Exhibit 99(b)
Examples of Wholesale Energy, Fuel and Emission Allowance Price Fluctuations
2003 through 2007
Wholesale Energy:
PJM West Hub* Power Price - $/MWh
Year | High | Month | Low | Month |
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. |
2007 | $ 571.60 | August | $ 0.00** | 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 |
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 |
2007 | $ 197.79 | July | $ 0.86 | March |
* A common trading hub for Northwestern U.S.
Fuel:
NYMEX Coal (1% sulfur content, 12,000 Btu) Price - $/ton
Year | High | Month | Low | Month |
2003 | $ 39.92 | December | $ 27.75 | March |
2004 | $ 63.00 | August | $ 39.67 | January |
2005 | $ 62.75 | September | $ 51.10 | June |
2006 | $ 57.75 | February | $ 37.50 | November |
2007 | $ 56.80 | November | $ 38.75 | January |
NYMEX Natural Gas Price - $/million Btu
Year | High | Month | Low | Month |
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 |
2007 | $ 9.90 | May | $ 5.20 | September |
Residual Oil (1% sulfur content) Price @ NY Harbor - $/barrel
Year | High | Month | Low | Month |
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 |
2007 | $ 72.52 | December | $ 37.23 | January |
Sulfur Dioxide Emission Allowances:
SO2 Emission Allowance Price - $/allowance
Year | High | Month | Low | Month |
2003 | $ 221 | December | $ 135 | January |
2004 | $ 730 | November | $ 210 | January |
2005 | $ 1,610 | December | $ 640 | January |
2006 | $ 1,598 | January | $ 445 | November |
2007 | $ 715 | June | $ 405 | January |