EXC
#<UNK>, it was both across the utility business, as well as at the Constellation and ExGen part of our businesses.
So we had strong weather and operating results at both PECO and ComEd.
And then we had good operating results at BGE.
And then as <UNK> articulated in his discussion, we had strong performance from the generating part of our Company.
I think there's a couple of things, but I think the biggest thing is there is just a complete lack of liquidity in Nihub, especially when you get beyond like the 2016, 2017 period.
We think that ---+ with normal weather in 2016, we think Nihub is somewhat fairly valued, but as you move at on the curve, it gets materially undervalued and that's driven mostly by the lack of liquidity.
If you look at it, you have gas prices that are in a contango market and M3 is relevant because it's across the power pool, a lot of hours are setting price using M3 gas.
So if you look at like 2016 to 2018, you've got $0.25 of value on the curve just ---+ I'm sorry ---+ $0.40 of value associated with Henry Hub prices and another $0.20 to $0.25 with M3.
There's $0.65 of value in the gas curve and yet the power prices at Nihub today are $0.25 backwarding.
In addition, coal is in contango as well, so that's part of it.
The coal retirements are part of it.
We have seen heat rate expansion even at these low gas prices.
We think some of that is being masked quite frankly by the fuel being so low, but when you put all of that together and then the complete lack of liquidity, that's where we are coming up with the driver of higher prices in the future.
I know that there's a lot of interest in us engaging on the cost reduction topic before EEI, but I think it's probably better to align our disclosure around that cost reduction effort with our outlook for 2016, 2017 and 2018 hedge disclosures.
You'll obviously see the significant benefit of CP in that period aligned with the benefits of cost reduction.
So while the story is positive, we'd ask for your patience in terms of transparency around that until EEI.
The bottom line is we are seeing improvement over the LRP period.
Yes.
