Mark, Vicki and Richard:  I assume you are aware of this preliminary CalPx 
Report.


CAL-PX: HIGH PRICES NOT CAUSED BY MARKET MANIPULATION
     A preliminary report by CalPX says California's price spikes this
summer were predictable and were not caused by market manipulation, as
utilities and some lawmakers have suggested, reports Dow Jones
Newswires.
     It blames the high prices on increased demand and low number of
generators. CalPX does say it needs to address some "design flaws" that
"provided incentives to suppliers to speculate on receiving higher
prices in the Real-Time and Ancillary Services markets by moving their
supply to those markets." According to the article, CalPX proposes some
modest changes including making it easier to develop new generation,
spreading the costs of out-of-market purchases to the utilities who
under-scheduled, and encouraging utilities to purchase more electricity
in the forward market (Dow Jones Newswires, Oct. 4).



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