The FERC orders will not be out until sometime Thursday but here is a boiled 
down version of what we heard from the meeting, the press, and the press 
release:

FERC Market Monitoring and Mitigation Plan for California

? Approved 2-1 with Massey dissenting
? Imposes mitigation (caps) in R/T in California only during Stage 1/2/3 
beginning _____ (not clear; assume immediately or soon).
o  Applies to all thermal generation with a PGA with ISO (even if not a FERC 
jurisdictional entity)
o  All subject generation is paid a single proxy price
o  Proxy price is based upon the marginal unit,s gas price x heat rate + 
emission adder.  (Heat rate determining cap will not longer be pegged at 
18,000 but will change daily and posted by CAISO)
o  Proxy price is determined on a day-ahead basis   Still not clear what gas 
price will be used. 
o  Bids above the proxy are allowed but the seller must justify the cost
? Hydroelectric resources--in-state or out-of-state--are exempt.
? CAISO will still acquire resources outside of the proxy price via OOM calls
? Silent on exports and expect CAISO to cut exports unless ordered to do 
otherwise. (However, requirement for CAISO to become a part of a &real8 RTO 
would imply that it must honor firm schedules.)
? All LSE in R/T markets to submit demand bids and to identify load that can 
be curtailed at a specified price
? Contingent on CAISO filing a plan to become part of a region wide RTO by 
June 1.  I.e., if CAISO does not make an adequate showing, all mitigation 
measures are cancelled.
? Opens an investigation on a subset of transactions.  According to Massey 
this band is very narrow.
? The $150 breakpoint and reporting requirements, which were put into effect 
with the December order, will end with this order. 
? In all hours (not just emergencies) there is increased market monitoring of 
outages and bidding behavior
? Although the plan is only for California, it seeks comments on a West-wide 
price mitigation plan.
? Also seeks comments on whether CAISO should impose an adder to address 
generator unpaid bills.


RTO West:

? RTO West Phase 1 filing (made back in Nov 2000) is accepted.

? TransConnect, a Transco proposed by RTO West's transmission-owning IOUs, 
was also accepted.  

? Incentive rates allowed if owner separates transmission from the generation.

? Phase 2 filing due December 1.   This filing will require tariffs and 
additional details including how RTO West can become part of a larger 
West-wide RTO

? Order encourages Canadian utilities to be a part of RTO West