1. Impact of Fuel Mix Change on Markets Travis Kavulla First Vice President, National Association of Regulatory Utility Commissioners, USA May 27, 2015 Istanbul, Turkey

2. Consumer Demand: A Downward Trend

3. Demand Across the U.S. Northwest, 1995-2013

4. Meanwhile, Natural Gas Prices Plummet…

5. U.S. Wholesale Electricity Prices

6. Electricity Generation in the United States 1990 Compared to 2014

7. Declining Demand… Increasing Supply?!

8. Renewable Energy Percentage of Total U.S. Electricity with Carbon Prices

10. U.S. Average Retail Price of Electricity to Consumers

11. Questions? Public Service Commissioner Travis Kavulla Email: tkavulla@mt.gov Phone: 1-406-444-6166