The ISO has received an order to remit to the California Power
Exchange the $171,116,114.43 (plus accrued interest) which was sent by PG&E
to the ISO in payment of PX obligations.  A copy of the order is attached
below.  The ISO will make this distribution tomorrow.

	 <<ISO-PI-SCANNED.tif>>

	Additionally, with respect to the market notices on cash clearing,
the ISO will publish a list of defaulting parties after the final invoices
are settled for each trade month.  Certifications of amounts owed will also
be published only after the final invoice settlement for each trade month.

	-------------------------------------------

	April 10, 2001 Market Notice:

	Please be advised of this important follow-up from the Market Notice
of March 8, 2001, (an extract of which is provided below.)
	The ISO has been informed by our counsel that Judge Moreno has
granted the California Power Exchange's temporary restraining order request
which would prohibit the ISO from distributing the funds referenced below.
Additionally, an order is being finalized which will direct the ISO to turn
over the $171,116,114.43 to the California Power Exchange.
	-------------------------------------------

	March 8, 2001 Market Notice Extract:

	Additionally, the ISO received $171,116,114.43 ($177 million less
GMC obligation) directly from PG&E.  PG&E indicated the funds were to be
applied in payment of California Power Exchange ("Cal PX") obligations.  The
ISO has been contacted by the Cal PX, and they have indicated they believe
they are entitled to such funds and that such funds are subject to a pending
action in federal court entitled "Enron Power Marketing, Inc. and Enron
Corp. v. California Power Exchange Corporation", Case No. 01-00901CM
(Central District of  California.  The Cal PX has indicated they plan to
seek an order within the next 7-10 days with the Court to have the funds
transferred to the Cal PX for deposit into an escrow account pursuant to
Judge Moreno's Preliminary Injunction.   These funds are being held by the
ISO in a segregated interest bearing account pending resolution of this
issue by that court.



 - ISO-PI-SCANNED.tif