---------------------- Forwarded by Carla Hoffman/PDX/ECT on 12/04/2000 03:18 
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	Enron Capital & Trade Resources Corp.
	
	From:  "Pergher, Gunther" <Gunther.Pergher@dowjones.com>                      
     12/04/2000 12:57 PM
	

To: undisclosed-recipients:;
cc:  
Subject: DJ CalPX Day-Ahead Prices At $250 Cap For Every Hr - Source


20:26 GMT 4 December 2000 *DJ CalPX Day-Ahead Prices At $250 Cap For Every
Hr - Source
(MORE) Dow Jones Newswires 04-12-00
2026GMT
Prices Suggest What ISO Pays - Source
LOS ANGELES (Dow Jones)--Monday day-ahead prices into the California Power
Exchange hit a state-mandated $250 per megawatt hour price cap for every
single hour, the first time that has happened in the history of the CalPX,
said a source close to the issue.
"Our on-peak prices are at the cap, our off-peak prices are at the cap, our
average price is at the cap," the source said.
The prices are in line with December balance-of-month forward prices in the
Mid Columbia River market electricity hub, which hit $525/MWh, and January
forward prices, which hit $475/MWh on Monday.
Prices in the CalPX, which operates the state's day-of, day-ahead and block
forward electricity market, are likely an indication of the prices the
Independent System Operator is paying to secure that out-of-state
generation, the CalPX source said.
The California ISO, which must ensure the state's grid reliability and
operates 75% of the state real-time market, declared a stage-one electrical
emergency Monday, meaning operating reserves were below 7%.
The ISO said 10,000 MW of power was off line, and issued a call to buy 3,000
MW out of state.
It is strange that the CalPX would hit an across-the-board cap in the
winter, as opposed to the traditional high-peak summer season, market
sources said. The ISO has had an unusual winter, however, having declared an
unprecedented five stage-two power emergencies in November due to a large
amount of generation off line for planned and unplanned maintenace.
-By Jessica Berthold, Dow Jones Newswire; 323-658-3872;
jessica.berthold@dowjones.com
(END) Dow Jones Newswires 04-12-00
2052GMT


G_nther A. Pergher
Senior Analyst
Dow Jones & Company Inc.
Tel.  609.520.7067
Fax. 609.452.3531

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