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Original analysis of the Clean Power Plan (CPP) a little over a year ago suggested it could result in fairly high compliance costs in the eastern US relative to a “No Carbon” (No CPP) case. In our latest forecast, a downward revision to our long-term natural gas prices and load growth translates into lower carbon prices. These effects also help keep power as well as renewable energy credit prices relatively contained. Despite these trends, renewables growth remains largely unchanged as lower market prices are mitigated by higher state mandates and falling cost of renewables. As markets move towards a new energy paradigm with renewables both on and off grid, battery storage, demand response, electric vehicles -- the challenge of integrating diverse sources and maintaining system reliability are taking centerstage. Market mechanisms and compensation schemes are also evolving rapidly in concert.