All,
	Attached is a spreadsheet detailing the amount the ISO short-paid the market for months December - March.  I reviewed these numbers with Keoni to confirm them.  According to Keoni, the amount paid to market participants will improve, as is evidenced in the month of March, but it will be "a long time," before the ISO will be making payments in full to parties in a net-receivable position.  The ISO's ability to pay market participants relies heavily on the status of the two large utilities in California, one of which is not expected to come out of bankruptcy court for several years, among many other factors.  Also please note, when the ISO receives payment for prior months, it prorata allocates this amount across the market in the current month.  Example:  The ISO collected $2.7 million in March for the month of February, and included that in its March disbursement.

-Kit Blair