PPT Slide

Seasonality of BGS Rates

$/Mwh

2002 Auction

$50.56

(12 Month NJ Avg.)

2003 Auction

$52.70

(10 Month NJ Avg.)

2004 Auction

$54.45

(12 Month NJ Avg.)

-6%

+14%

-11%

+17%

1Q03

1Q04

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