SUBSCRIBER NOTE: Platts proposes update to heat rates

Platts proposes to update the power and gas hub pairings used to calculate day-ahead marginal heat rates and M2MS forward heat rates. In the case of day-ahead marginal heat rates, each power hub will be paired with one to two corresponding regional gas hubs. On most days, the gas hub in the first position will be used to calculate the marginal heat rate. If on a given day prices are unavailable for the first position gas hub -- due to an issue such as liquidity -- Platts will use the gas hub in the second position to calculate the marginal heat rate.

For the M2MS forward heat rates, Platts will produce marginal heat rates for all power hubs with forward gas prices at both Henry Hub and one corresponding regional gas hub.

Please see the list below which outlines proposed power hub to gas hub pairings. Platts proposes to implement these changes by May 6, 2016. Please send comments and feedback by April 20, 2016, to electricityprice@platts.com and pricegroup@platts.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not market as confidential available upon request.

Power Hub Power Hub Region Gas Hub 1-Primary Regional Hub Gas Hub 2-Alternate Regional Hub Mead West SoCal Gas South Path 15 West SoCal Gas PG&E South Alberta West TC Alb AECO-C Mid-Col West NW Can Bd Sumas Palo Verde West SoCal Gas WECC-Utah West KERN RIVER OPAL WECC-East Colorado West CHEYENNE Four Corners West El Paso SanJuan North Path 15 West PG&E CG Calif-Oregon Border West PG&E Malin SPP North SouthEast Northern Ventura Northern Demarc Into TVA SouthEast TETCO M1 Into Southern SouthEast Transco Zn4 SPP South SouthEast Panhandle TX-OK Oneok OK Florida SouthEast FL Gas Zn3 SERC-Vacar SouthEast Transco Zn5 Dlv ERCOT - South ERCOT Tenn Zn0 Agua Dulce Hub ERCOT - North ERCOT NGPL Texok Zn Tx. Eastern, ETX ERCOT - Houston ERCOT Houston ShipChl Katy ERCOT - West ERCOT Waha Transwestern, Permian NYISO F NorthEast Transco Zn6 NY Millennium, East receipts ISO-NE SE-Mass NorthEast Algonquin CG Tennessee, zone 6 del. ISONE Vermont Zone NorthEast Algonquin CG Iroquois, receipts NEPOOL-RI NorthEast Algonquin CG Tennessee, zone 6 del. NYISO Mohawk Valley Zone NorthEast Transco Zn6 NY Millennium, East receipts Ontario NorthEast Dawn Ontario Mich Con city-gate NEPOOL-CT NorthEast Iroquois Zn2 Tennessee, zone 6 del. Mass Hub NorthEast Algonquin CG Tennessee, zone 6 del. ISO-NE New Hampshire NorthEast Algonquin CG Iroquois, receipts ISO-NE W Central Mass NorthEast Algonquin CG Tennessee, zone 6 del. East NY ZnJ NorthEast Transco Zn6 NY Iroquois, zone 2 Long Island NorthEast Transco Zn6 NY Iroquois, zone 2 West NY ZnA NorthEast Niagara Dominion S Pt East NY ZnG NorthEast Iroquois Zn2 Transco, zone 6 N.Y. NYISO D NorthEast Iroquois Recpts NEPOOL-North NorthEast Dracut MA NYISO C NorthEast Niagara Dominion S Pt ISO-NE NE-Mass NorthEast Algonquin CG Dracut, Mass. PJM METED PJM/MISO TX Eastern M-3 Transco Zn6 xNY PJM PENELEC PJM/MISO Transco Leidy Line receipts Dominion S Pt PJM PPL Zone PJM/MISO Transco Leidy Line receipts Transco Zn6 xNY NI Hub PJM/MISO Chicago CG PJM ATSI PJM/MISO Dominion S Pt Columbia Gas, App. PJM Duquesne PJM/MISO Dominion S Pt Columbia Gas, App. Indiana Hub PJM/MISO Chicago CG Lebanon Hub PJM East PJM/MISO TX Eastern M-3 Transco, zone 6 non-N.Y. PJM DPL PJM/MISO TX Eastern M-3 Lebanon Hub MISO Illinois Hub PJM/MISO Chicago CG Alliance, into interstates PJM AECO PJM/MISO Transco Zn6 xNY TX Eastern M-3 PJM ComEd PJM/MISO Chicago CG PJM BGE Zone PJM/MISO TX Eastern M-3 Dominion S Pt PJM APS PJM/MISO Col Gas Appal Dominion S Pt PJM PSEG Zone PJM/MISO TX Eastern M-3 Transco Zn6 xNY PJM West PJM/MISO & NorthEast TX Eastern M-3 Dominion S Pt Minn Hub PJM/MISO Nrthrn Ventura Emerson, Viking GL PJM PECO Zone PJM/MISO TX Eastern M-3 Transco Zn6 xNY MISO Louisiana Hub PJM/MISO Col Gulf LA TX Eastern W LA PJM PEPCO Zone PJM/MISO Transco Zn5 Dlv Dominion S Pt PJM JCPL Zone PJM/MISO Transco Zn6 xNY Transco Leidy Line receipts PJM FE Ohio PJM/MISO Dominion S Pt TX Eastern M-2 receipts AEP/Dayton PJM/MISO Mich Con CG TX Eastern M-2 receipts PJM DEOK PJM/MISO Dominion S Pt TX Eastern M-2 receipts MISO Texas Hub PJM/MISO NGPL Texok Zn NGPL Texok Zn MISO Arkansas Hub PJM/MISO Enable Gas East Michigan PJM/MISO Mich Con CG Consumers city-gate PJM AEP PJM/MISO Dominion S Pt TX Eastern M-2 receipts

Gas hubs for M2MS heat rates Power Hub Power Hub Region Gas Hub 1-Henry Hub Gas Hub 2-Primary Regional Hub Mead West Henry Hub SoCal Gas South Path 15 West Henry Hub SoCal Gas Alberta West Henry Hub TC Alb AECO-C Mid-Col West Henry Hub NW Can Bd Sumas Palo Verde West Henry Hub SoCal Gas WECC-Utah West Henry Hub KERN RIVER OPAL WECC-East Colorado West Henry Hub CHEYENNE Four Corners West Henry Hub El Paso SanJuan North Path 15 West Henry Hub PG&E CG Calif-Oregon Border West Henry Hub PG&E Malin SPP North SouthEast Henry Hub Northern Ventura Into TVA SouthEast Henry Hub TETCO M1 Into Southern SouthEast Henry Hub Transco Zn4 SPP South SouthEast Henry Hub Panhandle TX-OK Florida SouthEast Henry Hub FL Gas Zn3 SERC-Vacar SouthEast Henry Hub Transco Zn5 Dlv ERCOT - South ERCOT Henry Hub Tenn Zn0 ERCOT - North ERCOT Henry Hub NGPL Texok Zn ERCOT - Houston ERCOT Henry Hub Houston ShipChl ERCOT - West ERCOT Henry Hub Waha NYISO F NorthEast Henry Hub Transco Zn6 NY ISO-NE SE-Mass NorthEast Henry Hub Algonquin CG ISONE Vermont Zone NorthEast Henry Hub Algonquin CG NEPOOL-RI NorthEast Henry Hub Algonquin CG NYISO Mohawk Valley Zone NorthEast Henry Hub Transco Zn6 NY Ontario NorthEast Henry Hub Dawn Ontario NEPOOL-CT NorthEast Henry Hub Iroquois Zn2 Mass Hub NorthEast Henry Hub Algonquin CG ISO-NE New Hampshire NorthEast Henry Hub Algonquin CG ISO-NE W Central Mass NorthEast Henry Hub Algonquin CG East NY ZnJ NorthEast Henry Hub Transco Zn6 NY Long Island NorthEast Henry Hub Transco Zn6 NY West NY ZnA NorthEast Henry Hub Niagara East NY ZnG NorthEast Henry Hub Iroquois Zn2 NYISO D NorthEast Henry Hub Iroquois Recpts NEPOOL-North NorthEast Henry Hub Dracut MA NYISO C NorthEast Henry Hub Niagara ISO-NE NE-Mass NorthEast Henry Hub Algonquin CG PJM METED PJM/MISO Henry Hub TX Eastern M-3 PJM PENELEC PJM/MISO Henry Hub Transco Leidy Line receipts PJM PPL Zone PJM/MISO Henry Hub Transco Leidy Line receipts NI Hub PJM/MISO Henry Hub Chicago CG PJM ATSI PJM/MISO Henry Hub Dominion S Pt PJM Duquesne PJM/MISO Henry Hub Dominion S Pt Indiana Hub PJM/MISO Henry Hub Chicago CG PJM East PJM/MISO Henry Hub TX Eastern M-3 PJM DPL PJM/MISO Henry Hub TX Eastern M-3 MISO Illinois Hub PJM/MISO Henry Hub Chicago CG PJM AECO PJM/MISO Henry Hub Transco Zn6 xNY PJM ComEd PJM/MISO Henry Hub Chicago CG PJM BGE Zone PJM/MISO Henry Hub TX Eastern M-3 PJM APS PJM/MISO Henry Hub Col Gas Appal PJM PSEG Zone PJM/MISO Henry Hub TX Eastern M-3 PJM West PJM/MISO & NorthEast Henry Hub TX Eastern M-3 Minn Hub PJM/MISO Henry Hub Nrthrn Ventura PJM PECO Zone PJM/MISO Henry Hub TX Eastern M-3 MISO Louisiana Hub PJM/MISO Henry Hub Col Gulf LA PJM PEPCO Zone PJM/MISO Henry Hub Transco Zn5 Dlv PJM JCPL Zone PJM/MISO Henry Hub Transco Zn6 xNY PJM FE Ohio PJM/MISO Henry Hub Dominion S Pt AEP/Dayton PJM/MISO Henry Hub Mich Con CG PJM DEOK PJM/MISO Henry Hub Dominion S Pt MISO Texas Hub PJM/MISO Henry Hub NGPL Texok Zn MISO Arkansas Hub PJM/MISO Henry Hub Enable Gas East Michigan PJM/MISO Henry Hub Mich Con CG PJM AEP PJM/MISO Henry Hub Dominion S Pt