Low-cost base-load generation with a strong operating track record Large production volumes from the Marcellus and Utica shale gas regions and changing prices at the TETCO pricing hub that carry significant downside potential for a generation portfolio that is largely nuclear (83% of total generation) A mild summer, declining market heat rates and gas basis differentials that have weakened the economics of the company's generation plants despite an improving power outlook through the first half 2014 Capacity prices that have languished because of lackluster electric demand, growing energy efficiency, and increased penetration of demand response initiatives Persistence of a backward-dated EBITDA profile, although the curve is not as steep A significantly hedged cash flow profile through 2015, and increasingly into
