from the power sector US coal to gas switching to date (relative to 2007 base year) 9 8 - 7 - 6 - 5 - 4 - 3 - 2 - I - bcf/d Source BoIA Lrxh Gad Reseatch estimates BAML toast I I 2010. 2011 2012 2013 2014 2015 2016 2017 2018 — realised/forward —feast Source. Bloomberg MA Kleroll Lpch Gbhal Resea