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PJMTierIRECMarket:TheImpactofExpiringPTC&OtherFundamentals

Karbone

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• KarboneisanintegratedEnergyandEnvironmentalMarketsfirm• Foundedin2008withofficesinNewYorkandLondon• Karboneprovides:

BROKERAGE|CAPITALADVISORY|MARKETRESEARCH• Sinceitsfounding,thefirmhasbeenrecognizedinmultiple

instancesintheRenewableEnergySectorbyitsclients:

Agenda

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Agenda

HistoricalBuild

HistoricalPricing

ForwardSupply&DemandOutlook

PTCConsiderations

ImpactofLegislativeChanges

HistoricalS&DDynamics

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HistoricalPricing

ForwardS&DOutlook(Scenario1)

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ForwardS&DOutlook(Scenario2)

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ForwardS&DOutlook(Scenario3)

PJMInterconnectionQueue

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TotalProposedCapacity:12,069MW

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LegislativePipeline

BullishFundamentals BearishFundamentals

MarylandCleanEnergyACT(A.B 377– S.B373)

NorthCarolina(H.B760)

NewJersey(S2444– A4224) TaxExtendersPackage2015

Pennsylvania(S.B743– H.B100)

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