S707 S58 8.2% GenOn Energy $698 S$9 12.8% Source: Company repals and t Morgan esomales. As can be seen, as a percentage of company EBITDA, GenOn has the most exposure to swings in the settlement price, followed by Edison Mission. We believe NRG Energy has very little exposure to the PJM auct

. Assuming constant heat rates, and due to their differing generation and hedge portfolio, we estimate that Edison is the most exposed, followed by GenOn and then NRG. Surprisingly, as a percentage of LTM EBITDA, TCEH is not as exposed as some other credits. • We estimate the impact on future revenue