New England ICAP

Several entities, including Bangor Hydro, Central Maine and National Grid,
filed with the Court of Appeals for the First Circuit an emergency request of
FERC's order on NEPOOL ICAP. As you may recall, the Commission issued an
order on rehearing last month finding that the ICAP charge should have been
17 cents from August 2000 (approximately) until April 1, 2001. On April 1,
2001, FERC approved the new ICAP charge of $8.75 until the ISO proposes a
different charge.

On Friday, the First Circuit granted the emergency request for stay. In
response to the court's ruling, FERC issued an order Friday evening stating
that the 17 cent charge will remain in effect until the court rules further.

We are trying to obtain a copy of the court's ruling now and we have alerted
the traders about the change. Please let me know if you have any questions
about this ruling. We'll keep you posted.

Sarah