Dear Market Participants,

Please note that the message below was sent to provide advance notice
of expected changes to NYISO bid caps for external transactions.
These changes are pending FERC approval.

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

Regards,

Customer Relations

******************************************************************************************

Dear Market Participants,

In order to provide economic priority for Pre-Scheduled Day Ahead External
Transactions, the NYISO will be implementing new Bid Caps for Day-Ahead
and Hour-Ahead EXTERNAL transactions. (Pre-Scheduling of transactions is
a project the NYISO is currently working on with support from the Market
Structures Working Group.  An overview of the project can be found on the
NYISO web site under meeting materials for the Market Structures Working
Group.)

The new bid caps will become effective for Day-Ahead and Hour-Ahead bids
for the March 28, 2002 market.

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.

Any bid input for the March 28, 2002 market and beyond must use the new bid
cap for maximum priority status.  Bids input for evaluation up to and
including the March 27, 2002 market may continue to use the $1000.00 price
cap if maximum priority is desired.

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

Regards,

Customer Relations


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