Confidential Attorney Client Privilege

I have drafted the attached letter denying the Cal ISO's request to send it
(and the EOB) EPMI and EES' cost information for transactions over the FERC's
cost cap. Since I believe we are on very firm ground, my initial inclination
was to send no response to the ISO's letter, so there would be nothing to
quote in the press. However, I drafted this letter at Alan's suggestion for
purposes of discussion. We should decide whether to send a letter before
distributing this draft more widely in-house to discuss how to parse the
message.