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

West Natural Gas Region

West Natural Gas Market: Annual Hub Prices

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

West Day-Ahead Natural Gas Prices Averaged Annually/Seasonally

West Natural Gas Market: Annual Hub Prices

Source: Data derived from Bloomberg ICE data

Notes:Updated Nov‐2015

Average Day Ahead Prices ($/MMBtu)

SoCal Border

Opal Wyoming Plant

El Paso Permian

GTN Malin Oregon

Henry Hub

Annual 2.91 2.68 2.67 2.73 2.75Summer  2.83 2.58 2.61 2.61 2.69Winter 2012/2013 3.62 3.46 3.38 3.52 3.47Annual 3.83 3.65 3.63 3.71 3.72Summer  3.82 3.61 3.63 3.67 3.76Winter 2013/2014 4.89 4.88 4.68 4.88 4.61Annual 4.50 4.35 4.26 4.39 4.32Summer  4.34 4.07 4.07 4.14 4.18Winter 2014/2015 3.15 3.03 3.01 3.06 3.21

Annual 2.67 2.52 2.52 2.56 2.71Summer  2.67 2.51 2.51 2.56 2.67

Winter 2015/2016 2.11 2.05 1.93 2.12 2.06

2012

2013

2014

2015

 YTD

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

West Daily Day-Ahead Prices

West Natural Gas Market: Day-Ahead Prices

Source: Data derived from Bloomberg ICE data

Notes:Updated Nov‐2015

$0

$5

$10

$15

$20

$25

$30

$35

Spot

Day

-Ahe

ad P

rices

($/M

MBtu

)

SoCal Border Opal Wyoming Plant

El Paso Permian GTN Malin Oregon

$0

$2

$4

$6

$8

2012 2013 2014 2015

30 Day Moving Avg

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

West Daily Day-Ahead Basis

West Natural Gas Market: Day-Ahead Basis

Source: Data derived from Bloomberg ICE dataNotes:

Updated Nov‐2015

-$5

$0

$5

$10

$15

$20

$25

Day

Ahea

d Ba

sis

($/M

MBt

u)

SoCal Border Basis Opal Wyoming Plant Basis

El Paso Permian Basis GTN Malin Oregon Basis

-$1$0$1$1$2 30D Moving Avg

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

West Day-Ahead Basis Averaged Monthly

West Natural Gas Market: Day Ahead Basis Averaged Monthly

Source: Data derived from Bloomberg ICE data

Notes:

Updated Nov‐2015

-$0.60

-$0.40

-$0.20

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun Jul

Aug

Sep

Oct

2013 2014 2015

Day-

Ahea

d Ba

sis A

Vera

ged

Mon

thly

($/M

MBt

u)

SoCal Basis Opal Basis El Paso Permian Basis GTN Malin Basis

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

Daily Rockies Natural Gas Demand All Sectors

West Natural Gas Market: Daily Demand

Source: Derived from Bentek Energy data

0

1

2

3

4

5

6

7

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Bcfd

2009-2014 Range 2015

Updated: October 2015

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

Daily Southwest and Northwest Natural Gas Demand All Sectors

West Natural Gas Market: Daily Demand

Source: Derived from Bentek Energy data

Note: Data derived from interstate natural gas pipeline flows.

Southwest Northwest

0

2

4

6

8

10

12

14

16

18

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Bcf

d

2009-2014 Range 2015

0

1

2

3

4

5

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Bcf

d

2009-2014 Range 2015

Updated: October 2015

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

West Natural Gas Consumption for Power Generation

West Natural Gas Market: NG Consumption for Power Generation

Source: Derived from Bentek Energy data

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

MM

cfd

2010-14 Range

2015

Updated: October 2015

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

Pacific NW Snow Water Equivalent (% of Avg)

West Natural Gas Market: Pacific NW Snow Water Equiv.

Source: Bloomberg20024Updated: Nov‐2015

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

CAISO Real Time Prices—Two Year History

West Electricity Market: CAISO Real Time Prices

Updated February 18, 2014

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

CAISO System Daily Average Load —Two Year History

West Electricity Market: CAISO Average Daily Load

Updated February 18, 2014