<SUBMISSION>
<ACCESSION-NUMBER>0001193125-08-162634
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20080731
<ITEMS>2.02
<ITEMS>9.01
<FILING-DATE>20080731
<DATE-OF-FILING-DATE-CHANGE>20080731
<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>08982189
</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
<SEQUENCE>1
<FILENAME>d8k.htm
<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): July&nbsp;31, 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:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:3px;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 July&nbsp;31, 2008, Environmental Power Corporation (the &#147;Company&#148;) issued a press release reporting its financial results for the quarter
and six months ended June&nbsp;30, 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="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">(d) Exhibits </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">99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">release, dated July&nbsp;31, 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="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2"><B>ENVIRONMENTAL POWER CORPORATION</B></FONT></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><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>
<TR>
<TD VALIGN="top"></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="top"></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: July&nbsp;31, 2008 </FONT></P>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<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;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>CONTACT:</B></FONT></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Company Contact</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT FACE="Times New Roman" SIZE="2">Mark Hall, Senior Vice President</FONT></P> <P
STYLE="margin-bottom:0px; margin-top:0px"><FONT FACE="Times New Roman" SIZE="2">Environmental&nbsp;Power&nbsp;Corporation</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT FACE="Times New Roman" SIZE="2">(630) 573-2926</FONT></P> <P
STYLE="margin-bottom:1px; margin-top:0px"><FONT FACE="Times New Roman" SIZE="2">mhall@environmentalpower.com</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px">

<IMG SRC="g3374033740_ex991.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Environmental Power Announces Second Quarter 2008 Results and Provides Business Update </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">TARRYTOWN, N.Y., July&nbsp;31, 2008 &#150; Environmental Power Corporation (NASDAQ: EPG or the &#147;Company&#148;) today announced results for the second quarter
ended June&nbsp;30, 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">The Company is pleased to report that market conditions for our business model remain robust and that we have
achieved substantial progress in the last several months on key projects in Texas, California and Nebraska as well as significant growth in our development pipeline. As further described in the Market Conditions section of this news release, demand
for our renewable natural gas (RNG<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT>) has historically been driven by utility strategies to comply with Renewable Portfolio Standards and remains our main focus. This market is robust and
has resulted in a 60% increase in our development pipeline since last quarter. In addition, the biogas and RNG<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> we create has tremendous versatility and can be used in many ways including
as a transportation fuel which is the current focus of policy makers seeking alternatives to increased prices of traditional gasoline and diesel fuel. Increased interest in more environmentally sustainable operations for many types of businesses and
industries has also created new opportunities. These new avenues for marketing RNG<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> should further enhance our markets and potential for growth. </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">The Company remains firmly on course to be a respected leader in the biogas and RNG<FONT FACE="Times New Roman"
SIZE="1"><SUP>&reg;</SUP></FONT> markets and will continue to take advantage of the momentum created by the financing and construction activities of the last several months, a summary of which follows: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"> <P STYLE="line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="line-height:95%; vertical-align:top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Construction has begun on the Rio Leche RNG<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> project in
Dublin Texas and the Hereford RNG<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> project at the Cnossen Dairy in Hereford, Texas. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; padding-bottom:3px; margin-top:-2px" 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"> <P STYLE="line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></P></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="line-height:95%; vertical-align:top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Approval of the volume cap allocations for tax exempt bond financing in California for all three of the Company&#146;s
currently planned large-scale RNG<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> projects in that state has allowed the Company to commence marketing of the bonds with closing of the financing currently expected to occur by the end of
August, subject to obtaining purchase commitments. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<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 Company completed the tax-exempt bond financing for its Grand Island Biogas Project at the JBS Swift plant in Nebraska and construction of this facility is
proceeding on schedule. </FONT></P></TD></TR></TABLE>

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<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">Operational improvements for the gas conditioning system are being implemented at the Huckabay Ridge facility, with a goal of completing all the needed improvements
by the end of October, which is expected to result in operations achieving targeted levels. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<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 State of Texas has approved the distribution of liquid effluent from Texas projects as commercial fertilizer, providing a potential revenue source and giving
the projects greater operational flexibility. </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">Sale of the remaining greenhouse gas offset credits from the Wisconsin projects for 2007 was also completed in the quarter. </FONT></P></TD></TR></TABLE> <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">The Company continues to experience increased demand for RNG<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT>&#151;our trademarked brand for our pipeline-grade methane &#150; due not only to utilities&#146; needs to meet their
Renewable Portfolio Standards (RPS), but also to address the demand by energy users for a green energy product. The Company believes that 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 it produces. As with gas pricing, the Company believes that continued demand in the voluntary market for greenhouse gas offset credits, and the expectation of an eventual
compliance/mandatory market, will have a positive influence on future pricing for these credits. Pressure to promote technologies that reduce carbon emissions has greatly increased. The Company anticipates that there will be numerous efforts with
the new Congress to pass legislation to promote renewable energy and the Company continues to have dialogue with policymakers about the opportunity to include biogas production more broadly in new policy initiatives. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">At the same time, there continue to be broad concerns about traditional renewable transportation fuels like ethanol and biodiesel because of the pressure on grain
prices. The Governor of Texas recently requested relief from obligations to use ethanol on a short term basis and a decision is expected from the EPA Administrator soon. T. Boone Pickens&#146; widely promoted strategy to shift use of natural gas to
fuel vehicles, in lieu of petroleum-based gasoline, fits well with the nature of biogas production and there has been an increase in media interest in biogas as a transportation fuel. The Company believes that this media interest will translate into
even more interest on the part of policymakers. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Company believes that all these factors bode well as it seeks to maintain its first mover status in
the biogas market and continues to execute on its identified projects, totaling 4.9&nbsp;million MMBtu per year of energy production. In addition to the Company&#146;s announced projects, its development pipeline has increased by 60% to over
10.7&nbsp;million MMBtu of energy production per year with 30 additional projects that are in various stages of development. Some of these new opportunities are located near the Company&#146;s other projects, which the Company believes will allow it
to utilize existing operations and maintenance resources and thereby achieve economy of scale. The new regions include the upper Midwest and the Rocky Mountain states. </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">New project announcements will be forthcoming, as soon as EPC finalizes key project agreements for feed stocks and
off-take and when anticipated construction dates can be announced. </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">For the three months ended June&nbsp;30, 2008, the Company had a net loss applicable to common shareholders of $5,293,000 or loss per share of $0.34, compared to a net loss applicable to common shareholders of
$7,089,000 or loss per share of $0.71 for the three months ended June&nbsp;30, 2007. The net loss applicable to common shareholders declined in 2008 because, for the three months ended June&nbsp;30, 2007, the Company had a loss from discontinued
operations of $3,235,000 whereas these operations were discontinued prior to the second quarter of 2008 and, therefore, did not affect the Company&#146;s results in that quarter. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Revenue for the three months ended June&nbsp;30, 2008 increased to $1,112,000 from $327,000 for the three months ended June&nbsp;30, 2007 an increase of 240%. The increase is attributable to revenues from the Huckabay
Ridge facility which began operations in February 2008 and had revenues of $790,000 for the quarter ended June&nbsp;30, 2008, whereas such facility was still under construction and had no such revenues in the quarter ended June&nbsp;30, 2007.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">For the quarter ended June&nbsp;30, 2008, operations and maintenance expense was $1,937,000 as compared to $244,000 for the same period in 2007, an
increase of $1,693,000. The increase was due to operations and maintenance expense of $1,924,000 at Huckabay Ridge during the second quarter of 2008. Huckabay Ridge began commercial operation in February 2008 and therefore did not have any
operations and maintenance expense in 2007, as these expenses were capitalized during that period. General and administrative expenses from continuing operations were essentially the same, decreasing by $44,000 to $3,611,000 for the three months
ended June&nbsp;30, 2008, as compared to $3,656,000 for the same period in 2007. G&amp;A expenses include FAS 123R non-cash expenses of $1,115,000 this quarter compared to $898,000 in the second quarter of 2007. Depreciation and amortization expense
increased to $354,000 for the three months ended June&nbsp;30, 2008, as compared to $77,000 for the three months ended June&nbsp;30, 2007. The increase in depreciation and amortization expense was principally due to the fact that the second quarter
of 2008 included three months&#146; depreciation of the Huckabay Ridge facility, which began commercial operations in February 2008, whereas no such depreciation and amortization expense was recorded for the same period of 2007. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">As a result of the changes described above, our operating loss from continuing operations increased to $4,789,000 in the second quarter of 2008 from $3,650,000 in the
same period in 2007. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Interest income for the three months ended June&nbsp;30, 2008 was $100,000, as compared to $132,000 for the three months
ended June&nbsp;30, 2007. Interest income decreased primarily due to lower interest rates on lower invested cash balances. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Interest expense, net,
increased to $265,000 for the three months ended June&nbsp;30, 2008, as compared to $2,000 for the three months ended June&nbsp;30, 2007. This increase was due principally to the fact that we ceased the capitalization of interest expense related to
the Huckabay Ridge facility when it began commercial operations in February 2008. The interest expense related to the portion of the bonds allocated to finance the Huckabay Ridge facility is now recorded as interest expense. </FONT></P> <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 second 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 June&nbsp;30, 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:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Huckabay Ridge Operations </U></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Modifications designed to insure an efficient and reliable gas conditioning system have commenced with an expected completion by the end of October, 2008. Three areas of
improvement are planned and include adding heating capacity, cooling capacity and enhanced instrumentation and controls. Orders have been placed for the necessary equipment and installation over the next several months will be coordinated to
minimize interconnection downtime. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">&#147;With these changes implemented, we fully expect to see a sharp reduction in operating costs related to
consumables, non-recurring labor and consulting expenditures and other variable costs such that Huckabay Ridge&#146;s financial performance will meet our previous expectations,&#148; said Richard Kessel, President and CEO of Environmental Power.
&#147;All the experience gained from Huckabay Ridge, including those items just discussed, have already been incorporated into the design of the new Texas facilities that are currently under construction, as well as our planned California
projects.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Approval from the State of Texas to distribute the liquid effluents from Texas facilities as a fertilizer has also been obtained. This
will provide the Texas projects potential revenues as well as important operational flexibility in an environment where fertilizer costs have risen significantly. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><U>Rio Leche and Cnossen Projects Under Construction </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Site construction work has commenced at both the Rio Leche and Cnossen projects. Our
groundbreaking ceremony for Rio Leche occurred on June&nbsp;10, 2008. The ground breaking ceremony for Cnossen will occur next week on August&nbsp;6, 2008. The </FONT>
</P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">Company expects Commissioner Todd Staples of the Texas Department of Agriculture and a number of other state and local officials to participate in this
ground breaking ceremony. </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">The Company anticipates that these projects will be producing RNG<FONT
FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> during the second quarter of 2009. </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">On May&nbsp;28, 2008 the Company received CDLAC approval of its volume cap allocation for $65 million in the tax-exempt bond financing for the Hanford and Riverdale
projects and, on July&nbsp;16, 2008, the Company received approval for an additional $26 million in volume cap allocation for the Bar 20 project. This financing is expected to be on terms similar to those of the tax-exempt bond financing previously
obtained in Texas. The bonds are currently being marketed and closing of this financing is currently expected to occur by the end of August, subject to obtaining purchase commitments. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">&#147;By achieving these milestones, we have shown the support our projects have with state officials and agencies and their respective staffs in addressing environmental concerns while being a source of renewable
energy,&#148; said Richard Kessel. </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">This week, the Company announced that Microgy Grand Island, LLC, has completed a financing involving the sale of $7 million of tax-exempt bonds issued by the City of Grand Island, Nebraska. The proceeds of the bonds
will be used to finance construction of the Grand Island Biogas Project at the JBS Swift Plant in Grand Island, Nebraska. With this closing the Company has fully&nbsp;secured financing for the project. The biogas facility is already under
construction and is expected to begin producing biogas by the end of the year. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Summary </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">&#147;We are very pleased by the continued progress in financing and constructing our projects,&#148; said Rich
Kessel. &#147;We believe that the market for our RNG<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> product is continuing to improve with increased demand for natural gas for a myriad of uses, as shown by our 60% increase in the
Company&#146;s development pipeline. We will remain focused on completing the construction of our announced pipeline of projects, and continuing to grow our development pipeline.&#148; </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Management Conference Call </B></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 Thursday </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">July&nbsp;31, 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="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="70%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">When:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">10am&nbsp;Eastern&nbsp;Time;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">July&nbsp;31, 2008</FONT></TD></TR>
<TR>
<TD VALIGN="top"><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">877-737-1669</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">Canadian&nbsp;Toll&nbsp;Free:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">800-501-6064</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 Toll:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">302-709-8008</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Verbal&nbsp;Passcode</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">VK34741</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Replay&nbsp;Access&nbsp;#:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">U.S.</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 34741#</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">Int.&nbsp;&amp;&nbsp;Canadian&nbsp;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 Code 34741#</FONT></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: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; &#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; </FONT>
</P>

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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">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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M]T]6'_B".L1U;^%75]<5I\:?VXEOZX2/\SIUW#\?;$6JOC/7%KC6S^TO2_\`
M8;C_`&XOU%'?B[(?:;]BGJC>G7..\'1!!T00=$$'1!!T00=$$'1!!T00=$$'
M1!!T00=$$'1!!T00=$$'1!!T00=$$'1!!T00=$$'1!!T00=$$'1!!T00=$$'
81!!T00=$$'1!!T00=$$'1!!T00=$$?_9
`
end
</TEXT>
</DOCUMENT>
</SUBMISSION>
