Alan,

According to this site the cap was around $71 for HE 15 and $72 for HE 18.  We had already traded for these hours when the "new cap" had been set.  This is a retroactive cap during mitigation hours.  When trading in the hour ahead market (1 hour before energy flows) we cannot predict the Cap to Market ratio. For example: Expost is $18 right now, and the market is at $91.87.  Any recommendations?

Bill

 -----Original Message-----
From: 	"Almeida, Keoni" <KAlmeida@caiso.com>@ENRON [mailto:IMCEANOTES-+22Almeida+2C+20Keoni+22+20+3CKAlmeida+40caiso+2Ecom+3E+40ENRON@ENRON.com] 
Sent:	Tuesday, July 03, 2001 8:28 AM
To:	Williams III, Bill; Foster, Chris H.
Subject:	prices

A fast way to see the MCP is under Energy Prices at http://www.caiso.com/.
You'll notice that in hours 15, 16, 17 and 18 yesterday the MCP was set by
the proxy price when we were in a Stage 1 then 2 Emergency.  Other hours
were set by the previous Stage 1 cap.

Keoni Almeida
California Independent System Operator
phone: 916/608-7053
pager:  916/814-7352
alpha page:  9169812000.1151268@pagenet.net
e-mail:  <mailto:kalmeida@caiso.com>