-----Original Message-----
From: 	"Happ, Susan" <SHapp@caiso.com>@ENRON [mailto:IMCEANOTES-+22Happ+2C+20Susan+22+20+3CSHapp+40caiso+2Ecom+3E+40ENRON@ENRON.com]  On Behalf Of "Fuller, Don" <DFuller@caiso.com>
Sent:	Wednesday, June 20, 2001 4:12 PM
To:	ISO Market Participants
Subject:	CAISO Notice: Correction of FERC June 19 Order Market Notice
Importance:	High

Re-sending due to the addition of footnotes. This is a corrected version

MARKET NOTICE

For hour ending 0100 on June 21, 2001, the California ISO will implement the
following terms and provisions pursuant  to the Federal Energy Regulatory
Commission ("FERC") June 19, 2001 Order concerning market mitigation
measures for California and the Western System Coordinating Council.

FOR HOURS IN WHICH ISO DECLARES A SYSTEM EMERGENCY:

*	The ISO Real-time Imbalance Energy 10-minute and Hourly Ex Post
prices shall be set in accordance with FERC's April 26 Order, as clarified
by FERC's June 19 Order.
*	The Market Clearing Price ("MCP") for Ancillary Services shall not
exceed the Hourly Ex Post Price for the same hour in accordance with FERC's
May 25, 2001 Order, as described in the CAISO Emergency Notice-May 25, 2001
FERC Order On Implementation of the Price Mitigation Plan in April 26 Order.

*
*	FOR HOURS IN WHICH ISO DOES NOT DECLARE A SYSTEM EMERGENCY:
*
*	The ISO Real-time Imbalance Energy MCP shall be no greater than 85
percent of the highest Hourly market clearing price established when the
last Stage 1 emergency was in effect.
*	The ISO Ancillary Services MCP shall be no greater than 85 percent
of the maximum Hourly market clearing price established when the last Stage
1 emergency was in effect.
*
*	APPLICABLE TO ALL HOURS:
*
*	The system-wide gas price utilized to calculate the Proxy Price
mandated by the April 26 Order, as clarified by the June 19, 2001 Order,
shall be based on the simple average of the Gas Daily mid-point monthly
bid-week SoCalGas large package, Malin, and PG&E Citygate prices.  For June
2001 this average is $9.10/mmBtu.

*	The ISO is required to add 10 percent to the MCP paid to generators
for all prospective sales in its markets to reflect credit uncertainty.  The
prices posted on the ISO Web Site do not reflect the 10 percent mark-up.
Footnotes:
1 Capitalized terms not otherwise defined herein are used in the meaning set
forth in the Master Definitions Supplement, Appendix A to the ISO Tariff.
2  The ISO is implementing those provisions for which it can make the
requisite system changes immediately and will implement the remaining
provisions as soon as possible.
3 The maximum MCP for non-emergency hours selling into CAISO markets
effective June 21, 2001 and until after the next Stage 1 emergency shall be
$91.87, based on the highest hourly MCP during the most recent Stage 1
emergency of $108.08MWh.

The ISO continues to assess the June 19, 2001 Order and the steps necessary
to implement the Order.  We will be issuing subsequent Market Notices as may
be appropriate with respect to implementation of the June 19, 2001 Order.


CAISO Market Operations