1. NJ BTM REC Platform Transition Update Updated April 20, 2009 (This webinar is visual-only. To join the audio portion of the webinar, dial 866-740-1260 and enter access code 3276830#.)

2. Presentation Outline Notice - Plans Subject to Change! Early Transition Options Default Transition Frequently Asked Questions Training Opportunities Documentation Plan/Posting/Website Key Contacts

3. Plans Subject to Change Transition plans and mechanics are subject to change. This presentation presents transition plans in their current form and highlights some areas of current uncertainty. Please check back for updates by attending future calls and/or checking the Transition section of the njcleanenergy.com website.

4. Early and Default Transition EY 2009 (ends May 31, 2009) EY 2010 (begins June 1, 2009) and EY 2009 True-Up Period (ends September 30, 2009) GATS CPM EY 2009 and EY 2010 REC/SREC trading EY 2010 (continued) EY 2010 + future REC/SREC trading EY 2009 REC/SREC trading only Early Transition (Group C) Default Transition Account “blackout period”

5. Early Transition - Overview Early transition is voluntary Objectives –Enable account holders to transition CPM accounts to GATS prior to default transition date –Provide account holders with more time to learn GATS prior to end of EY2009 true-up period –Enable transition team (BPU, GATS, CPM, Market Manager) to gain experience with transition administration with a smaller set of participants

6. Group C Early Transition Group C Eligibility: All current CPM account holders Will be notified of eligibility for early transition by March 20, 2009 (B) or April 20, 2009 (C) Must elect early transition by April 15 (B) or May 15 (C) GATS account available for viewing/trading and generation entry on May 1 (B) or June 1 (C) Key Dates May 3 – Last day to enter March production data into CPM May 15 – Deadline for requesting Group C early transition May 16-31 – Account blackout period June 1 – GATS account open for viewing/trading June 1-30 – GATS data entry period opens for May production reporting

7. Early Transition - Mechanics “Clean cutover” to GATS –After the applicable Early Transition Blackout Period, all NJ BTM RECs will be issued by PJM-EIS and traded through GATS. –No further account activity will occur through CPM RECs in escrow: –Account holders will be informed that they must clear RECs out of escrow prior to the start of the transition blackout period. –CPM will screen accounts to be transferred for RECs in escrow. If there are RECs in escrow, the account will not be transferred.

8. Default Transition Default transition is not voluntary Applies to all CPM account holders who did not elect early transition Enables continued use of CPM platform for settlement of EY09 RECs or SRECs created on or prior to June 5, 2009 through EY09 true-up period (ending September 30, 2009) Ensures no unretired RECs or SRECs at end of EY09 true-up period are “stranded” at CPM

9. Default Transition - Details All EY2010 NJ BTM RECs will be issued by PJM-EIS through GATS. Treatment of RECs in Escrow on Transfer Date (9/30) –GATS will not initially support the escrow functionality. –Account holders will be informed that they must clear RECs out of escrow prior to the transition or those escrowed RECs will revert to the seller’s GATS account. –Trades will need to be re-initiated and completed using GATS.

10. Default Transition – Key Dates Account HoldersClean Power MarketsGATS June 3Account holders enter generation data pertaining to production occurring on May 31 or earlier into CPM platform. Last day to enter generation data pertaining to production occurring on May 31 or earlier into CPM platform. After June 3, no production data may be entered into the CPM platform, but must instead be entered into GATS. June 5CPM creates RECs based on production data entered by June 3. June 6-30Account holders sign and submit GATS Terms of Use and required documents/schedules to GATS Administrator to enable account setup. CPM transfers account information to GATS. Information transferred includes account holder, generating unit, and partial MWh balances. REC balances are not transferred and remain in CPM system. CPM account holders may experience a disruption in service during this period. GATS receives account information from CPM. July 1 – September 30 Account holders login to GATS, choose password for account, verify transferred account information. CPM remains open for trading and retirement of RECs created by June 5. GATS open for entering production data. September 30CPM closes. Active REC or SREC balances are transferred to GATS. GATS receives active REC or SREC balances from CPM. There may be a delay (of up to several weeks) in having these balances appear in GATS accounts.

11. Transition Options Summary Early Transition –Voluntary –Clean cutover from CPM to GATS –Best for account holders Whose buyers are already registered at GATS Who are willing to learn a new system now Default Transition –Mandatory –EY09 settled in CPM, EY10 settled at GATS –Best for account holders Who wish to remain with CPM through EY09 Who depend on CPM’s escrow function for trading

12. Transition – Account Holder Responsibilities Current (not historical) account information to be ported from CPM to GATS –GATS will be able to replicate CPM account and username –GATS will send account holders an email invitation to log in to a new URL using their CPM username Account holders are advised to: –Check/print out current account information (generating units in account) and unsold REC balance information prior to default transition –Verify GATS account balances are consistent/accurate –Obtain training/learn to use the GATS system Account holders will need to: –Download, read, sign and return the GATS Terms of Use and Schedules C1 and E1 to GATS –Log in to GATS and choose a password upon receipt of notification of account availability from GATS

13. Frequently Asked Questions Production Estimates –Existing systems’ production estimates will be transferred to GATS as-is –Creation of production estimates for new systems will be supported by GATS, using same method as used by CPM –Automated entry of estimated production will be supported by GATS kWh Production Entry/Partial MWh carryover –GATS will enable generators to enter production in kWh, and will support carryover of partial MWh to the following month

14. Frequently Asked Questions Transaction Escrow Period Support –GATS does not plan to support this functionality by the default transition date Fees –GATS fees are listed in the GATS Terms of Use, fees are not relevant to account holders with less than 10 MW capacity or to transactions among GATS account holders Username/Password Migration –GATS is working with CPM to transition usernames and accounts; you will receive an email from GATS once the transfer is made, and you will need to create a new password

15. Training Opportunities Transition Webinars GATS Solar Calls GATS Detailed Training –Online training modules –Detailed in-person and webinar training

16. Transition Webinars Transition Webinars – These webinars will provide an update of the plans for transitioning NJ behind-the-meter REC and SREC accounts from the current platform operated by Clean Power Markets to the Generation Attributes Tracking System (GATS) platform operated by PJM-Environmental Information Systems. All sessions will cover the same topics, but later sessions may include updated information. –Thursday, April 30, 1-2:30 p.m. Eastern –Thursday, May 7, 8-9:30 a.m. Eastern –Tuesday, May 12, 1-2:30 p.m. Eastern Register here: http://www.njcleanenergy.com/gatshttp://www.njcleanenergy.com/gats

17. GATS Solar Training GATS Solar Subscriber Training Calls – These calls are meant to be general calls pertaining to all solar subscribers. GATS will provide WebEx live demonstrations on the mechanics of using the GATS System as well as opening the call up to general questions and concerns from the small solar system owners or Aggregators. These calls are open to all of our Subscribers and aren’t focused directly on the NJ Transition. More info and training materials can be found at http://www.pjm-eis.com/gats/training.html.http://www.pjm-eis.com/gats/training.html –Thursday, May 14, 2009 1:30 – 2:30 –Thursday, June 11, 2009 1:30 – 2:30

18. GATS Detailed Training Online GATS Training Modules – Always available at http://www.pjm-eis.com/gats/training.html. http://www.pjm-eis.com/gats/training.html –Part I: GATS Introduction –Part II: GATS New Account Set-Up –Part III: Managing and Using Your GATS Account GATS Account Setup and Use – Detailed Training –May 18, in-person at BPU office in Trenton + webinar simulcast Register at http://www.njcleanenergy.com/gatshttp://www.njcleanenergy.com/gats –June 17, in-person at PJM office in PA + webinar simulcast Register at http://www.pjm-eis.com/gats/training.htmlhttp://www.pjm-eis.com/gats/training.html

19. Transition Info on Website www.njcleanenergy.com -> Renewable Energy -> Programs -> Solar Renewable Energy Certificates (SREC) -> GATS Transitionwww.njcleanenergy.com http://www.njcleanenergy.com/gats

20. Key Contacts PJM-EIS GATS GATS Administrator, 610-666-2245, GATSAdmin@pjm-eis.comGATSAdmin@pjm-eis.com Clean Power Markets Nathalie Shapiro, (201) 612-3221, shapiro@cleanpowermarkets.comshapiro@cleanpowermarkets.com Market Manager Steve Wiese, (732) 218-3409, steve.wiese@csgrp.comsteve.wiese@csgrp.com