Exhibit 99(b)
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. |
* A common trading hub for PJM.
** Occurs during times of low demand for electricity when generation levels of generating units are reduced to their normal minimums.
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 |
* A common trading hub for Northwestern U.S.
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 |
* The NYMEX coal contract was established in July 2001.
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 |