FERC Orders

Folks,

FERC is deliberating today on many agenda items. Two they have approved
are:

1. Modifying the June 19 Price Mitigation Order setting the price cap
at $108 until April 30, 2002, and decoupling the cap from California's
reserve deficiency, and instead tying the cap to the price of natural
gas (upwards, only).

2. Denial of Requests for Rehearing (in great part) on all California
Orders since last December 15 (2000), and ordering the California ISO to
submit a revised congestion management plan, and a plan for establishing
a day-ahead market, both plans due May 1, 2002.

Both Orders passed 3 Yea, and 1 No (MAssey, in part on the second
order).

gba