Dear Market Participants,

In an order issued yesterday, the FERC approved NYISO's initial
implementation of Pre-Scheduled Transactions, including new bid caps
for external transactions.

For both Day-Ahead and Hour-Ahead EXTERNAL transactions, the new bid
caps will be +/- $999.70 for import Decremental Bids and for export Sink
Price Cap Bids.  The new bid caps will become effective for Day-Ahead
and Hour-Ahead bids for the March 28, 2002 market.

If you have any questions, please call your Customer Relations
Representative or the Customer Relations Help Desk at 518-356-6060.

Regards,

Customer Relations





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