This past Wednesday, FERC approved the NYISO's virtual bidding program, subject to a modification that reduces the required collateral for program participants by 50%. (Enron, among others, had expressed concern about the high level of required collateral in its comments.) As noted in the ISO's attached announcement, Virtual Bidding will commence on November 1.

-----Original Message-----
From: market_relations@nyiso.com [mailto:market_relations@nyiso.com]
Sent: Friday, October 26, 2001 2:46 PM
To: market_relations@nyiso.com
Subject: FERC Approval of the NYISO Virtual Bidding Proposal


Dear NYISO Market Participants:

Please review the attached message regarding FERC approval of the NYISO
Virtual Bidding Proposal.

For addtional information, please contact your NYISO Customer Relations
Representative or Customer Relations HelpDesk.

(See attached file: FERC APPROVES VIRTUAL BIDDING.doc)

Regards,

NYISO Customer Relations
518-356-6060