pjm tier i rec market : the impact of expiring ptc & other...

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New York | London PJM Tier I REC Market : The Impact of Expiring PTC & Other Fundamentals

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New York | London

PJMTierIRECMarket:TheImpactofExpiringPTC&OtherFundamentals

Karbone

StrictlyConfidential 2

• KarboneisanintegratedEnergyandEnvironmentalMarketsfirm• Foundedin2008withofficesinNewYorkandLondon• Karboneprovides:

BROKERAGE|CAPITALADVISORY|MARKETRESEARCH• Sinceitsfounding,thefirmhasbeenrecognizedinmultiple

instancesintheRenewableEnergySectorbyitsclients:

Agenda

StrictlyConfidential 3

Agenda

HistoricalBuild

HistoricalPricing

ForwardSupply&DemandOutlook

PTCConsiderations

ImpactofLegislativeChanges

HistoricalS&DDynamics

StrictlyConfidential 4

StrictlyConfidential 5

HistoricalPricing

ForwardS&DOutlook(Scenario1)

StrictlyConfidential 6

StrictlyConfidential 7

ForwardS&DOutlook(Scenario2)

StrictlyConfidential 8

ForwardS&DOutlook(Scenario3)

PJMInterconnectionQueue

StrictlyConfidential 9

TotalProposedCapacity:12,069MW

StrictlyConfidential 10

LegislativePipeline

BullishFundamentals BearishFundamentals

MarylandCleanEnergyACT(A.B 377– S.B373)

NorthCarolina(H.B760)

NewJersey(S2444– A4224) TaxExtendersPackage2015

Pennsylvania(S.B743– H.B100)

New York | London

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