Question-and-Answer Session
Operator
(Operator Instructions). We'll take our first question from Paul Patterson from Glenrock Associates.
Paul Patterson - Glenrock Associates
I wanted to go to slide 24 for just a second, and just go over your coal hedging. It looks to me that the average contract price has gone down quarter-over-quarter for particularly the out years. I was wondering if you could give us a flavor as to what's going on there.
Ed Muller
Bill, do you want to take this?
Bill Holden
Well, it may have gone down a little bit. There is not a lot going on there. We had an RFP earlier in the year, and we did some modest coal purchases as a result of that.
Paul Patterson - Glenrock Associates
So you just basically layered on some more hedges at a lower price.
Bill Holden
Right, we did some modest purchases at the then prevailing prices. I would say it's in our normal course to have requests for proposals or for coal purchases several times during the year.
Paul Patterson - Glenrock Associates
Okay, because 2013 just seemed to drop a bit, that's all.
Ed Muller
Well, Paul, if you look at slide six, you will see that we added coal in 2013. So you would expect that we are adding at current market prices which have come down some.
Paul Patterson - Glenrock Associates
The second question that I have is basically with the reserve margins. There seems to be a sharp decline in reserve margins that you guys were projecting for 2013 vis-
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