Attached are files that compare the ISO's calculation of Mitigated Market
Clearing Price (MMCP) against various prices that prevail and are used in
the California market.

The attached tables give monthly values for peak and off peak periods (using
6X16 to define peak).  They show percent changes and absolute dollar values
("Margin").

As you can see, the price reductions (that is original price minus mitigated
price as a percent of original price) amount to 50% in some cases.

The margins and percent reductions vary importantly by time period and the
type of charge involved.

I hope that these are useful.

Please let me know if you have any questions.

 <<mitigation margins.xls>>

Jan Paul Acton
Vice President
Charles River Associates
1201 F St., NW, Suite 700
Washington, DC 20004-1204
Voice: (202) 662 3902
Fax: (202) 662 3910

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 - mitigation margins.xls