1.31 1.32 1.32 1.32 1.32 1.31 1.30 1.29 1.28 1.27 1.27 1.26 2052AEO_Price_2052 $34.93 47 2053 1.241.33 1.32 1.33 1.33 1.33 1.32 1.32 1.31 1.30 1.28 1.27 1.28 1.27 2053AEO_Price_2053 $35.14 48 2054 1.25 1.341.33 1.341.341.341.33 1.33 1.32 1.31 1.29 1.28 1.28 1.28 2054AEO_Price_2054 $35.35 49 2055 1.26 1.35 1.341.341.341.35 1.341.33 1.33 1.31 1.30 1.29 1.29 1.29 2055AEO_Price_2055 $35.57 50 20561.27 1.35 1.341.35 1.35 1.35 1.35 1.341.33 1.32 1.31 1.30 1.30 1.29 2056AEO_Price_2056 $35.78 51 20571.27 1.36 1.35 1.36 1.36 1.36 1.36 1.35 1.341.33 1.32 1.31 1.31 1.30 2057AEO_Price_2057 $36.00 52 20581.28 1.37 1.36 1.37 1.37 1.37 1.37 1.36 1.35 1.341.32 1.31 1.32 1.31 2058AEO_Price_2058 $36.22 53 2059 1.29 1.38 1.37 1.38 1.38 1.38 1.37 1.37 1.36 1.35 1.33 1.32 1.32 1.32 2059AEO_Price_2059 $36.44 54 2060 1.30 1.39 1.38 1.39 1.38 1.39 1.38 1.38 1.37 1.35 1.341.33 1.33 1.33 2060AEO_Price_2060 $36.66 55 2061 1.30 1.40 1.39 1.39 1.39 1.40 1.39 1.38 1.38 1.36 1.35 1.341.34 1.33 2061AEO_Price_2061 $36.88 56 2062 1.31 1.40 1.39 1.40 1.40 1.40 1.40 1.39 1.38 1.37 1.36 1.35 1.35 1.34 2062AEO_Price_2062 $37.11 57 2063 1.32 1.41 1.40 1.41 1.41 1.41 1.41 1.40 1.39 1.38 1.36 1.35 1.36 1.35 2063AEO_Price_2063 $37.33 58 2064 1.33 1.42 1.41 1.42 1.42 1.42 1.42 1.41 1.40 1.39 1.37 1.36 1.37 1.36 2064AEO_Price_2064 $37.56 59 2065 1.341.43 1.42 1.43 1.43 1.43 1.42 1.42 1.41 1.40 1.38 1.37 1.37 1.37 2065AEO_Price_2065 $37.79 60 20661.341.441.43 1.441.441.441.43 1.43 1.42 1.40 1.39 1.38 1.38 1.38 2066AEO_Price_2066 $38.02 61 20671.35 1.45 1.441.45 1.441.45 1.441.441.43 1.41 1.40 1.39 1.39 1.38 2067AEO_Price_2067 $38.25 62 20681.36 1.46 1.45 1.46 1.45 1.46 1.45 1.441.441.42 1.41 1.40 1.40 1.39 2068AEO_Price_2068 $38.48 63 2069 1.37 1.47 1.45 1.46 1.46 1.47 1.46 1.45 1.441.43 1.41 1.40 1.41 1.40 2069AEO_Price_2069 $38.72 64 2070 1.38 1.47 1.46 1.47 1.47 1.47 1.47 1.46 1.45 1.441.42 1.41 1.42 1.41 2070AEO_Price_2070 $38.95