I exchanged v-mails with Elena Scmid at the ISO.  The leaked information 
pertains to a filing to be made at FERC today that responds to the FERC 
Staff's report on market mitigation.  The ISO had last week released its own 
proposed market mitigation plan -- or, as they referred to it, the market 
stabilization plan.  There was much negative response to it.  I spoke against 
it at the Board meeting and submitted written comments in opposition.  The 
Board blessed it "in concept" and agreed to the let the staff file it, but to 
ask the staff for a few changes.  I would be surprised if much has changed 
since we've seen it.  Along with the filing are two staff reports, one by 
Angeli and one by Eric Hildebrandt that identifyy what they see as market 
power.  According the Elena, she does not believe that the reports use the 
term "gouging." These reports are just extenstions of what we've seen from 
the ISO before.  Previously, the ISO talked about $650 million or so in 
potential refunds.  These reports extend the time period of the analysis.  
I've asked Elena to let me know if Enron is named and when it will be 
posted.  Elena says that the ISO also asks for the mitigation period to be at 
all times not just at 5% of the time as FERC has sugested.

It is not yet posted on the ISO web site.  The ISO is holding press 
conference now and I'm listening in.



Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854