RE: CAISO Notice: Market Notice--February Preliminary Invoice

Fortunately, EPMI was a net debtor to the ISO for February, so we were not
directly affected by this default.---sch

-----Original Message-----
From: Mara, Susan
Sent: Tuesday, May 01, 2001 1:30 PM
To: rcarroll@bracepatt.com; Sanders, Richard; Christian Yoder/HOU/ECT@ECT;
gfergus@brobeck.com; Steffes, James; jklauber@llgm.com; Dasovich, Jeff; Hall,
Steve C.; Tribolet, Michael
Subject: CAISO Notice: Market Notice--February Preliminary Invoice

The latest financial news from the ISO

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 05/01/2001 01:29 PM -----

CRCommunications <CRCommunications@caiso.com< 04/30/2001 02:49 PM Please
respond to "Leiber, Phil" To: ISO Market Participants
<IMCEAEX-_O=CAISO_OU=CORPORATE_CN=DISTRIBUTION+20LISTS_CN=ISO+20MARKET+20PARTI
CIPANTS@caiso.com< cc: Subject: CAISO Notice: Market Notice--February
Preliminary Invoice

< ISO Market Participants:
<
< Cash clearing related to the preliminary invoice for February 2001 was
< scheduled for today, April 30, 2001.
<
< A preliminary overview of the cash received follows:
<
< Funds due ISO (Accounts Receivable):
< GMC $23,049,950.38
< Market $972,588,030.84
< ------------------------
< Total $995,637,981.22
<
< Funds Received:
< GMC $4,500,303.61
< Market $59,136,334.68
< ------------------------
< Total $63,636,628.29
<
< Funds due for ISO GMC, Market Participants (Accounts Payable):
< GMC $23,049,950.38
< Market $952,742,085.50
<
< Preliminary shortfall:
< GMC $18,549,646.77
< Market $893,605,750.82
<
< Reallocated shortfall:
< GMC $0
< Market $912,155,397.59
<
<
< Funds available for distribution to market participants are reduced by the
< GMC shortfall, accordingly, $40,586,687.91 ($59,136,334.68 less GMC
< shortfall of $18,549,646.77) will be available for distribution against
< February ISO market accounts payable of $952,742,085.50, and against prior
< months balances. Due to this shortfall in receipts from market debtors,
< the ISO is required to perform calculations in accordance with ISO Tariff
< Section 11 and Settlements and Billing Protocol ("SABP") Section 6 to
< determine the appropriate pro-rata distributions to market participants.
< Any potential distributions are reduced to pay previously defaulted
< amounts, or current month GMC obligations of that market participant.
< Distributions will be made upon completion of these calculations. These
< figures also do not consider any amounts payable directly to market
< participants from the California Department of Water Resources.
<
< As noted in previous communications, the ISO will provide a comprehensive
< reporting of the monthly settlement results after the cash clearing for
< the final (true-up) monthly invoices, and will thereafter distribute a
< current certification of amounts owed. This report for January 2001 will
< be published shortly.
<
<
< Phil Leiber
< Dir. Financial Planning & Treasurer
< California ISO
< 916 351-2168
< 916-351-2259 (fax)
<
<