Exelon, Constellation Agree to Settle PJM Market Monitor Merger

Wednesday, October 12, 2011

Exelon, Constellation agree Merger Stories Rumored Transaction to settle PJM market monitor Samsonhttp://www.snl.com/interactivex/snapshot.aspx?id=4296154 Investment Privately held Samson Investment Co. is reportedly considering merger concerns strategic options, including a possible sale. by Marcymailto:[email protected] Crane The potential sale of the Tulsa, Okla.-based oil and gas explorer could bring in between $7 billion and $10 billion, The Wall Street Monitoring Analytics LLC, the independent market monitor for the Journal reported Oct. 11, citing people familiar with the matter. The PJM Interconnection LLC, told FERC and the Maryland Public Service company has been seeking a financial adviser to review a range of Commission on Oct. 11 that it had reached a deal with Exelon Corp. options from forming a joint venture to a full divestiture, the people and Constellation Energy Group Inc. that would alleviate any con- said. cerns over anti-competitive impacts that would result from the two Samson Investment, which is active in the Haynesville Shale and utilities’ proposed merger. the Marcellus Shale, operates more than 4,000 wells and holds sig- “If the order(s) issued by either the FERC or the MPSC, or both, nificant production operations in Texas and the Gulf of Mexico’s deep approving the proposed merger are conditioned upon compliance waters. The company has spent more than $4 billion in the past three by the applicants with the settlement, then the market monitor will years to acquire drilling and oil and gas assets, the Journal reported, not object to the merger,” Monitoring Analytics said. citing the company’s website. When Exelon and Constellation asked FERC in May to approve their E-mail this story. proposed merger, they acknowledged that their stock-for-stock, http://www.snl.com/interactivex/feedback.aspx?Id=13416844&Action=estory $7.9 billion deal could raise certain competitive concerns. The companies accordingly agreed to have the combined company sell certain assets, including three Constellation power plants with 2,648 MW of combined capacity in the PJM market. The applicants claimed

continued on page 2 http://www.snl.com/interactivex/MyInteractive.aspxNow Featured on Tuesday's Energy Stocks Last-minute filings boost number of lawsuits Coal steams ahead against EPA’s cross-state rule By the Oct. 7 deadline to file petitions for review in federal court of the EPA’s Cross-State Air Pollution Rule, 26 separate lawsuits as Wall Street ends mixed had been docketed. by Amymailto:[email protected] Poszywak http://www.snl.com/InteractiveX/article.aspx?Id=13416345 Coal stocks were generally up again Tuesday, Oct. 11, with Walter Morgan Keegan ‘cautiously optimistic’ about Energy Inc. leading gains in the sector, helping to push the SNL Coal MLP space Index up 1.95% to 354.08. Distribution season is expected to snap the MLP sector out of Walter stock added 3.76% to close at $66.19 in heavy trading. a multiweek malaise. Exelon Corp. and Constellation Energy Group Inc. shares each saw http://www.snl.com/InteractiveX/article.aspx?Id=13420662 losses after it was announced that the companies reached a settlement with Monitoring Analytics LLC, the independent market moni- DTE Energy Executive Vice President tor for PJM Interconnection LLC, regarding concerns about how the and CFO Dave Meador companies’ proposed merger will affect competitive conditions in In the second of a two-part series, Meador discusses DTE’s mid- PJM, according to a document filed with FERC and the Maryland stream transportation and storage business strategy, renew- Public Service Commission. able energy in Michigan, and the implication of new EPA The market monitor said if merger approvals from FERC and the regulations. Maryland PSC are conditioned on the post-merger company’s com- http://www.snl.com/InteractiveX/article.aspx?Id=13414969 pliance with the terms and conditions outlined in the settlement, it will not object to the merger. If you experience difficulties or have any questions, please e-mail us at [email protected] or call us at 888-275-2822.

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Exelon, Constellation continued that the planned divestitures would bring the amount of generation The combined company also generally will provide to PJM and the in PJM controlled by the combined company to a level that would IMM 18-months’ written notice before retiring any generating unit be acceptable to FERC. within PJM. However, that retirement date could be accelerated if Weighing in on the proposal, Joseph Bowring’s Monitoring Analytics PJM subsequently determines that the retirement raises no reliabil- in July told FERC that its alternative analysis showed that the trans- ity issues that would require the combined company to enter into a action would raise competitive issues even with the divestitures and reliability must-run arrangement. therefore additional mitigation was needed. Although Monitoring The agreement also sets out certain restrictions on the combined Analytics subsequently acknowledged that its analysis was based, company’s energy market offers, such as requiring that market- at least in part, on anomalous data, the market monitor ultimately based offers for all non-nuclear units owned or controlled by the stood by its original conclusion. combined company be “consistent with the physical capabilities of Under the instant deal, the combined company would not sell any the units.” of the three generating plants — the 1,286-MW Brandon Shores Finally, among other things, the deal requires the combined com- plant, the 963-MW H.A. Wagner plant and the 399-MW C.P. Crane pany to continue to offer the same units and quantities historically plant, all in Maryland — that Exelon and Constellation agreed to offered into PJM’s regulation and synchronized reserve ancillary divest earlier to any of eight companies that purportedly own 3% or services markets. For PJM’s day-ahead scheduling reserves market, more of the installed capacity in the overall PJM market or either of the combined company’s market-based offers for nuclear units “will two specific submarkets. be zero dollars, it being understood that [the combined company] Accordingly, none of the plants could be sold to American Electric will not forego opportunity costs as provided in the DASR market Power Co. Inc., FirstEnergy Corp., GenOn Energy Inc., Edison design,” according to the settlement. (EC11-83) (Case No. 9271) International, Dominion Resources Inc., Public Service Enterprise COMPANIES REFERENCED IN THIS ARTICLE: Group Inc., Calpine Corp. or PPL Corp., or to any of those companies’ Exelonhttp://www.snl.com/interactivex/snapshot.aspx?id=4057056 Corp. DE EXC directly or indirectly held subsidiaries. Constellationhttp://www.snl.com/interactivex/snapshot.aspx?id=4057042 Energy Group Inc. DE CEG Exelon and Constellation also agreed to certain behavioral commit- PJMhttp://www.snl.com/interactivex/snapshot.aspx?id=4062332 Interconnection LLC EL ments that will be in effect for 10 years. For instance, the companies consented generally not to retire any unit within PJM unless that http://www.snl.com/interactivex/doc.aspx?CDID=A-13421147-13619Industry Document: FERC Docket No. EC11-83-000 and Maryland unit tried to sell its capacity in the most recent base residual capac- PSC Case No. 9271 ity auction at the market seller offer cap but had its offer not clear E-mail this story. the auction. http://www.snl.com/interactivex/feedback.aspx?Id=13421969&Action=estory

Tuesday's Energy Stocks continued

Exelon’s shares dropped 1.20% to $42.10 in below-average trading, Dynegy Inc. stock rose 6.35% to $3.85 in heavy trading, and GenOn and Constellation shares slipped 0.64% to $37.55 in heavy trading. Energy Inc. shares popped up 2.55% to $2.81 in light trading. AES Corp. shares also fell after the company said in a Form 8-K filing NiSource Inc. stock gave up 2.97% before closing at $21.59 in heavy that it expects to take a $110 million to $125 million pretax charge trading, and Integrys Energy Group Inc. shares ended down 2.47% in third-quarter earnings after determining it needs to sell 39 wind to $48.48 in above-average trading. turbines, and to account for the value of nonrefundable deposits on Market prices and index values are current as of the time of publication further turbine purchases, and are subject to change. AES said the write-down was not included in its diluted EPS guid- COMPANIES REFERENCED IN THIS ARTICLE: ance for 2011, and the impact of the charge is estimated to be 9 cents to 10 cents per share. No other aspect of AES’ previous guid- AEShttp://www.snl.com/interactivex/snapshot.aspx?id=4055465 Corp. EL AES ance, however, will be impacted. Close: $10.21 -0.14 (-1.4%) Vol: 5,218,179 (84% of Avg.) http://www.snl.com/interactivex/snapshot.aspx?id=4057042 AES shares dipped 1.35% to $10.21 on light volume. Constellation Energy Group Inc. DE CEG Close: $37.55 -0.24 (-0.6%) Vol: 3,970,158 (178% of Avg.) Movers and shakers Exelonhttp://www.snl.com/interactivex/snapshot.aspx?id=4057056 Corp. DE EXC The broader markets closed mixed Tuesday with the Dow Jones Close: $42.10 -0.51 (-1.2%) Vol: 5,174,272 (94% of Avg.) Industrial Average closing down 0.15% to 11,416.30 while the S&P GenOnhttp://www.snl.com/interactivex/snapshot.aspx?id=4057383 Energy Inc. EL GEN was able to nudge up 0.05% to 1,195.54. Aside from the coal index, Close: $2.81 +0.07 (+2.6%) Vol: 5,119,344 (63% of Avg.) the SNL Energy indexes mostly lost ground. The SNL Energy Index Walterhttp://www.snl.com/interactivex/snapshot.aspx?id=4135656 Energy Inc. DE WLT shed 0.22% to 238.39, the Merchant Generator Index dropped 0.65% Close: $66.19 +2.40 (+3.8%) Vol: 2,634,888 (102% of Avg.) to 128.09 and the Gas Utility Index dropped 0.27% to 351.56. http://www.snl.com/interactivex/feedback.aspx?Id=13421524&Action=estory E-mail this story. Energy Infrastructure NONE

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News Stories

Newfoundlandhttp://www.snl.com/interactivex/snapshot.aspx?id=4099655 Power Inc. EL of 2011, according to the filing, and any additional charges will be Fortishttp://www.snl.com/interactivex/snapshot.aspx?id=4082871 Inc. DE FTS disclosed in the company’s Form 10-Q. AES may also update guid- Close: C$31.97 as of Oct 07, 11 ance on its third-quarter earnings call in November. AES’ earnings per share were 22 cents in the first quarter of 2011 Newfoundland Power Inc. on Oct. 7 declared a special dividend and 28 cents in the second quarter. on its class A common shares of C$2.90 per share, or about C$29.9 million in aggregate. http://www.snl.com/interactivex/doc.aspx?CDID=A-13417339-123368-K: AES Corp. (AES)

The special dividend is a result of the sale of its joint-use poles, http://www.snl.com/interactivex/feedback.aspx?Id=13420579&Action=estory E-mail this story. according to a news release. Dan Testa The dividend was paid to class A common shareholder of record, mailto:[email protected] Fortis Inc., which owns all the common shares of Newfoundland Power. Deerfieldhttp://www.snl.com/interactivex/snapshot.aspx?id=4200156 Wind LLC The Obama administration Oct. 11 announced several infrastruc- http://www.snl.com/interactivex/doc.aspx?CDID=A-13412793-12082PR: Newfoundland Power declares special dividend on Class A Common Shares ture projects across the United States that will be expedited through permitting and environmental review processes, including permits http://www.snl.com/interactivex/feedback.aspx?Id=13415327&Action=estory E-mail this story. for selected wind power projects, oil and gas wells, natural gas pipelines, and power lines. AEShttp://www.snl.com/interactivex/snapshot.aspx?id=4055465 Corp. EL AES The announcement comes as a result of a memorandum that AES Corp. estimates that it will take a $110 million to $125 mil- President Barack Obama issued in August at the recommendation lion pretax charge in third-quarter earnings after determining that of his Council on Jobs and Competitiveness. The president directed it needs to sell 39 wind turbines, and to account for the value of agencies to expedite environmental reviews and permit decisions nonrefundable deposits on further turbine purchases, the company for a selection of infrastructure projects that are expected to cre- stated in a Form 8-K filing Oct. 11. ate a significant number of jobs, have identified necessary funding, AES said the write-down was not included in its diluted EPS guid- and “where the significant steps remaining before construction are ance for 2011, and the impact of the charge is estimated to be 9 within the control and jurisdiction of the federal government and cents to 10 cents per share. No other aspect of AES’ previous guid- can be completed within 18 months,” the White House said in a news ance, however, will be impacted. release. The decision, according to the filing, was based on, “reduced wind The Council on Jobs and Competitiveness emphasized that improv- turbine market pricing and advances in turbine technology.” AES ing the efficiency and effectiveness of federal permit decisions and will recognize a pretax impairment to reduce the carrying value of environmental reviews is a critical step the federal government can the turbine deposits to zero, and of the turbines to their fair market take to accelerate job creation. price. Among the 14 projects selected for expedited review is the The write-down will not impact AES’ cash flows or cash balances, Cleghorn Ridge Wind Project in California. The White House said the nor should it result in any future cash expenditures, the filing stated. wind generation project would consist of up to 52 wind turbine gen- AES has not yet completed its financial review for the third quarter erators in the San Bernardino National Forest. The U.S. Department of Agriculture, Forest Service, U.S. Air Force, and Federal Aviation

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News Stories continued

Administration will cooperate to complete the review of this project In addition to the 230-kV line, PPL Electric said it will rebuild about by federal agencies in as little as 18 months, rather than the three 20 miles of an existing 69-kV power line that runs from the Peckville years originally estimated, the news release said. area in Lackawanna County, Pa., to Honesdale in Wayne County, Pa. Another wind project selected for expedited review is the Deerfield A spokesman for the company said it will also add a second circuit Wind Power Project by Deerfield Wind LLC in the Green Mountain to another pre-existing 69-kV line. The rebuilding effort is part of the National Forest in Vermont consisting of 15 2-MW turbines. The utility’s roughly $3 billion investment in infrastructure improvements White House said the Forest Service is working to expedite a final planned to benefit customers throughout its 29-county service ter- environmental impact statement before December. ritory. In addition, the Forest Service is working with an expedited pro- PPL Electric said it conducted an extensive public input process cess for reviewing oil and gas applications for wells and ancillary and study of the region before deciding on a location for the project. facilities such as pipelines and power lines in the Dakota Prairie and After further public open houses to take comments on the route, PPL Little Missouri National Grasslands. The White House noted that Electric will start the process of submitting required applications to about 80 applications are on file. “The expedited process involves the Pennsylvania Public Utility Commission for approval. early coordination with the U.S. Department of Interior Bureau of “Our goal is to minimize impacts on people and the environment Land Management and use of the 390 Categorical Exclusion pro- to the extent possible,” Bonenberger said. “With the growth in this vided under the 2005 Energy Policy Act,” the news release said. region, new lines and substations are required so that people have “This move will speed the creation of thousands of construction reliable electricity delivery when they need it the most.” and operations jobs while transforming the nation’s electric system http://www.snl.com/interactivex/doc.aspx?CDID=A-13420315-14643PR: PPL Electric Utilities Chooses Route for New Power Line in into a modern, 21st century grid that is safer and more secure, and Northeast Pennsylvania and Pocono Region gives consumers more energy choices,” the news release added. E-mail this story. The Oct. 11 announcement follows on a recent decision by the http://www.snl.com/interactivex/feedback.aspx?Id=13420437&Action=estory Obama administration to accelerate the permitting and construction http://www.snl.com/interactivex/snapshot.aspx?id=4007261 of seven proposed electric transmission lines. WGL Holdings Inc. DE WGL Close: $40.56 +0.09 (+0.2%) Vol: 209,866 (67% of Avg.) On Oct. 5, the administration announced that seven transmission Washingtonhttp://www.snl.com/interactivex/snapshot.aspx?id=4058284 Gas Light Co. NG projects will be placed on the federal regulatory fast track, anchoring Fitch Ratings on Oct. 7 said it affirmed the long-term issuer default the effort firmly to the president’s proposed jobs bill. ratings of WGL Holdings Inc. and subsidiary Washington Gas Light http://www.snl.com/interactivex/doc.aspx?CDID=A-13421530-13878Industry Document: Obama Administration Announces Selection of Co. at A+. 14 Infrastructure Projects to be Expedited through Permitting and Fitch also affirmed WGL Holdings’ senior unsecured debt at A+, Environmental Review Process short-term IDR at F1 and commercial paper at F1; and Washington Gas Light’s senior unsecured notes at AA-, preferred stock at A, short- http://www.snl.com/interactivex/feedback.aspx?Id=13421721&Action=estory E-mail this story. term IDR at F1+ and commercial paper at F1+. Kathleen Hart The rating outlook for both entities is stable. mailto:[email protected] The ratings primarily reflect the stable and predictable cash flows PPLhttp://www.snl.com/interactivex/snapshot.aspx?id=4057021 Electric Utilities Corp. EL of Washington Gas Light and low leverage at both the consolidated PPLhttp://www.snl.com/interactivex/snapshot.aspx?id=4057058 Corp. DE PPL company and the utility, where all the consolidated long-term senior Close: $28.54 -0.10 (-0.3%) Vol: 3,062,936 (56% of Avg.) unsecured debt resides. The stable outlook considers the solid operating performance PPL Corp.’s PPL Electric Utilities Corp. subsidiary on Oct. 11 of the company’s regulated and nonregulated operations, and the announced that it has selected a route for a new 230-kV transmission expectation that the company will continue to effectively manage line in Northeast Pennsylvania and the Pocono region. the risks associated with its moderately growing nonregulated busi- The line, as well as three planned substations, will serve 250,000 nesses. people in parts of Lackawanna, Monroe, Wayne, Pike and Luzerne http://www.snl.com/interactivex/doc.aspx?CDID=A-13410531-14134PR: Fitch Affirms WGL Holdings and Washington Gas Light; Outlook counties in Pennsylvania, the company said. Stable “The new power line and three new substations will provide safe and reliable electricity to homes and businesses in the region,” David http://www.snl.com/interactivex/feedback.aspx?Id=13413850&Action=estory E-mail this story. Bonenberger, general manager of transmission operations, said in a news release. “These new facilities will reduce the number of power outages experienced by our customers, and also reduce the duration of outages caused by falling trees or severe weather.” Industry News

Abound Solar appoints CEO In addition, Abound Solar said current President and CEO Tom Tiller Abound Solar Inc. on Oct. 10 said it appointed Craig Witsoe presi- will become chairman of its board of directors. Tiller’s nomination as dent and CEO, effective Nov. 1. chairman is also effective Nov. 1, according to a news release. Prior to joining Abound Solar, Witsoe served for three years as president and CEO of Lineage Power, now GE Power Electronics.

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Industry News continued

Lineage Power was sold to General Electric Co. subsidiary GE Energy indicate that 72% are likely to buy an internal combustion engine under Witsoe’s leadership. vehicle in the next five years, with 19% likely to buy a hybrid and 9% Abound Solar also recently completed a new private funding an electric vehicle. round of $50 million with current investors, Tiller said in the release. EPRI’s survey results found that people who state that they are likely to purchase a plug-in electric vehicle tend to be male, young http://www.snl.com/interactivex/feedback.aspx?Id=13416045&Action=estory E-mail this story. or to have more years of education. Other factors include currently Cantor Fitzgerald names director of US equity research owning one or two hybrid-electric vehicles and having their vehicle choice influenced by co-workers. Likely buyers also believe that Cantor Fitzgerald & Co. said Oct. 11 that it named Natasha Boyden plug-in electric vehicles are as safe and reliable as gas vehicles, do director of U.S. equity research. not have range anxiety and identify themselves as an early adopter In her new role, Boyden will help drive the expansion of the equity of new technologies. research product to a broader audience within the institutional “Atlanta survey respondents indicated that they think PEVs are community. Boyden has served as a senior managing director and a more expensive and would be available in limited makes and mod- senior research analyst covering energy and marine transportation els. They are right on both counts, at least today and in the near since joining Cantor Fitzgerald in 2005. future,” EPRI said in a report on the survey. “This might account to Cantor Fitzgerald & Co. is a unit of Cantor Fitzgerald LP. some extent for the relatively low intention to purchase findings.” http://www.snl.com/interactivex/doc.aspx?CDID=A-13418515-12594PR: Cantor Fitzgerald & Co. Promotes Natasha Boyden to Director of Research is needed to understand the extent to which the limited U.S. Equity Research availability of PEVs in a wide range of makes and models holds back adoption, EPRI added. http://www.snl.com/interactivex/feedback.aspx?Id=13418428&Action=estory E-mail this story. http://www.snl.com/interactivex/doc.aspx?CDID=A-13420924-14382Industry Document: Charging and Buying: EPRI Reports Measure EPRI: Southeast utility customers reluctant to pay Southeast Consumers’ Preferences and Expectations of Electric to charge cars at home Vehicles About 15% of consumers surveyed in the Tennessee Valley E-mail this story. Authority and Southern Co. service areas said they would buy an http://www.snl.com/interactivex/feedback.aspx?Id=13421334&Action=estory electric car if it were available in their preferred make and model, Kathleen Hart according to a new Electric Power Research Institute survey. mailto:[email protected] More than half of the consumers surveyed said they expect their NorthWestern Energy to break ground on 60-MW plant utility to offer installation of at-home charging, including 52% for the in South Dakota TVA area and 57% for Southern Co. In addition, 59% of responders for NorthWestern Corp. d/b/a NorthWestern Energy on Oct. 10 said it TVA and 61% for Southern expect their local utility to develop public will break ground on the 60-MW Aberdeen generating station unit charging stations. 2 on Oct. 14. A substantial portion of power customers also will look to their The $65 million turbine-type generation project is a natural gas- electricity provider to offer potential electric car purchasers “buyer’s fired peaking plant in Aberdeen, S.D. guide” information about various types and makes of electric vehicles, EPRI said in an Oct. 11 news release on the survey. http://www.snl.com/interactivex/doc.aspx?CDID=A-13416616-13104PR: NorthWestern Announces Major Construction Project in In 2010, EPRI published results of a similar survey conducted in Aberdeen, S.D. conjunction with Edison International subsidiary Southern California http://www.snl.com/interactivex/feedback.aspx?Id=13420651&Action=estory E-mail this story. Edison Co. that characterized Southern California consumers’ perceptions of electric vehicle ownership. That survey found that 95% of US records warmer-, drier-than-average September respondents prefer at-home charging. On average across the United States, the month of September was “These surveys help in developing preliminary forecasts for elec- warmer than normal and very slightly drier than normal, according tric vehicle adoption and identify the corresponding infrastructure to a monthly report from the U.S. National Oceanic and Atmospheric and charging needs,” said Mark McGranaghan, EPRI’s vice president Administration. of power delivery and utilization. “As we survey people in different The average U.S. temperature in September was 66.9 F, which is regions of the country, we see different perceptions about electric 1.5 degrees above the long-term 1901-2000 average, while average vehicle technology. This will help utilities in developing their specific precipitation was 2.43 inches, 0.10 inch below the long-term aver- plans to meet the needs of their customers.” age, with large variability between regions. The survey indicated that the availability of multiple charging “During September, a persistent upper-level weather pattern locations and fast-charging technology are two factors that influ- brought above-average temperatures to the western third of the ence whether a car buyer is likely to opt for an electric vehicle. country, below-average temperatures to the central United States, However, EPRI found that consumers may be hesitant to pay for and above-normal temperatures to the Northeast,” the agency faster charging, with more than 50% in both surveys unwilling to pay said in an Oct. 7 news release. “The remnants of tropical storm Lee $500 to install an optional 220-volt upgrade system in their home for brought significant rainfall from the Gulf Coast into the Northeast, fast charging of electric cars. causing above-normal precipitation for most of the eastern United Initial purchase intentions were constructed by averaging each States, and alleviating drought across parts of the Gulf Coast. Dry respondent’s scores to four vehicle choices: gasoline or diesel, hybrid conditions prevailed across the Plains and into the Northwest, with electric, plug-in hybrid electric and battery-only electric. The results the national precipitation average near normal.”

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Industry News continued

For the month, above-normal temperatures dominated the west- 73.4 F, the second-warmest July-September on record. New Mexico ern U.S., with five states — California, Idaho, Nevada, Oregon and and Texas had record warm temperatures during the three months, Washington — having one of their 10 warmest Septembers on with temperatures of 3.5 degrees and 4.2 degrees above average, record. Likewise, eight states in the Northeast — Connecticut, New respectively. An additional 22 states had three-month average tem- Hampshire, New Jersey, New York, Maine, Massachusetts, Rhode peratures in the top third of their historical record. Island and Vermont — had September temperatures among their 10 Year-to-date, the U.S. average temperature was 1.0 degree above warmest. Conversely, a persistent upper-level low-pressure system average in the first nine months of 2011. Above-normal readings was associated with 14 states across the central U.S. having below- were anchored across the southern Plains and along the Eastern normal September temperatures. Seaboard, while parts of the northern Plains and Northwest were Averaged across the country, precipitation during September was cooler than average. near normal, with most of the rainfall coming from Tropical Storm http://www.snl.com/interactivex/doc.aspx?CDID=A-13419319-12336Industry Document: U.S. Experiences Warmer than Average Lee, which made landfall along the Louisiana coast on Sept. 4 and September moved into the Ohio Valley and the Northeast. Rainfall totals more than 10 inches were widespread along the track of the storm. In con- http://www.snl.com/interactivex/feedback.aspx?Id=13420303&Action=estory E-mail this story. trast, dry conditions prevailed across the Plains states with Kansas, Minnesota, Montana, South Dakota and Texas seeing September Peter Marrin precipitation rank among the 10 driest since 1895. mailto:[email protected] For the three-month stretch from July to September, the U.S. as a whole experienced much above-normal temperatures, averaging Earnings Announcements NONE

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Research Analyst Upgrade decision (assuming the challenge is not dismissed outright by ITChttp://www.snl.com/interactivex/snapshot.aspx?id=4099990 Holdings Corp. EL ITC FERC, which we see as a likely outcome); 2) the ongoing economic Close: $73.10 -0.99 (-1.3%) Vol: 453,629 (185% of Avg.) uncertainty has not swayed FERC from continuing to express strong D.A. Davidson & Co. analyst James Bellessa Jr. raised his investment support for regional transmission development (particularly in the opinion of ITC Holdings Corp. to “buy” from “neutral,” with a price Midwest, where ITC’s operations are focused); and 3) ITC’s formula- target of $80. based rate structure allows it to recover expenses and add new projects to its rate base each year outside the rate case process, where The analyst wrote in a research report: “While We acknowledge ROEs would typically be addressed.” that recent rate decisions by state regulators have shown a general decline in allowed ROEs, this trend appears unlikely to impact the http://www.snl.com/interactivex/researchrpts/researchreportdetails.aspx?KD=13414923&KF=11849585&KI=4099990D.A. Davidson & Co. Company Report: Recent Pressure on Shares incentive-based returns accorded to ITC. Our confidence stems from Creates Attractive Entry Point. Upgrading from Neutral to BUY. the facts that: 1) ITC is not one of the named parties in the filing before the FERC and would not be directly impacted by an adverse http://www.snl.com/interactivex/feedback.aspx?Id=13417152&Action=estory E-mail this story.

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Page 8

FactSet Mean Estimate Changes Ticker Year-Ago FactSet FactSet Mean EPS Est. # of Price/Est. Company (ST) (Type) Currency Period Mean EPS Est. ($) From To % Ests. EPS (x) American Midstream (CO) AMIDhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4245306&EF=EPS&View=singleperiod&Period=12/12+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2012Y NA -0.06 -0.05 16.67&DES=12/31/2012&Announced=0 4 NA Boardwalk Ppln (TX) BWPhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4104629&EF=EPS&View=singleperiod&Period=12/11+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2011Y 1.68 1.23 1.24 0.81&DES=12/31/2011&Announced=0 12 20.10 Buckeye Partners (TX) BPLhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4157383&EF=EPS&View=singleperiod&Period=12/11+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2011Y NA 3.43 3.42 -0.29&DES=12/31/2011&Announced=0 10 18.36 Buckeye Partners (TX) BPLhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4157383&EF=EPS&View=singleperiod&Period=12/12+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2012Y NA 3.59 3.58 -0.28&DES=12/31/2012&Announced=0 10 17.54 Eagle Rock Energy (TX) EROChttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4135811&EF=EPS&View=singleperiod&Period=12/11+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2011Y 0.29 0.36 0.35 -2.78&DES=12/31/2011&Announced=0 4 26.63 Eagle Rock Energy (TX) EROChttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4135811&EF=EPS&View=singleperiod&Period=12/12+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2012Y 0.49 0.60 0.51 -15.00&DES=12/31/2012&Announced=0 5 18.27 El Paso Corp (TX) EPhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4010586&EF=EPS&View=singleperiod&Period=12/11+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2011Y 1.07 1.10 1.09 -0.91&DES=12/31/2011&Announced=0 13 17.54 El Paso Corp (TX) EPhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4010586&EF=EPS&View=singleperiod&Period=12/12+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2012Y 1.25 1.24 1.23 -0.81&DES=12/31/2012&Announced=0 12 15.54 Energen Corp (AL) EGNhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4004295&EF=EPS&View=singleperiod&Period=12/11+Y&PL=Y&PT=Fiscal%20Year (GU) USD 2011Y 3.64 3.93 3.95 0.51&DES=12/31/2011&Announced=0 12 11.35 Energen Corp (AL) EGNhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4004295&EF=EPS&View=singleperiod&Period=12/12+Y&PL=Y&PT=Fiscal%20Year (GU) USD 2012Y 3.76 4.20 4.17 -0.71&DES=12/31/2012&Announced=0 12 10.75 EV Energy Partners (TX) EVEPhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4135452&EF=EPS&View=singleperiod&Period=12/12+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2012Y 3.01 2.29 2.19 -4.37&DES=12/31/2012&Announced=0 5 32.56 Integrys Energy (IL) TEGhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4057067&EF=EPS&View=singleperiod&Period=12/11+Y&PL=Y&PT=Fiscal%20Year (E) USD 2011Y 3.37 3.34 3.33 -0.30&DES=12/31/2011&Announced=0 7 14.93 Legacy Reserves LP (TX) LGCYhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4135453&EF=EPS&View=singleperiod&Period=12/11+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2011Y 1.51 1.94 1.92 -1.03&DES=12/31/2011&Announced=0 7 14.05 Legacy Reserves LP (TX) LGCYhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4135453&EF=EPS&View=singleperiod&Period=12/12+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2012Y 1.43 2.01 1.92 -4.48&DES=12/31/2012&Announced=0 8 14.05 Linn Energy (TX) LINEhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4106544&EF=EPS&View=singleperiod&Period=12/11+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2011Y 1.60 1.77 1.76 -0.56&DES=12/31/2011&Announced=0 10 20.52 Linn Energy (TX) LINEhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4106544&EF=EPS&View=singleperiod&Period=12/12+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2012Y 1.09 2.28 2.22 -2.63&DES=12/31/2012&Announced=0 11 16.27 MDU Resources Grp (ND) MDUhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4010692&EF=EPS&View=singleperiod&Period=12/12+Y&PL=Y&PT=Fiscal%20Year (E) USD 2012Y 1.75 1.42 1.41 -0.70&DES=12/31/2012&Announced=0 10 14.20 Natl Fuel Gas Co (NY) NFGhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4010821&EF=EPS&View=singleperiod&Period=9/11+Y&PL=Y&PT=Fiscal%20Year& (GU) USD 2011Y 2.72 2.70 2.71 0.37DES=09/30/2011&Announced=0 12 19.81 Natl Fuel Gas Co (NY) NFGhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4010821&EF=EPS&View=singleperiod&Period=9/12+Y&PL=Y&PT=Fiscal%20Year& (GU) USD 2012Y 3.06 3.00 2.93 -2.33DES=09/30/2012&Announced=0 12 18.32 Natl Fuel Gas Co (NY) NFGhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4010821&EF=EPS&View=singleperiod&Period=9/13+Y&PL=Y&PT=Fiscal%20Year& (GU) USD 2013Y NA 3.61 3.53 -2.22DES=09/30/2013&Announced=0 8 15.21 NuStar GP Holdings (TX) NSHhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4121461&EF=EPS&View=singleperiod&Period=12/11+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2011Y 1.58 1.50 1.49 -0.67&DES=12/31/2011&Announced=0 7 19.90 NuStar GP Holdings (TX) NSHhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4121461&EF=EPS&View=singleperiod&Period=12/12+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2012Y 1.74 1.79 1.78 -0.56&DES=12/31/2012&Announced=0 7 16.66 PAA Natural Gas St (TX) PNGhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4258857&EF=EPS&View=singleperiod&Period=12/11+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2011Y 1.10 0.81 0.80 -1.23&DES=12/31/2011&Announced=0 9 20.10 PAA Natural Gas St (TX) PNGhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4258857&EF=EPS&View=singleperiod&Period=12/12+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2012Y 1.33 0.94 0.93 -1.06&DES=12/31/2012&Announced=0 9 17.29 QEP Resources (CO) QEPhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4065744&EF=EPS&View=singleperiod&Period=12/12+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2012Y 1.91 2.10 2.06 -1.90&DES=12/31/2012&Announced=0 14 13.82 QR Energy (TX) QREhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4277264&EF=EPS&View=singleperiod&Period=12/11+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2011Y NA 1.21 1.20 -0.83&DES=12/31/2011&Announced=0 5 17.48 QR Energy (TX) QREhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4277264&EF=EPS&View=singleperiod&Period=12/12+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2012Y NA 1.63 1.59 -2.45&DES=12/31/2012&Announced=0 6 13.19 Regency Engy Ptnrs (TX) RGPhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4105265&EF=EPS&View=singleperiod&Period=12/11+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2011Y 0.63 0.43 0.42 -2.33&DES=12/31/2011&Announced=0 6 49.57 Regency Engy Ptnrs (TX) RGPhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4105265&EF=EPS&View=singleperiod&Period=12/12+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2012Y 0.84 0.57 0.56 -1.75&DES=12/31/2012&Announced=0 6 37.18 Sthwstrn Energy Co (TX) SWNhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4011062&EF=EPS&View=singleperiod&Period=12/12+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2012Y 2.79 2.26 2.24 -0.88&DES=12/31/2012&Announced=0 25 15.82 Targa Resources (TX) TRGPhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4276678&EF=EPS&View=singleperiod&Period=12/12+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2012Y NA 0.93 1.21 30.11&DES=12/31/2012&Announced=0 5 25.88 Western Gas Ptnrs (TX) WEShttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4183473&EF=EPS&View=singleperiod&Period=12/12+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2012Y 1.75 1.90 1.87 -1.58&DES=12/31/2012&Announced=0 9 18.21 Williams Cos Inc (OK) WMBhttp://www.snl.com/interactivex/ae_AnalystSummary.aspx?ID=4011165&EF=EPS&View=singleperiod&Period=12/11+Y&PL=Y&PT=Fiscal%20Year (MS) USD 2011Y 1.52 1.54 1.53 -0.65&DES=12/31/2011&Announced=0 9 17.25

Revision Key Below 5% increase Below 5% decrease 5% or more increase 5% or more decrease FactSet consensus data as of Oct 10, 11.

FactSet Mean Recommendation Changes Ticker FactSet Mean Recommendation # of Company (ST) (Type) From To Ests. AGL Rsrc Inc (GA) AGL (GU) http://www.snl.com/Interactivex/ae_AnalystSummary.aspx?Restore=&ID=4057108&EF=Rec 1.7 1.8 8 CenterPoint Energy (TX) CNP (E) http://www.snl.com/Interactivex/ae_AnalystSummary.aspx?Restore=&ID=4074390&EF=Rec 1.3 1.4 14 ITC Holdings Corp (MI) ITC (E) http://www.snl.com/Interactivex/ae_AnalystSummary.aspx?Restore=&ID=4099990&EF=Rec 1.6 1.4 8 NV Energy (NV) NVE (E) http://www.snl.com/Interactivex/ae_AnalystSummary.aspx?Restore=&ID=4057063&EF=Rec 1.5 1.4 14 PAA Natural Gas St (TX) PNG (MS) http://www.snl.com/Interactivex/ae_AnalystSummary.aspx?Restore=&ID=4258857&EF=Rec 1.6 1.7 10 Vanguard Natural (TX) VNR (MS) http://www.snl.com/Interactivex/ae_AnalystSummary.aspx?Restore=&ID=4158572&EF=Rec 1.5 1.4 9 Western Gas Ptnrs (TX) WES (MS) http://www.snl.com/Interactivex/ae_AnalystSummary.aspx?Restore=&ID=4183473&EF=Rec 1.5 1.4 10

Recommendation Key Strong Buy = 1 ... Sell = 3 Note: FactSet standardizes recommendation scales into a three-point range whereby one (1) represents the strongest possible recommendation and three (3) the weakest.

Type Codes: E Power GU Gas Utility MS Midstream

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FactSet Mean Price Target Changes Ticker FactSet Mean Price Target # of Company (ST) (Type) Currency From To % Ests. American Midstream (CO) AMID (MS) USD http://www.snl.com/Interactivex/ae_AnalystSummary.aspx?Restore=&ID=4245306&EF=TargetPrices 21.50 21.25 -1.16 2 Boardwalk Ppln (TX) BWP (MS) USD http://www.snl.com/Interactivex/ae_AnalystSummary.aspx?Restore=&ID=4104629&EF=TargetPrices 31.30 31.00 -0.96 10 Energen Corp (AL) EGN (GU) USD http://www.snl.com/Interactivex/ae_AnalystSummary.aspx?Restore=&ID=4004295&EF=TargetPrices 68.82 68.64 -0.26 11 Legacy Reserves LP (TX) LGCY (MS) USD http://www.snl.com/Interactivex/ae_AnalystSummary.aspx?Restore=&ID=4135453&EF=TargetPrices 33.29 33.00 -0.86 7 Linn Energy (TX) LINE (MS) USD http://www.snl.com/Interactivex/ae_AnalystSummary.aspx?Restore=&ID=4106544&EF=TargetPrices 44.09 43.91 -0.41 11 MDU Resources Grp (ND) MDU (E) USD http://www.snl.com/Interactivex/ae_AnalystSummary.aspx?Restore=&ID=4010692&EF=TargetPrices 23.60 23.40 -0.85 10 Natl Fuel Gas Co (NY) NFG (GU) USD http://www.snl.com/Interactivex/ae_AnalystSummary.aspx?Restore=&ID=4010821&EF=TargetPrices 74.73 74.27 -0.61 11 Niska Gas Storage (TX) NKA (MS) USD http://www.snl.com/Interactivex/ae_AnalystSummary.aspx?Restore=&ID=4262258&EF=TargetPrices 13.07 13.33 2.00 6 Oiltanking (TX) OILT (MS) USD http://www.snl.com/Interactivex/ae_AnalystSummary.aspx?Restore=&ID=4293260&EF=TargetPrices 26.50 26.75 0.94 4 PAA Natural Gas St (TX) PNG (MS) USD http://www.snl.com/Interactivex/ae_AnalystSummary.aspx?Restore=&ID=4258857&EF=TargetPrices 22.22 21.56 -2.97 8 QEP Resources (CO) QEP (MS) USD http://www.snl.com/Interactivex/ae_AnalystSummary.aspx?Restore=&ID=4065744&EF=TargetPrices 50.18 49.96 -0.43 14 Sthwstrn Energy Co (TX) SWN (MS) USD http://www.snl.com/Interactivex/ae_AnalystSummary.aspx?Restore=&ID=4011062&EF=TargetPrices 46.90 46.82 -0.17 25 Targa Resources (TX) TRGP (MS) USD http://www.snl.com/Interactivex/ae_AnalystSummary.aspx?Restore=&ID=4276678&EF=TargetPrices 36.88 36.69 -0.51 8 Western Gas Ptnrs (TX) WES (MS) USD http://www.snl.com/Interactivex/ae_AnalystSummary.aspx?Restore=&ID=4183473&EF=TargetPrices 40.50 39.72 -1.92 9

Revision Key Below 5% increase Below 5% decrease 5% or more increase 5% or more decrease Click any company’s hyperlinked estimates to view comprehensive analyst coverage on SNL, including detailed analyst estimates, research reports and related news articles. FactSet consensus data as of Oct 10, 11.

RRA. The presiding authority on utilities regulation. From the latest rate case rulings to commission profiles with rankings, RRA (Regulatory Research Associates, an SNL company) has been the leading authority on utility securities and regulation for 30 years. See real-time news or review 30 years of archived rate case analysis. Get hard-to-find data such as Allowed Return on Equity or Authorized Rate Base. Customize aggregated rate case data screens. Compare commissioner profiles and regulatory topics across several jurisdictions with one-click ease. RRA gives you the regulatory news and insight you need to make smart energy investment decisions.

mailto:[email protected] http://www.snlenergy.com Your single source for energy intelligence.

Page 10

Energy Pricing Trends

PEAK ELECTRICITY INDEX (Day Ahead prices for Delivery on Oct 12, 11) Volume Change All Peak Wgtd. From Volume Trading Hours Delivery Average Oct 11, 11 Wgtd. Average % Trade ($/MWh) Volume Volume Point ($/MWh) ($/MWh) 1 Day 1 Year Median Low High (MWh) (MWh) MIDWEST A.D. 37.00 -3.00 -7.50 5.71 - - - - - Cinergy 34.00 -1.25 -3.55 4.07 34.00 34.00 34.00 150 2,400 Michigan 36.00 -1.00 -2.70 -2.04 - - - - - Minnesota 32.00 -5.00 -13.51 3.23 - - - - - N. Illinois (CE) 33.00 -1.50 -4.35 -3.65 - - - - - NORTHEAST NY Zone A 39.00 -1.50 -3.70 9.86 - - - - - NY Zone G 47.25 -1.00 -2.07 13.86 - - - - - NY Zone J 50.50 -0.25 -0.49 14.77 - - - - - Nepool-Mass 48.75 0.00 0.00 21.12 - - - - - Ontario 34.00 1.25 3.82 16.24 - - - - - PJM West 39.68 -5.76 -12.68 -1.22 40.15 39.15 40.15 850 13,600 OTC BROKER Broker ERCOT-Hou. 45.00 9.00 25.00 33.10 - - - - - Broker ERCOT-North 38.65 4.51 13.21 28.41 38.75 38.45 39.00 2,100 33,600 Broker ERCOT-S.C. ------Broker ERCOT-South 36.60 2.35 6.86 8.64 36.50 36.50 36.75 250 4,000 Broker ERCOT-West ------SOUTH ERCOT-Hou. 45.00 9.00 25.00 30.43 45.00 45.00 45.00 50 800 ERCOT-North 38.64 4.49 13.15 28.63 38.70 37.25 39.00 3,550 56,800 ERCOT-NE ------ERCOT-S.C. ------ERCOT-South 36.64 2.39 6.98 8.21 36.63 36.50 36.75 350 5,600 ERCOT-West 38.75 3.75 10.71 29.17 - - - - - Entergy 33.25 0.75 2.31 9.02 - - - - - Fla. In-State 39.00 0.40 1.04 -15.22 - - - - - Fla.-Ga. Bdr. 37.25 -1.00 -2.61 4.43 - - - - - Southern 36.50 0.50 1.39 10.61 - - - - - WEST COB 27.00 1.00 3.85 -22.86 27.00 27.00 27.00 25 400 Mead 37.00 4.00 12.12 -1.33 - - - - - Mid-C 24.36 0.94 4.01 -21.62 24.38 23.00 24.50 200 3,200 NP-15 37.00 3.25 9.63 -12.43 - - - - - Palo Verde 37.08 3.33 9.87 5.94 37.00 36.75 37.50 75 1,200 SP-15 38.25 4.25 12.50 -11.05 - - - - -

OFF-PEAK ELECTRICITY INDEX (Day Ahead prices for Delivery on Oct 12, 11) Volume Change Wgtd. From Volume Trading Delivery Average Oct 11, 11 Wgtd. Average % Trade ($/MWh) Volume Point ($/MWh) ($/MWh) 1 Day 1 Year Median Low High (MWh) WEST Mid-C 23.78 1.11 4.90 -22.13 23.75 23.50 24.00 270

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Energy Pricing Trends continued

GAS INDEX (Day Ahead prices for Delivery on Oct 12, 11) Volume Change Wgtd. From Volume Trading Trading Average Oct 11, 11 Wgtd. Average % Trade ($/mmBtu) Volume Hub ($/mmBtu) ($/mmBtu) 1 Day 1 Year Median Low High (mmBtu) GULF COAST ANR-Patterson (LA) 3.424 0.123 3.73 0.62 3.425 3.420 3.458 70,700 Agua Dulce 3.410 0.110 3.33 -0.29 3.410 3.410 3.410 20,000 Carthage 3.376 0.164 5.11 3.72 3.383 3.360 3.410 24,600 Col Gulf Mainline 3.432 0.116 3.50 1.87 3.435 3.410 3.450 193,218 Col Gulf Onshore 3.461 0.117 3.50 1.53 3.463 3.455 3.470 34,200 FGT Zone 1 3.507 0.117 3.45 3.60 3.510 3.505 3.510 15,779 FGT Zone 2 3.520 0.090 2.62 2.03 - - - - FGT Zone 3 3.649 0.166 4.77 6.11 3.650 3.610 3.700 64,646 Henry Hub 3.517 0.123 3.62 2.84 3.515 3.500 3.545 169,700 Houston Ship Channel 3.384 0.123 3.77 -2.28 3.385 3.350 3.430 80,700 Katy 3.409 0.118 3.59 -0.79 3.410 3.390 3.430 144,100 Moss Bluff 3.500 0.150 4.48 1.74 - - - - NGPL Gulf Line 3.440 0.136 4.12 2.99 - - - - NGPL Louisiana 3.480 0.130 3.88 3.88 - - - - NGPL South TX 3.424 0.104 3.13 1.78 3.425 3.370 3.440 93,600 Sonat 3.520 0.127 3.74 2.92 3.525 3.500 3.533 181,500 Stingray 3.590 0.110 3.16 4.97 - - - - TETCO M2 3.695 0.140 3.94 1.96 3.695 3.570 3.720 46,176 TETCO M1 (30-inch) 3.531 0.135 3.98 3.25 3.530 3.510 3.540 125,200 TETCO M1 (24-inch) 3.580 0.047 1.33 6.39 3.580 3.580 3.580 25,000 TX Eastern (E. LA) 3.430 0.088 2.63 0.79 3.435 3.400 3.450 61,700 TX Eastern (E. TX) 3.330 0.130 4.06 2.68 3.330 3.330 3.330 1,000 TX Eastern (S. TX) 3.394 0.123 3.76 2.23 3.395 3.390 3.395 15,500 TX Eastern (W. LA) 3.450 0.091 2.71 2.34 3.450 3.425 3.450 30,600 Tennessee Zone 0 3.422 0.083 2.49 2.09 3.418 3.365 3.430 61,912 Tennessee Zone 1 3.489 0.107 3.16 3.22 3.492 3.475 3.600 132,100 Texas Gas (LA) 3.440 0.168 5.13 1.47 3.440 3.440 3.440 7,300 Texas Gas (Zone 1) 3.433 0.096 2.88 2.45 3.433 3.430 3.440 62,800 Transco Z 5 3.720 0.120 3.33 3.62 - - - - Transco Z2 3.492 0.112 3.31 1.28 3.490 3.490 3.495 29,300 Transco Z 4 3.531 0.113 3.31 2.97 3.532 3.505 3.540 158,918 Transco Z 1 3.420 0.139 4.24 0.41 3.423 3.400 3.440 25,446 Transco Z 3 3.504 0.114 3.36 2.40 3.503 3.490 3.525 216,300 Trunkline (E. LA) 3.434 0.115 3.46 2.51 3.435 3.410 3.450 35,000 Trunkline (W. LA) 3.434 0.091 2.72 1.30 3.430 3.430 3.470 42,700 Trunkline Zone 1A 3.440 0.134 4.05 2.14 3.439 3.430 3.450 46,700 MID-CONTINENT ANR-ML7 3.620 0.110 3.13 -0.69 3.620 3.620 3.620 14,189 ANR-SW 3.291 0.241 7.90 2.81 3.293 3.290 3.295 12,900 Alliance 3.543 0.175 5.20 2.49 3.540 3.510 3.570 107,700 Centerpoint East 3.376 0.162 5.04 6.00 3.380 3.355 3.385 9,100 Centerpoint No/So 3.360 0.140 4.35 2.13 - - - - Centerpoint West 3.350 0.169 5.31 5.35 - - - - Chicago 3.524 0.151 4.48 1.41 3.530 3.450 3.565 431,500 Cons Energy Citygate 3.586 0.073 2.08 4.00 3.585 3.575 3.620 142,200 Delivery So. Star 3.200 0.131 4.27 0.95 3.215 3.180 3.250 7,000 Emerson 3.272 0.061 1.90 -4.41 3.270 3.255 3.280 88,202 Enogex E Zone Pool 3.330 0.093 2.87 -2.06 - - - - Enogex W Zone Pool 3.320 0.090 2.79 0.30 3.320 3.320 3.320 5,813 Michcon Detroit CG 3.615 0.108 3.08 0.00 3.618 3.600 3.630 166,400 NGPL Amarillo 3.345 0.126 3.91 0.15 3.348 3.330 3.380 32,500 NGPL Forgan, OK 3.296 0.124 3.91 2.65 3.300 3.280 3.350 249,900 NGPL Tex/Ok 3.430 0.098 2.94 2.63 3.425 3.410 3.480 358,600 NNG Demarc 3.435 0.122 3.68 0.59 3.440 3.420 3.470 112,100 NNG Ventura 3.468 0.268 8.37 0.81 3.465 3.440 3.500 184,706 Northern Mid-10 3.286 0.146 4.65 -1.91 3.290 3.280 3.300 6,500 ONG at Tulsa 3.350 0.197 6.25 4.62 - - - - PEPL 3.254 0.116 3.70 2.33 3.255 3.225 3.670 97,300 Rex East 3.599 0.175 5.11 2.36 3.599 3.570 3.630 183,490

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Energy Pricing Trends continued

GAS INDEX (Day Ahead prices for Delivery on Oct 12, 11) continued Volume Change Wgtd. From Volume Trading Trading Average Oct 11, 11 Wgtd. Average % Trade ($/mmBtu) Volume Hub ($/mmBtu) ($/mmBtu) 1 Day 1 Year Median Low High (mmBtu) NORTHEAST Algon Gates 3.797 0.143 3.91 0.69 3.800 3.780 3.815 50,200 Algonquin PA-NJ 3.801 0.129 3.51 1.12 3.808 3.800 3.815 24,800 Dawn, Ont. 3.672 0.071 1.97 -8.09 3.678 3.635 3.900 232,600 Dominion S 3.571 0.143 4.17 -0.28 3.580 3.550 3.590 87,911 Dominion N 3.570 0.150 4.39 -1.92 - - - - Iroquois Waddington 3.804 0.052 1.39 -6.76 3.829 3.693 3.850 80,700 Iroquois Z 2 3.848 0.131 3.52 -6.51 3.840 3.760 3.880 40,200 Lebanon 3.584 0.160 4.67 2.61 3.585 3.570 3.610 51,600 Leidy 3.670 0.150 4.26 -0.54 - - - - Natl Fuel Gas NY-PA 3.770 0.130 3.57 2.17 - - - - Niagara 3.752 0.109 2.99 -7.11 3.755 3.740 3.763 85,944 TCO pool 3.560 0.125 3.64 1.51 3.565 3.533 3.580 221,800 Tennessee Zone 5 3.825 0.211 5.84 6.10 3.830 3.725 3.875 110,500 Tennessee Zone 6 3.813 0.146 3.98 2.33 3.820 3.780 3.850 97,341 Tennessee at Dracut 3.740 0.120 3.31 3.89 - - - - Tetco M-3 3.742 0.138 3.83 1.80 3.740 3.700 3.780 229,741 Transco Z 6 NY 3.751 0.120 3.30 1.79 3.750 3.700 3.850 173,490 Transco Z 6 non-NY 3.780 0.178 4.94 2.97 3.780 3.780 3.780 5,000 WEST AECO Storage Hub 3.040 0.012 0.40 0.46 3.039 3.030 3.065 371,695 CIG, Rocky Mountains 3.105 0.025 0.81 0.58 3.105 3.090 3.120 10,000 Cheyenne Hub 3.207 0.101 3.25 2.20 3.205 3.200 3.220 66,300 El Paso - S Mainline 3.490 0.046 1.34 0.29 3.490 3.490 3.550 110,000 El Paso - Waha Pool 3.300 0.000 0.00 0.30 - - - - El Paso Bondad 3.190 0.090 2.90 -0.99 3.190 3.190 3.190 10,000 El Paso Permian 3.300 0.070 2.17 -1.32 3.300 3.290 3.300 59,700 El Paso SJ 3.191 0.086 2.77 -1.94 3.190 3.180 3.200 339,700 Empress 2.775 -0.046 -1.63 -4.90 2.775 2.770 2.785 70,300 Houston Pipeline 3.442 0.064 1.89 -0.66 3.393 3.390 3.490 48,500 Kern River 3.180 0.040 1.27 1.92 3.180 3.180 3.180 8,000 Kern River Station 3.417 0.052 1.55 -2.12 3.420 3.390 3.450 18,000 Kingsgate 3.172 0.052 1.67 -2.40 3.168 3.150 3.185 45,100 NW Dom.-SJ Basin 3.150 0.040 1.29 0.48 - - - - NW Opal, WY 3.195 0.027 0.85 2.14 3.190 3.183 3.220 58,000 NW Stanfield, OR 3.181 0.068 2.18 -2.81 3.185 3.170 3.200 10,400 NW Sumas 3.126 0.276 9.68 0.84 3.120 3.090 3.165 53,700 NW-S of Green River 3.118 0.050 1.63 -0.06 3.120 3.100 3.150 17,100 NoCal Border-Malin 3.263 0.096 3.03 -4.11 3.265 3.250 3.270 94,700 PG&E Gate 3.625 0.112 3.19 -5.33 3.625 3.620 3.640 163,200 PG&E South 3.405 0.105 3.18 -0.03 3.410 3.390 3.420 60,000 Questar 3.130 0.030 0.97 2.29 - - - - Rex West 3.130 0.040 1.29 -9.01 - - - - SoCal Border 3.425 0.066 1.96 0.35 3.440 3.380 3.440 110,000 SoCal Citygate 3.543 0.053 1.52 2.25 3.535 3.520 3.580 118,500 TransW E of Thoreau 3.190 0.136 4.45 -2.06 3.190 3.190 3.190 2,000 Waha Hub 3.370 0.125 3.85 1.29 3.370 3.310 3.390 83,300 West Coast Sta. 2 2.440 -0.088 -3.48 -6.15 2.450 2.420 2.450 15,000 Additional delivery points and other energy pricing information are available at http://www.snl.com/interactivex/marketdata.aspx.

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Dominion Energy Index

Forecast Forecast or Actual Above/Below Normal or Actual Above/Below Normal Day Date Index % Day Date Index % UNITED STATES NEW ENGLAND Monday Oct 10, 11 22.3 5.9 36.0 Monday Oct 10, 11 38.5 33.9 742.8 Tuesday Oct 11, 11 23.4 7.1 43.4 Tuesday Oct 11, 11 20.0 15.0 300.2 Wednesday Oct 12, 11 20.6 4.5 27.7 Wednesday Oct 12, 11 7.4 1.8 32.7 Thursday Oct 13, 11 20.5 4.5 28.1 Thursday Oct 13, 11 11.0 4.4 66.5 Friday Oct 14, 11 19.1 3.2 20.0 Friday Oct 14, 11 12.6 5.1 68.7 Saturday Oct 15, 11 18.4 2.6 16.3 Saturday Oct 15, 11 8.7 0.7 8.3 Sunday Oct 16, 11 19.1 3.5 22.0 Sunday Oct 16, 11 6.2 -2.2 -26.1 Monday Oct 17, 11 20.6 5.1 32.7 Monday Oct 17, 11 7.9 -0.9 -9.9 GREAT LAKES PACIFIC Monday Oct 10, 11 22.6 15.5 218.2 Monday Oct 10, 11 8.0 -7.2 -47.3 Tuesday Oct 11, 11 24.7 16.4 197.7 Tuesday Oct 11, 11 14.1 -0.8 -5.6 Wednesday Oct 12, 11 15.7 6.4 69.7 Wednesday Oct 12, 11 19.2 4.3 29.0 Thursday Oct 13, 11 8.1 -2.0 -19.8 Thursday Oct 13, 11 22.2 7.6 52.1 Friday Oct 14, 11 2.9 -7.9 -73.1 Friday Oct 14, 11 23.5 9.0 62.8 Saturday Oct 15, 11 5.1 -6.3 -55.6 Saturday Oct 15, 11 22.9 8.6 60.1 Sunday Oct 16, 11 6.1 -5.9 -49.1 Sunday Oct 16, 11 22.0 7.5 52.0 Monday Oct 17, 11 6.5 -5.9 -47.9 Monday Oct 17, 11 21.6 7.0 48.5 GREAT PLAINS ROCKY MOUNTAINS Monday Oct 10, 11 19.4 6.4 49.6 Monday Oct 10, 11 15.6 11.4 268.9 Tuesday Oct 11, 11 24.2 11.5 90.6 Tuesday Oct 11, 11 4.8 -0.5 -9.7 Wednesday Oct 12, 11 18.1 5.8 47.5 Wednesday Oct 12, 11 5.7 -1.8 -23.7 Thursday Oct 13, 11 15.9 3.9 32.9 Thursday Oct 13, 11 7.9 -1.1 -12.5 Friday Oct 14, 11 10.5 -1.3 -11.1 Friday Oct 14, 11 17.1 6.6 63.0 Saturday Oct 15, 11 15.4 3.9 34.1 Saturday Oct 15, 11 24.3 11.9 95.9 Sunday Oct 16, 11 19.0 7.8 69.2 Sunday Oct 16, 11 14.0 0.4 3.1 Monday Oct 17, 11 17.8 6.8 61.9 Monday Oct 17, 11 3.8 -10.6 -73.6 LOWER MISSISSIPPI SOUTH ATLANTIC Monday Oct 10, 11 30.0 7.5 33.1 Monday Oct 10, 11 18.9 -6.4 -25.5 Tuesday Oct 11, 11 27.3 5.2 23.3 Tuesday Oct 11, 11 23.3 -1.5 -6.1 Wednesday Oct 12, 11 26.7 5.1 23.6 Wednesday Oct 12, 11 24.2 0.0 -0.2 Thursday Oct 13, 11 27.0 5.9 27.8 Thursday Oct 13, 11 26.6 3.0 12.7 Friday Oct 14, 11 23.7 2.9 14.1 Friday Oct 14, 11 28.8 5.6 23.9 Saturday Oct 15, 11 23.6 3.4 16.7 Saturday Oct 15, 11 26.1 3.3 14.7 Sunday Oct 16, 11 30.4 10.6 53.7 Sunday Oct 16, 11 26.3 4.0 18.1 Monday Oct 17, 11 33.5 14.3 74.9 Monday Oct 17, 11 30.7 9.0 41.2 MID-ATLANTIC SOUTHWEST Monday Oct 10, 11 29.7 20.3 217.2 Monday Oct 10, 11 20.7 -10.7 -34.0 Tuesday Oct 11, 11 23.5 14.9 173.5 Tuesday Oct 11, 11 31.0 0.1 0.5 Wednesday Oct 12, 11 10.2 2.6 34.8 Wednesday Oct 12, 11 39.8 9.6 31.7 Thursday Oct 13, 11 11.9 5.0 71.5 Thursday Oct 13, 11 40.5 10.9 36.6 Friday Oct 14, 11 11.6 5.1 78.0 Friday Oct 14, 11 37.3 8.1 27.7 Saturday Oct 15, 11 7.6 1.4 22.5 Saturday Oct 15, 11 35.6 6.9 23.9 Sunday Oct 16, 11 8.7 2.9 50.2 Sunday Oct 16, 11 35.9 7.7 27.2 Monday Oct 17, 11 12.5 7.4 142.6 Monday Oct 17, 11 36.7 8.9 31.8

The Dominion Energy Index, maintained by The Dominion Energy Services Corp., measures actual and forecast demand for heating and cooling energy. It is designed to be more precise than the current heating degree days and cooling degree days indexes. The first reading in each regional list is the actual energy demand measured the day the forecast is made. The forecast energy demand for the following week for a given region follows the actual reading in the table. “Normals” for each region for each day have been calculated using 30-year weather averages.

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Registration Statements

Atlantic Power Corp. ATP Exelon Corp. EXC Close: C$14.32 as of Oct 07, 11 Close: $42.10 -0.51 (-1.2%) Vol: 5,174,272 (94% of Avg.) Filed: Oct 11, 11 Form: S-1/A Filed: Oct 11, 11 Form: S-4/A Registrant filed amendment No. 2 to its registration statement to Registrant filed amendment No. 2 to its registration statement file additional information in connection with its offering for up to 11 to file additional information in connection with its offer for up to million common shares. 201,903,743 shares of common stock in connection with the pro- Clickhttp://www.snl.com/interactivex/doc.aspx?CDID=A-13421993-12335 here to view the full filing posed merger of the registrant and Constellation Energy Group Inc. Clickhttp://www.snl.com/interactivex/doc.aspx?CDID=A-13417371-11320 here to view the full filing Energy Transfer Equity LP ETE Close: $36.01 +1.02 (+2.9%) Vol: 782,659 (189% of Avg.) IPALCO Enterprises Inc. Filed: Oct 11, 11 Form: S-4/A Filed: Oct 11, 11 Form: S-4 Registrant filed amendment No. 3 to its registration statement to Registrant filed a registration statement in connection with its file additional information in connection with its offer for approxi- offer to exchange up to $400 million of new registered 5.00% senior mately $2.85 billion of common units representing limited partner secured notes due 2018 for $400 million of existing unregistered interests in connection with its acquisition of Southern Union Co. 5.00% senior secured notes due 2018. Clickhttp://www.snl.com/interactivex/doc.aspx?CDID=A-13421785-12591 here to view the full filing Clickhttp://www.snl.com/interactivex/doc.aspx?CDID=A-13417272-11320 here to view the full filing

Beneficial Ownership Filings (13D) NONE

Institutional Ownership Filings (13G) NONE

Insider Trades (Form 4) NONE Shares Traded and Holdings represent (D)irect, (I)ndirect or (C)ombined activity, as indicated for that trade. An ‘O’ is shown if the trade is an exercise of options. Source: FactSet Research Systems Inc. Note: Includes changes in beneficial ownership.

Current Event Reports (Forms 8-K and 8-A)

AES Corp. AES Calumet Specialty Products Partners LP CLMT Close: $10.21 -0.14 (-1.4%) Vol: 5,218,179 (84% of Avg.) Close: $17.71 +0.28 (+1.6%) Vol: 556,105 (210% of Avg.) Filed: Oct 11, 11 Form: 8-K Filed: Oct 11, 11 Form: 8-K Registrant reported that on Oct. 7, it concluded that a pre-tax Registrant reported that on Oct. 5, Calumet Superior LLC entered impairment charge in the range of approximately $110 million to into a crude oil purchase agreement with BP Products North America $125 million is required to be recognized as of Sept. 30 in accordance Inc. with U.S. GAAP related to the accounting for property, plant and Clickhttp://www.snl.com/interactivex/doc.aspx?CDID=A-13421643-13618 here to view the full filing equipment. Consumers Energy Co. Clickhttp://www.snl.com/interactivex/doc.aspx?CDID=A-13417339-12336 here to view the full filing Filed: Oct 11, 11 Form: 8-K Alliant Energy Corp. LNT Registrant reported that on Oct. 12-14, CMS Energy Corp.’s man- Close: $39.31 -0.22 (-0.6%) Vol: 684,878 (115% of Avg.) agement will meet with investors. The presentation was included by Filed: Oct 11, 11 Form: 8-K/A exhibit. Registrant amended its current report on Form 8-K to amend Item Clickhttp://www.snl.com/interactivex/doc.aspx?CDID=A-13422004-14391 here to view the full filing 5.02 to provide updated information regarding the appointment of Patrick Allen. Interstate Power & Light Co. Filed: Oct 11, 11 Form: 8-K/A Clickhttp://www.snl.com/interactivex/doc.aspx?CDID=A-13417276-11316 here to view the full filing Registrant amended its current report on Form 8-K to amend Item CMS Energy Corp. CMS 5.02 to provide updated information regarding the appointment of Close: $19.97 -0.26 (-1.3%) Vol: 2,498,186 (76% of Avg.) Patrick Allen. Filed: Oct 11, 11 Form: 8-K Clickhttp://www.snl.com/interactivex/doc.aspx?CDID=A-13417277-11315 here to view the full filing Registrant reported that on Oct. 12-14, its management will meet with investors. The presentation was included by exhibit. Clickhttp://www.snl.com/interactivex/doc.aspx?CDID=A-13422003-14392 here to view the full filing

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Current Event Reports (Forms 8-K and 8-A) continued

OGE Energy Corp. OGE South Jersey Industries Inc. SJI Close: $48.63 -0.75 (-1.5%) Vol: 300,379 (62% of Avg.) Close: $51.81 -0.16 (-0.3%) Vol: 104,962 (90% of Avg.) Filed: Oct 11, 11 Form: 8-K Filed: Oct 11, 11 Form: 8-K Registrant reported that Danny Harris will retire as president and Registrant reported that on Oct. 7, it entered into amendment No. COO, effective Dec. 31. 4 to the letter of credit reimbursement agreement, dated Dec. 20, Clickhttp://www.snl.com/interactivex/doc.aspx?CDID=A-13421755-13359 here to view the full filing 2007. The amendment No. 4 was included by exhibit. Clickhttp://www.snl.com/interactivex/doc.aspx?CDID=A-13418180-10811 here to view the full filing Oncor Electric Delivery Co. LLC Filed: Oct 11, 11 Form: 8-K Southern California Edison Co. Registrant reported that on Oct. 11, it entered into an amended Filed: Oct 11, 11 Form: 8-K and restated revolving credit agreement for a secured revolving Registrant reported that on Oct. 6, it agreed to sell $150 million of credit facility of up to $2.0 billion. The amended and restated revolv- its floating rate first and refunding mortgage bonds, series 2011D, ing credit agreement was included by exhibit. due 2014. The underwriting agreement, dated Oct. 6, among other Clickhttp://www.snl.com/interactivex/doc.aspx?CDID=A-13421311-14391 here to view the full filing things, was included by exhibit. Clickhttp://www.snl.com/interactivex/doc.aspx?CDID=A-13421329-14127 here to view the full filing Progress Energy Inc. PGN Close: $50.75 -0.87 (-1.7%) Vol: 2,247,631 (136% of Avg.) Wisconsin Power and Light Co. Filed: Oct 11, 11 Form: 8-K Filed: Oct 11, 11 Form: 8-K/A Registrant reported that on Oct. 7, Duke Energy Carolinas LLC Registrant amended its current report on Form 8-K to amend Item made a filing with the North Carolina Utilities Commission outlining 5.02 to provide updated information regarding the appointment of its proposed mitigation plan to address market power concerns by Patrick Allen. the FERC resulting from the proposed merger between the registrant Clickhttp://www.snl.com/interactivex/doc.aspx?CDID=A-13417278-11314 here to view the full filing and Duke Energy Corp. Clickhttp://www.snl.com/interactivex/doc.aspx?CDID=A-13417468-11568 here to view the full filing Regency Energy Partners LP RGP Close: $20.91 +0.09 (+0.4%) Vol: 1,397,282 (321% of Avg.) Filed: Oct 11, 11 Form: 8-K Registrant reported that on Oct. 11, it presented information concerning its business to investors and other interested parties. The presentation was included by exhibit. Clickhttp://www.snl.com/interactivex/doc.aspx?CDID=A-13420757-13613 here to view the full filing Industry Conferences For the period Oct 12, 11 to Nov 11, 11 Name Dates Location Phone EEI Transmission,http://www.eei.org/meetings/Pages/2011-10-08-TDMConf.aspx Distribution & Metering Conference Oct 09, 11-Oct 13, 11 Dallas, TX (202) 508-5402 IECA http://www.ieca.net/events/87th Annual Conference Oct 09, 11-Oct 12, 11 Las Vegas, NV (219) 365-7313 USAEE/IAEEhttp://www.usaee.org/events.aspx 30th North American Conference Oct 09, 11-Oct 12, 11 Washington, DC (216) 464-2785 Developinghttp://www.dugeagleford.com/ Unconventional Gas Eagle Ford Shale Conference Oct 10, 11-Oct 12, 11 San Antonio, TX (713) 260-6479 TradeFairhttp://www.ldcgasforums.com/rw/ Group LDC Rockies & West Gas Forum Oct 10, 11-Oct 12, 11 Los Angeles, CA (713) 343-1870 AWEAhttp://www.americanwindenergyassociation.net/ge.cfm Offshore WindPower 2011Conference & Exhibition Oct 11, 11-Oct 13, 11 Baltimore, MD (202) 383-2500 Deutschehttp://conferences.db.com/americas/levfin11/ Bank 19th Annual Leveraged Finance Conference Oct 11, 11-Oct 13, 11 Scottsdale, AZ (212) 250-7449 Plattshttp://www.platts.com/ConferenceDetail/2011/pc145/index 2011 MLP Symposium Oct 11, 11-Oct 12, 11 Houston, TX (781) 430-2330 Canaccordhttp://www.canaccordgenuity.com/EN/about/Pages/Events.aspx Genuity Inc. 5th Annual Global Energy Conference Oct 12, 11-Oct 13, 11 Miami, FL (617) 371-3842 Morningstarhttp://www.morningstar.com/Products/Store_StockForum.html 6th Annual Stocks Forum Oct 13, 11-Oct 14, 11 Chicago, IL (866) 910-1145 NECAhttp://www.necanews.org/dev/index.php?go=event_view&id=115 October 2011 Dinner Meeting and Board Meeting Oct 13, 11 Boston, MA (781) 449-5959

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Industry Conferences continued For the period Oct 12, 11 to Nov 11, 11 Name Dates Location Phone

IOGCChttp://www.iogcc.state.ok.us/events Annual Meeting Oct 16, 11-Oct 18, 11 Buffalo, NY (405) 525-3556 SGA Fallhttp://www.southerngas.org/index.php/index.php/event-calendar/313 Leadership Conference Oct 17, 11-Oct 19, 11 Nashville, TN (972) 620-8505 EMI Energyhttp://www.energyinstitution.org/education/schedule.php?filterby=A&filterval=0 Natural Gas Fundamentals Oct 18, 11 Calgary, Canada (410) 442-5757 SNL Seminar:http://www.snlcenter.com/erf/default.asp Essentials of Regulatory Finance Oct 18, 11-Oct 19, 11 Denver, CO - EMI Energyhttp://www.energyinstitution.org/education/schedule.php Fundamentals of Power Trading Oct 19, 11-Oct 20, 11 Houston, TX (410) 442-5757 EMI Energyhttp://www.energyinstitution.org/education/schedule.php Futures Options & Derivatives Oct 19, 11-Oct 20, 11 New York, NY (410) 442-5757 NCCIhttp://www.nccoal.org/meetings.php 2011 Fall Meeting Oct 19, 11-Oct 20, 11 Southern Pines, NC (606) 478-1057 Plattshttp://www.platts.com/ConferenceDetail/2011/pc133/index 4th Annual Appalachian Gas Conference Oct 20, 11-Oct 21, 11 Pittsburgh, PA (781) 430-2105 EMI Energyhttp://www.energyinstitution.org/education/schedule.php Introduction to Energy Trading & Hedging Oct 24, 11-Oct 25, 11 Houston, TX (410) 442-5757 Enerdynamicshttp://www.enerdynamics.com/energy-industry-training-calendar Electric Business Understanding.asp?utm_source=Magazine&utm_medium=Print,/energy-industry-trainin Seminar Oct 24, 11-Octg-calendar.asp?utm_source=Magazine&utm_medium=Print 25, 11 Chicago, IL (415) 777-1007 Infocasthttp://www.infocastinc.com/index.php/conference/556 7th Annual Gas Storage 2011 Oct 24, 11-Oct 25, 11 Houston, TX (818) 888-4444 Infocasthttp://www.infocastinc.com/index.php/conference/528 Bakken Infrastructure Finance & Development Summit Oct 24, 11-Oct 26, 11 Denver, CO (818) 888-4444 EMI Energyhttp://www.energyinstitution.org/education/schedule.php Best Practices & Financial Risk Oct 26, 11-Oct 27, 11 Houston, TX (410) 422-5757 EMI Energyhttp://www.energyinstitution.org/education/schedule.php Fundamentals of Retail Power Oct 26, 11-Oct 27, 11 Philadelphia, PA (410) 442-5757 Plattshttp://www.platts.com/ConferenceDetail/2011/pc131/index 13th Annual Financing US Power Conference Oct 27, 11-Oct 28, 11 New York, NY (781) 430-2115 EMI Energyhttp://www.energyinstitution.org/education/schedule.php Futures Options & Derivatives Nov 01, 11-Nov 02, 11 Houston, TX (410) 442-5757 McCloskey’shttp://conf.mccloskeycoal.com/ US Coal Imports and Exports Conference 2011 Nov 01, 11-Nov 02, 11 Tampa, FL 44 (0)17 3026 5095 AWEAhttp://www.americanwindenergyassociation.net/ge.cfm Wind Energy Fall Symposium 2011 Nov 02, 11-Nov 04, 11 Carlsbad, CA (202) 383-2500 Goldman Sachs Global Industrials Conference 2011 Nov 02, 11 Boston, MA (212) 902-1000 LSI Energyhttp://www.lawseminars.com/seminars-topic.php in California Nov 03, 11-Nov 04, 11 San Francisco, CA (206) 567-4490 ABA Nationalhttp://www.aba.com/Events/AGR.htm Agricultural Bankers Conference Nov 06, 11-Nov 09, 11 Indianapolis, IN - APPAhttp://www.appanet.org/events/calendar.cfm?&navItemNumber=20944 2011 Legal Seminar Nov 06, 11-Nov 09, 11 Memphis, TN (202) 467-2900 EEI 46thhttp://www.eei.org/meetings/Pages/2011-11-06-FinancialConference.aspx Financial Conference Nov 06, 11-Nov 09, 11 Lake Buena Vista, FL (202) 508-5496 AGA http://www.worldshalegas.org/index.aspxWorld Shale Gas Conference & Exhibition 2011 Nov 07, 11-Nov 11, 11 Houston, TX (442) 079-7800x81 Enerdynamicshttp://www.enerdynamics.com/energy-industry-training-calendar Electric Business Understanding.asp?utm_source=Magazine&utm_medium=Print,/energy-industry-trainin Seminar Nov 07, g-calendar.asp?utm_source=Magazine&utm_medium=Print11-Nov 08, 11 Washington, DC (415) 777-1007 Pointhttp://www.pointcarbon.com/events/conferences/ Carbon Climate Insights Financial Opportunities Nov 07, 11 New York, NY (202) 289-3930 Greenhttp://www2.greenpowerconferences.co.uk/EF/?sSubSystem=Prospectus&sEventCode=SP1111US&sSessionID=4a7a826f04d7b6a49adbacbc47e10f Power PV Power Generation Mid-West & East Conference Nov 08, 11-Nov8c-3483456 09, 11 New York, NY 44 (0)207 099 0600 Morningstarhttp://select.morningstar.com/go/forum/HOME.html Annual Management Behind the Moat Conference Nov 09, 11-Nov 10, 11 Chicago, IL (312) 696-6344 SNL Seminar:http://www.snlcenter.com/PowerRisk/default.asp Power Risk Analysis Workshop Nov 09, 11-Nov 10, 11 New York, NY - Greenhttp://www2.greenpowerconferences.co.uk/EF/?sSubSystem=Prospectus&sEventCode=SF1111US&sSessionID=f0c58495292cfd920b1d6009202810 Power Solar Finance & Investment Forum Nov 10, 11 7e-3752422 New York, NY 44 (0)207 099 0600 INGAAhttp://www.ingaa.org/cms/31/3217/11197.aspx Foundation Annual Meeting 2011 Nov 10, 11-Nov 12, 11 San Diego, CA (202) 216-5923 Sidoti & Co. Emerging Growth Institutional Investor Forum Nov 10, 11 New York, NY (212) 297-0001 Stifelhttp://www.tweisel.com/Stifel/ConferencesAndEvents/Calendar/ Nicolaus Midwest One-on-One Conference Nov 10, 11 Chicago, IL (415) 364-2500 To submit additions or corrections regarding industry conferences, please email our Content team at [email protected]

Page 17

Stock Highlights Tuesday Past Week Price Price Company Ticker Close Volume % Chng Company Ticker Close Volume % Chng RANKED BY PRICE GAIN RANKED BY PRICE GAIN Dynegy DYN 3.85 3,034,013 6.4 Cheniere Energy CQP 13.96 810,452 12.6 Eagle Rock Energy EROC 9.81 269,404 5.3 Vanguard Natural VNR 26.17 648,577 12.4 Cheniere Energy CQP 13.96 241,710 3.0 Engy Trnsfr Eqty ETE 36.01 4,812,075 12.3 Copano Energy CPNO 29.86 187,132 3.0 Williams Cos Inc WMB 26.41 47,030,702 11.9 Engy Trnsfr Eqty ETE 36.01 782,659 2.9 Dynegy DYN 3.85 12,666,677 11.6

RANKED BY PRICE LOSS RANKED BY PRICE LOSS Delta Natural Gas DGAS 28.31 43,541 -8.1 Delta Natural Gas DGAS 28.31 45,644 -9.6 Cheniere Energy LNG 4.68 2,179,417 -7.0 Unitil Corp UTL 25.87 216,962 -4.2 NiSource Inc NI 21.59 4,113,396 -3.0 American Midstream AMID 18.05 74,068 -3.1 Integrys Energy TEG 48.48 762,686 -2.5 Global Partners LP GLP 15.78 298,745 -3.0 QR Energy QRE 20.46 84,406 -2.4 Chespk Utilities CPK 39.70 218,602 -2.0

Volume as Volume as Price % of Avg Price % of Avg Company Ticker % Chng Volume (1 Year) Company Ticker % Chng Volume (1 Year) VOLUME HIGHLIGHTS VOLUME HIGHLIGHTS Delta Natural Gas DGAS -8.1 43,541 1,653.7 Regency Engy Ptnrs RGP -0.9 9,762,599 448.9 MarkWest Energy MWE 1.0 1,973,548 563.2 MarkWest Energy MWE 0.2 7,740,073 441.7 Central VT Public CV 0.0 284,726 347.7M Delta Natural Gas DGAS -9.6 45,644 346.7 Regency Engy Ptnrs RGP 0.4 1,397,282 321.3 ITC Holdings Corp ITC -0.8 3,656,609 299.0 PAA Natural Gas St PNG 2.9 205,783 290.5 Central VT Public CV -0.1 958,163 234.0M

Note: Institutions ranked in the above tables must be traded on a major exchange, Note: Institutions ranked in the above tables must be traded on a major exchange, have a closing price greater than $3, and daily volume greater than 1,000 shares. have a closing price greater than $3, and daily volume greater than 1,000 shares. MCompany is the target of a pending merger. MCompany is the target of a pending merger. Daily Energy Index Values Percentage Change Percentage Change Value 1 Day 1 Week YTD 52 Week Value 1 Day 1 Week YTD 52 Week All Energy 443.7 -0.22 4.64 3.65 8.91 Electric Companies 593.9 -0.79 3.33 12.41 13.35 Lg Diversified 251.6 -1.15 2.69 9.51 9.32 Gas Companies 723.1 -0.27 6.82 15.37 24.51 Sm Diversified 398.1 -0.97 4.04 4.31 8.01 Merchant Generators 145.4 -0.65 5.04 -5.81 -4.53

Note: SNL total return indexes are market weighted and include dividends, which are assumed to be reinvested on the ex-date. SNL NEWSLETTER RESEND: If you do not receive your newsletter, call our Subscriptions Department at +1.434.977.5877.

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