<SUBMISSION>
<ACCESSION-NUMBER>0001193125-08-111469
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20080512
<ITEMS>2.02
<ITEMS>9.01
<FILING-DATE>20080512
<DATE-OF-FILING-DATE-CHANGE>20080512
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ENVIRONMENTAL POWER CORP
<CIK>0000805012
<ASSIGNED-SIC>4991
<IRS-NUMBER>042782065
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-32393
<FILM-NUMBER>08823266
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>120 WHITE PLAINS RD
<STREET2>SUITE 610
<CITY>TARRYTOWN
<STATE>NY
<ZIP>10591-5546
<PHONE>914-631-1435
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>120 WHITE PLAINS RD
<STREET2>SUITE 610
<CITY>TARRYTOWN
<STATE>NY
<ZIP>10591-5546
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
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<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P
STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="3"><B>WASHINGTON, D.C. 20549 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P
STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>FORM 8-K </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>PURSUANT TO SECTION 13 OR 15(D) OF THE </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>SECURITIES EXCHANGE ACT OF 1934 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Date of report (Date of earliest event reported): May&nbsp;12, 2008 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P
STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="6"><B>ENVIRONMENTAL POWER
CORPORATION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Exact name of company as specified in its charter) </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Delaware</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>001-32393</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>75-3117389</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(State or other jurisdiction</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>of incorporation)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Commission File Number)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(IRS Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>Identification Number)</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px;padding-bottom:3px;line-Height:95%; vertical-align:top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>120 White Plains Road, 6<FONT
FACE="Times New Roman" SIZE="1"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> Floor, Tarrytown, New York 10591 </FONT></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>(Address of principal executive offices, including zip code) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(914) 631-1435 </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Company&#146;s telephone number, including area code) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>NONE </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Former name or former address, if changed since last report) </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company under any of the following provisions: </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR></TABLE> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b) </FONT></TD></TR></TABLE> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P
STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>ITEM&nbsp;2.02 &#150; RESULTS OF OPERATIONS AND FINANCIAL CONDITION </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On May&nbsp;12, 2008, Environmental Power Corporation (the &#147;Company&#148;) issued a press release reporting its financial results for the quarter
ended March&nbsp;31, 2008 and providing a business update. A copy of this press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein, except for the references to the Management Conference
Call and the replay thereof, which are not incorporated by reference herein and shall not be deemed to be filed or furnished as a part of this Current Report </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The information in this Item&nbsp;2.02 and the press release attached as an exhibit to this Current Report on Form 8-K shall not be deemed &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange
Act of 1934, as amended (the &#147;Exchange Act&#148;), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except
as expressly set forth by specific reference in such a filing. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>ITEM&nbsp;9.01 &#150; FINANCIAL STATEMENTS AND EXHIBITS </B></FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Exhibits </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Press release, dated May&nbsp;12, 2008.</FONT></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="bottom" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2"><B>ENVIRONMENTAL POWER CORPORATION</B></FONT></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Michael E. Thomas</FONT></P></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Michael E. Thomas</FONT></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Senior Vice President, Chief Financial Officer and Treasurer</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Dated: May 12, 2008 </FONT></P>
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<TYPE>EX-99.1
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<FILENAME>dex991.htm
<DESCRIPTION>PRESS RELEASE
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 99.1 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="3"><B>CONTACT:</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Company Contact</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mark&nbsp;Hall,&nbsp;Senior&nbsp;Vice&nbsp;President</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Environmental&nbsp;Power&nbsp;Corporation</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">630) 573-2926</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman"
SIZE="2">mhall@environmentalpower.com</FONT></P></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="4"><B>Environmental Power Announces First Quarter 2008 Results and Provides </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="4"><B>Business Update </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">TARRYTOWN, N.Y., May&nbsp;12, 2008
&#151; Environmental Power Corporation (NASDAQ: EPG or the &#147;Company&#148;) today announced results for the first quarter ended March&nbsp;31, 2008. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Business Commentary </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:3px;line-Height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">We are pleased to report that while it has only been eight weeks
since our last update, market conditions for our business model have become increasingly favorable and there has been significant progress related to our projects in Texas, California and Nebraska. Recent developments include a new renewable natural
gas (RNG<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT>) sales agreement for output from three projects in Texas; sale of greenhouse gas offset credits related to our Wisconsin facilities; granting of the water and conditional use
permits for the Bar 20 project in California; applications filed for tax exempt bond allocation in California; and state approval of tax exempt bond allocation which we intend to pursue to help finance our JBS Swift project in Nebraska; all of which
represent significant progress along our milestone schedule as we roll out our pipeline of renewable energy projects. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Market Conditions </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:3px;line-Height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">Renewable Energy Demand is Increasing&#151;We continue to experience increased demand for our RNG<FONT
FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT>&#151;our trademarked brand for our pipeline grade methane&#151;due to not only utilities&#146; needs to meet their Renewable Portfolio Standards (RPS) but also the demand by energy users for a
green energy product. As a result of the expectations for increased gas pricing, we have focused on shorter term gas purchase agreements, which still reflect the premium value of our product and provide certainty over the short term with fixed
pricing, but which also allow us to take advantage of expected increases in natural gas prices over the longer term. We have recently executed such an agreement related to our Texas projects as described below. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Increased Demand for Greenhouse Gas Offset Credits&#151;The increased desire to improve environmental stewardship by industry has also increased the demand and,
therefore, the potential value of the greenhouse gas offset credits we produce. Therefore, as with gas pricing, we believe that continued demand in the voluntary market and the expectation of an eventual compliance/mandatory market will have a
positive influence on future pricing. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Public Policy&#151;The debate over food versus fuel has come into focus, leading to a new evaluation of some of our
alternative energy choices. We of course rely on waste products, not ingredients for food, a point that is resonating with policy makers searching for answers to increased demand for renewable energy solutions that do not result in higher consumer
prices for basic necessities. As the debate continues, more policy makers understand that anaerobic digestion of wastes is an important near-term solution to produce more renewable energy without other unintended economic consequences. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">We believe that all these factors bode well as we seek to maintain our first mover status in the biogas market, continue
to execute on our identified projects totaling 4.9&nbsp;million MMBtu per year of energy production and finalize the development of the 6.8&nbsp;million MMBtu of projects currently in various stages of development. Overall, we believe that our
company is well positioned for growth, and we will continue to focus on both the construction of our announced projects and identifying additional project opportunities throughout North America. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Financial Results </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Company reported net income applicable to
common shareholders of $2,840,477, or basic income per share of $0.18, for the three months ended March&nbsp;31, 2008, as compared to a net loss applicable to common shareholders of $1,682,056, or basic loss per share of $0.17, for the three months
ended March&nbsp;31, 2007. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The increase in net income for the three months ended March&nbsp;31, 2008 as compared to the three months ended March&nbsp;31,
2007 is entirely attributable to the results of discontinued operations. For the quarter ended March&nbsp;31, 2008 the Company had net income from discontinued operations of $6,989,324. The net income was composed of a one-time gain on disposal of
$7,999,858, partially offset by a loss from operations of $1,010,534. The Company had previously announced its intention to dispose of its discontinued operations and completed this disposition on February&nbsp;29, 2008 by entering into an agreement
terminating the leasehold interest of its subsidiary, Buzzard Power Corporation, in a waste-coal fired generating facility in Pennsylvania known as the Scrubgrass facility. The net gain of $7,999,858 was a one-time, non-cash gain, except for a cash
payment received of $375,000, and was partially offset by a loss from operations of $1,010,534. The Company has ended its involvement with these discontinued operations, and future results will not include any amounts from discontinued operations.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Company&#146;s results from continuing operations declined from a net loss of $1,680,737 for the three months ended March&nbsp;31, 2007 to a net loss
of $3,811,347 for the three months ended March&nbsp;31, 2008. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Although revenues increased, as discussed below, a number of factors accounted for the
decline in results for the three months ended March&nbsp;31, 2008: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Revenues for the Company increased from $215,273 for the three months ended March&nbsp;31, 2007 to $970,542 for the first three month of 2008. The primary reason
for the increase in revenues was the fact that Huckabay Ridge began commercial operations in February 2008 resulting in increased revenues of $578,634. In addition, during the first quarter of 2008, the Company sold greenhouse gas offset credits for
vintage years 2005 and 2006 from its Wisconsin facilities and recorded 50% of the proceeds or $171,000 as revenue. The Company did not sell any greenhouse gas offset credits in the first quarter of 2007. </FONT></P></TD></TR></TABLE>

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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Operations and maintenance expenses increased by $1,099,323 for the first quarter of 2008. The primary reason for the increase was the commencement of commercial
operations at Huckabay Ridge which resulted in operations and maintenance expenses of $1,070,233 for the first quarter of 2008. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Depreciation and amortization expenses increased to $260,774 for the first quarter of 2008, up from $70,862 during the first quarter of 2007, due principally to the
expensing of two months&#146; depreciation at Huckabay Ridge. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Interest income improved during the first quarter of 2008 to $246,907 from $158,537 during the first quarter of 2007 principally because the Company had higher
invested cash balances as a result of the Company&#146;s public offering in October 2007, which resulted in proceeds of approximately $26,199,000. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Interest expense increased to $176,755 for the three months ended March&nbsp;31, 2008 from $3,919 for the three months ended March&nbsp;31, 2007. Prior to the
commencement of commercial operations at the Huckabay Ridge facility in late January, 2008, the Company was capitalizing interest associated with the financing of the project. Following achievement of commercial operations, the Company began
expensing the interest associated with this project. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">The decline in other income of $583,116 in the first quarter of 2007 to expense of $13,477 in the first quarter of 2008 was due principally to the fact that in the
first quarter of 2007 the Company experienced a one-time gain of $583,116 related to the expiration of the statute of limitations on certain contingent obligations on the 2001 sale of a project. </FONT></P></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">A complete presentation of the Company&#146;s financial results for the first quarter of 2008, and management&#146;s discussion and analysis thereof, is included in the
Company&#146;s Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2008, which is being filed today with the Securities and Exchange Commission and will be available on the Company&#146;s website. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Business Update </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Huckabay Ridge Commercial Operations
</U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:3px;line-Height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">On January&nbsp;22, 2008, the Company announced that the Huckabay Ridge facility had achieved
full-capacity production levels of pipeline-quality renewable natural gas (RNG<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT>) and had moved into full-scale commercial operation. For accounting purposes, the results for the first
quarter of 2008 include two full months, February and March, of commercial operations of the Huckabay Ridge facility. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">&#147;The digesters at the Huckabay
Ridge facility are operating as anticipated and we are undertaking the necessary initiatives to improve the reliability and performance efficiency of the gas conditioning system which should allow us to achieve our budget in the near term,&#148;
said Richard Kessel, President and CEO of Environmental Power. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:3px;line-Height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2"><U>New RNG<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP>
</FONT> Offtake Arrangement to Support Texas Projects/ Projects Update </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:3px;line-Height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">The Company has secured a
new, medium-term gas purchase agreement for up to 6,000 MMBtu/day of RNG<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> to be produced by projects physically located in Texas. Terms of the agreement, including the identity of the
buyer, are confidential. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In addition, the Company is poised to commence site work at the Rio Leche and Cnossen projects in accordance with its previously
announced schedule. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>California Projects Update </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The
Company has been granted all the required permits associated with its California projects, except for the air permit on the Bar 20 project, which it expects to have in hand shortly. The Company has begun discussions with engineering and construction
contractors related to the build out of these projects. As previously announced, the Company submitted an application for an allocation of tax-exempt bond financing in California to support the construction of the Riverdale Cluster and Hanford
Cluster projects in March, and expects to file a similar application for an allocation for the Bar 20 project by the end of May. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>JBS Swift Grand Island
Project </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Site activities are expected to begin shortly at the JBS Swift Grand Island facility in Nebraska in accordance with our previously announced
schedule. The Nebraska Investment Finance Authority (NIFA) approved a volume cap allocation of $7 million in tax exempt bond financing at the end of March, 2008. The Company is seeking to obtain this financing in support of the Swift project
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Sale of Wisconsin Greenhouse Gas Offset Credits </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The
Company sold greenhouse gas offset credits from the Wisconsin facilities for vintage years 2005 and 2006 since our last update. Total proceeds of $342,000 from these sales include $171,000 of income for management of the credits. The balance of the
proceeds was credited against the outstanding notes on the Wisconsin facilities in accordance with the Company&#146;s contracts with the owners of the facilities. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><U>Annual Meeting </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Environmental Power has scheduled its 2008 Annual Meeting of Stockholders for Wednesday June&nbsp;11, 2008, in Dallas, Texas
at 10:00am CDT. The meeting will be held at the Dallas Marriott Solana near DFW Airport in Westlake, Texas. Further information regarding the Annual Meeting is included in proxy materials filed with the Securities and Exchange Commission.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Company&#146;s Board of Directors has set a record date of April&nbsp;25 for the Annual Meeting. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Following the Annual Meeting the Company will sponsor a tour of the Company&#146;s projects southwest of Dallas. All
stockholders are invited but are asked to register in advance. Transportation between Dallas and the projects will be provided by the Company. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><U>Management Conference Call </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Richard Kessel, President and CEO, and Mr.&nbsp;Michael Thomas, Senior Vice President and CFO, will
comment on these and related items and will also answer questions from interested investors in the Conference Call scheduled for Monday, May&nbsp;12, 2008, at 10 a.m. EDT. Conference Call details: </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="65%" BORDER="0">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Dial-in:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">U.S. Toll Free:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">800-355-2355</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">International/Canadian Toll:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">402-220-2946</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Verbal Passcode</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">VK73574</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Replay Access #:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">800-355-2355 Code 73574#</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The call will be available for 3 days by accessing the number above after which it will be available on our
website <U>www.environmentalpower.com</U>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px;padding-bottom:3px;line-Height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">&#147;We are very pleased by the continued progress made
over the past eight weeks especially related to our ability to receive environmental permits for our projects,&#148; said Rich Kessel. &#147;We believe that improvements in the outlook in price and demand for natural gas, along with increased
interest in RNG<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> for its renewable characteristics, give us more options than we have had in the past. We continue to see increased demand for greenhouse gas offset credits, with recent
prices on the Chicago Climate Exchange exceeding $6/ton and even higher prices for recent bi-lateral transactions for methane offsets. We continue to focus on bringing our announced portfolio of projects on line during the first and second quarters
of 2009 and achievement of our targeted $40 million of annualized revenue run rate by the third quarter of 2009.&#148; </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">ABOUT ENVIRONMENTAL POWER
CORPORATION </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Environmental Power Corporation is a developer, owner and operator of renewable energy production facilities. Its principal operating
subsidiary, Microgy, Inc., holds an exclusive license in North America for the development and deployment of a proprietary anaerobic digestion technology for the extraction of methane gas from livestock wastes and other organic waste for its use to
generate energy. For more information visit the Company&#146;s web site at <U>www.environmentalpower.com</U>. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">CAUTIONARY STATEMENT </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Private Securities Litigation Reform Act of 1995, referred to as the PSLRA, provides a &#147;safe harbor&#148; for forward-looking statements. Certain statements
contained in this press release, such as statements concerning planned manure-to-energy systems, our sales pipeline, our backlog, our projected sales and financial performance, statements containing the words &#147;may,&#148; &#147;assumes,&#148;
&#147;forecasts,&#148; &#147;positions,&#148; &#147;predicts,&#148; &#147;strategy,&#148; &#147;will,&#148; &#147;expects,&#148; &#147;estimates,&#148; &#147;anticipates,&#148; &#147;believes,&#148; &#147;projects,&#148; &#147;intends,&#148;
&#147;plans,&#148; &#147;budgets,&#148; &#147;potential,&#148; &#147;continue,&#148; &#147;targets&#148; </FONT>
</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">&#147;proposed,&#148; and variations thereof, and other statements contained in this press release regarding matters that are not historical facts are
forward-looking statements as such term is defined in the PSLRA. Because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could
cause actual results to differ materially include, but are not limited to: uncertainties involving development-stage companies; uncertainties regarding project financing, the lack of binding commitments and/or the need to negotiate and execute
definitive agreements for the construction and financing of projects, the sale of project output, the supply of substrate and other requirements and for other matters; financing and cash flow requirements and uncertainties; inexperience with the
development of multi-digester projects; risks relating to fluctuations in the price of commodity fuels like natural gas, and our inexperience with managing such risks; difficulties involved in developing and executing a business plan; difficulties
and uncertainties regarding acquisitions; technological uncertainties; including those relating to competing products and technologies; risks relating to managing and integrating acquired businesses; unpredictable developments; including plant
outages and repair requirements; the difficulty of estimating construction, development, repair and maintenance costs and timeframes; the uncertainties involved in estimating insurance and implied warranty recoveries, if any; the inability to
predict the course or outcome of any negotiations with parties involved with our projects; uncertainties relating to general economic and industry conditions, and the amount and rate of growth in expenses; uncertainties relating to government and
regulatory policies and the legal environment; uncertainties relating to the availability of tax credits, deductions, rebates and similar incentives; intellectual property issues; the competitive environment in which Environmental Power Corporation
and its subsidiaries operate and other factors, including those described in our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, well as in other filings we make with the Securities and Exchange Commission. Readers are
cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date that they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. </FONT></P>
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end
</TEXT>
</DOCUMENT>
</SUBMISSION>
