ISO Market Participants:
  Last week, we solicited questions for tomorrow's conference
call on implementation issues related to the proposed Market Stabilization
Plan.  Attached are questions we received along with answers based on our
current plans.  We will address these questions and answers - as well as
others that may have arisen since then - at tomorrow's call.
   <<010326 MS Questions.doc>>
  For your reference, the call information is as follows:
  Market Stabilization Plan Implementation Conference Call
  11:00 a.m. - 2:00 p./m. PST
  Call In Number: (877) 381-6005
  Conference ID: 98843
  Conference Leader: Byron Woertz
  The call starts at 11:00 a.m. PST
  Byron B. Woertz, Jr.
  Director, Client Relations
  (916) 608-7066

 - 010326 MS Questions.doc