Please respond to Leiber, Phil 
> ISO Market Participants:
>
> Cash clearing related to the preliminary invoice for February 2001 was
> scheduled for today, April 30, 2001.
>
> A preliminary overview of the cash received follows:
>
> Funds due ISO (Accounts Receivable):
>   GMC			$23,049,950.38
>   Market			$972,588,030.84
> 				------------------------
>   Total			$995,637,981.22
>
> Funds Received:
>   GMC			$4,500,303.61
>   Market			$59,136,334.68
> 				------------------------
>   Total			$63,636,628.29
>
> Funds due for ISO GMC, Market Participants (Accounts Payable):
>   GMC			$23,049,950.38
>   Market			$952,742,085.50
>
> Preliminary shortfall:
>   GMC			$18,549,646.77
>   Market			$893,605,750.82
>
> Reallocated shortfall:
>   GMC			$0
>   Market			$912,155,397.59
>
>
> Funds available for distribution to market participants are reduced by the
> GMC shortfall, accordingly, $40,586,687.91 ($59,136,334.68 less GMC
> shortfall of $18,549,646.77) will be available for distribution against
> February ISO market accounts payable of $952,742,085.50, and against prior
> months balances.  Due to this shortfall in receipts from market debtors,
> the ISO is required to perform calculations in accordance with ISO Tariff
> Section 11 and Settlements and Billing Protocol ("SABP") Section 6 to
> determine the appropriate pro-rata distributions to market participants.
> Any potential distributions are reduced to pay previously defaulted
> amounts, or current month GMC obligations of that market participant.
> Distributions will be made upon completion of these calculations.   These
> figures also do not consider any amounts payable directly to market
> participants from the California Department of Water Resources.
>
> As noted in previous communications, the ISO will provide a comprehensive
> reporting of the monthly settlement results after the cash clearing for
> the final (true-up) monthly invoices, and will thereafter distribute a
> current certification of amounts owed.   This report for January 2001 will
> be published shortly.
>
>
> Phil Leiber
> Dir. Financial Planning & Treasurer
> California ISO
> 916 351-2168
> 916-351-2259 (fax)
>
>