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but my primary difference is on the outlook for natural gas prices.
My opinion is that they will not only be up in 2014 but will be up next year.

Really it doesn't matter. As I mentioned in my earlier post
2012 fully hedged, 2013 at 70% and 2014 at close to 50%, there is not whole lot of upside until 2014,

The only sustainable driver for Gas price, and more importantly for EXC is economic recovery which drives consumption and price. I don't see EXC going to have any benefit until the demand increases.

In these days of Yield chasing, there are REIT preferred's with no upside are having yields lesser than EXC, that should tell something.
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