1. 1 Market Operations Presentation Board of Director’s Meeting April 19, 2005

2. 2 Agenda Overall Activity Migration From Native AREPs Performance Measures (Quarter Only) Reliability Services Balancing Services Congestion Management Services Retail Activity Wholesale Activity Other Items

3. 3 Overall Activity Transaction Type Switches1,738,657 Move - Ins6,069,330 Move Out3,493,949 CSA1,043,237 Drop to POLR300,256 Total12,645,429 Compared to Last Month 331,920 Retail Transactions Summary As of Monday, February 28, 2005 since June 1, 2001

4. 4 Residential Small Non-Residential Large Non-Residential Migration from Native AREP % of ESI IDs 15% 18% 55% 21% 27% 62% 26% 69% 67% % of Load * at 02-28-05 at 02-28-05 at 02-29-04 * % of Peak Demand on 08-03-04

5. 5 Reliability Services 02/28/0502/29/0420052004 Market Perspective: Approximate Retail Market (at $.10/kWh PTB) $4,255.24,282.11,990.52,072.0 Volume (GWh)42,55242,82119,90520,720 % Increase-0.6%-3.9% Natural Gas Price Index ($/MMBTU)5.85.45.85.1 % Increase7.4%13.7% RMR: RMR Capacity and Start Up6.54.43.02.5 RMR Energy16.938.18.417.0 BENA Credit-10.4-21.6-4.9-9.5 Net RMR13.020.96.510.0 Other Capacity Services: Replacement Reserve0.0 Reg Up and Down27.112.19.36.3 Responsive (Spinning) Reserve21.210.49.84.8 Non-Spinning Reserve1.30.40.20.1 Black Start1.11.20.50.6 TOTAL RELIABILITY SERVICES$63.745.026.321.8 YTD ($'s in millions) February ($'s in millions)

6. 6 Balancing Services 02/28/0502/29/0420052004 Market Perspective: Approximate Retail Market (at $.10/kWh PTB) $4,255.24,282.11,990.52,072.0 Volume (GWh)42,55242,82119,90520,720 % Increase-0.6%-3.9% Natural Gas Price Index ($/MMBTU)5.85.45.85.1 % Increase7.4%13.7% Balancing Energy: Balancing Energy - Up$77.747.531.022.2 % Increase 63.6%39.6% Up (GWh)1,469.01,010.1626.8487.1 % Increase 45.4%28.7% % of Market 3.5%2.4%3.1%2.4% Balancing Energy - Down-$28.2-49.4-16.0-22.8 % Increase -42.9%-29.8% Down (GWh)-766.4-1,194.2-402.3-551.6 % Increase -35.8%-27.1% % of Market1.8%2.8%2.0%2.7% YTD ($'s in millions) February ($'s in millions)

7. 7 Congestion Management Services

8. 8 Other Items Added RepsAdded QSEs Stream Gas & Electric Vantage Power Services Affordable Power Plan Bank of America Formosa Utility Venture Affordable Power Plan Commonwealth Energy d/b/a Electric America ExxonMobil Power & Gas Urban Energy Source Vantage Power Services