Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

Northeast Natural Gas Region

Northeast Natural Gas Market: Annual Hub Prices

Source: Derived from ICE data 2026

Notes:

Updated 4/15/2014

Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

Northeast Annual Average Day-Ahead Prices

Northeast Natural Gas Market: Annual Hub Prices

Source: Derived from ICE data 2026

Notes:

Updated 4/15/2014

Average Day Ahead Prices ($/MMBtu)

Algonquin Citygates

Transco Zone 6 NY

Transco Zone 6 Non‐NY

Columbia Applachia

Henry Hub

Annual 5.02 5.02 4.69 4.07 3.98Summer  4.56 4.55 4.41 4.22 4.14Winter 2011/2012 4.00 3.59 3.09 2.77 2.74Annual 3.95 3.27 2.98 2.78 2.75Summer  3.25 2.86 2.83 2.71 2.69Winter 2012/2013 9.49 6.69 4.10 3.51 3.47Annual 6.95 5.11 4.03 3.72 3.72Summer  4.24 3.92 3.84 3.77 3.76Winter 2013/2014 15.76 11.40 9.66 4.60 4.61Annual 11.62 9.45 8.40 4.79 4.79Summer  4.17 3.57 3.97 4.49 4.55

Winter 2014/2015

2011

2012

2013

2014

 YTD

Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

Northeast Day-Ahead Prices

Northeast Natural Gas Market: Day-Ahead Prices

Source: Derived from ICE data 2030

Notes:

2/18/2014Updated

$0

$20

$40

$60

$80

$100

$120

$140

Spot

Day

-Ahe

ad P

rices

($/M

MBtu

)

Transco Zone 6 NY Transco Z6 Non-NYColumbia TCO Pool Algonquin City Gates

$0

$10

$20

$30

2011 2012 2013 2014

30 Day Moving Avg

Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

Northeast Monthly Average Basis Value To Henry Hub

Northeast Natural Gas Market: Average Basis to Henry Hub

Source: Derived from ICE data 2031

Notes:

Updated 4/15/2014

-$5.00

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun Jul

2012 2013 2014

Aver

age

Day-

Ahea

d Ba

sis($

/MMB

tu)

Avg Mthly Transco Zone 6 NY BasisAvg Mthly Transco Z6 Non-NY BasisAvg Mthly Columbia TCO Pool BasisAvg Mthly Algonquin Citygate Basis

Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

Northeast Day-Ahead Basis

Northeast Natural Gas Market: Yearly Hub Prices

Source: Derived from ICE data 2032

Notes:

Updated 4/15/2014

-$20

$0

$20

$40

$60

$80

$100

$120

$140

Day A

head

Bas

is ($

/MMB

tu)

Transco Zone 6 NY Basis Transco Z6 Non-NY BasisColumbia TCO Pool Basis Algonquin City Gates Basis

$0

$5

$10

$15

2011 2012 2013 2014

30D Moving Avg

Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

Daily Northeast Natural Gas Demand All Sectors

Northeast Natural Gas Market: Daily Demand

Source: Derived from Bentek Energy data

Updated: July 2014

0

5

10

15

20

25

30

35

40

45B

cfd

2009-2013 Range

2014

Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

Northeast Natural Gas Consumption for Power Generation

Northeast Natural Gas Market Overview: NG Consumption for Power Generation

Source: Derived from Bentek Energy data Updated: July 2014

0

50,000

100,000

150,000

200,000

250,000

MM

cf/m

onth

2009-13 Range

2014

Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

Fuel Oil and Natural Gas Prices Invert

Northeast Electricity Market: Fuel Oil Viability

Updated February 18, 2014

0

20

40

60

80

100

120

140

12/2

/13

12/9

/13

12/1

6/13

12/2

3/13

12/3

0/13

1/6/

14

1/13

/14

1/20

/14

1/27

/14

$/M

MB

tu

New York Harbor No. 2 Fuel Oil

Transco Z6 NY Natural Gas

Source: Derived from Bloomberg data

Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

PJM Transmission Congestion Rises Sharply

Northeast Electricity Market: Day Ahead Congestion

Updated February 18, 2014

-$300

-$200

-$100

$0

$100

$200

$300

$400D

ay-A

head

Con

gest

ion

($/M

Wh)

MID-ATL/APS AECO BGEDPL JCPL METEDPECO PEPCO PPLPENELEC PSEG RECOAPS AEP COMEDDAY DOM DUQATSI DEOK EKPC

Source: Derived from PJM Data

Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

PJM Real Time Prices—Two Year History

Northeast Electricity Market: PJM Real Time Prices

Updated February 18, 2014

Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

PJM System Daily Average Load —Two Year History

Northeast Electricity Market: PJM Average Daily Load

Updated February 18, 2014

Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

NYISO Real Time Prices—Two Year History

Northeast Electricity Market: NYISO Real Time Prices

Updated February 18, 2014

Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

NYISO System Daily Average Load —Two Year History

Northeast Electricity Market: NYISO Average Daily Load

Updated February 18, 2014

Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

ISO-NE Real Time Prices—Two Year History

Northeast Electricity Market: ISO-NE Real Time Prices

Updated February 18, 2014

Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

ISO-NE System Daily Average Load —Two Year History

Northeast Electricity Market: ISO-NE Average Daily Load

Updated February 18, 2014

Federal Energy Regulatory Commission • Market Oversight • www.ferc.gov/oversight

PJM Western Hub Forward Prices Move Up

Northeast Electricity Market: PJM Forward Prices

Updated February 18, 2014