FERC issued orders last night in the two New York dockets regarding extension 
of NYISO's $1,000 bid cap and extension of the ISO's TEP authority.  FERC 
grants extension of both authorities until October 31, 2001.  The ISO 
requested that both the bid cap and the TEP authority be extended for another 
18 months, but FERC found this time period to be too long, given that:  i) 
the ISO is fixing many of the problems with its markets, ii) new supply is 
being added in New York, and iii) demand response programs are being 
implemented.  

Chairman Hebert dissented from both orders, arguing that it is time for both 
measures to lapse.  Hebert is encouraged, however, by the majority's 
rejection of ISO's request to extend these measures for 18 months, and Hebert 
hopes that his colleagues will eliminate these procedures after this summer.

Please call me if you have any questions.  We're still waiting for the 
Commission's order on the Mirant complaint on the Circuit Breaker proposal.

Sarah