ISO Market Participants:
		On Friday, May 25, 2001, the Federal Energy Regulatory
Commission (FERC) issued an "Order Providing Clarification and Preliminary
Guidance On Implementation Of Mitigation and Monitoring Plan For The
California Wholesale Electric Markets." (May 25 Order).  The FERC clarified
four issues for purposes of implementing the mitigation plan outlined in
FERC's April 26, 2001 Order.
		Please see the attached notice for a discussion of FERC's
May 25 Order.
		 <<010526a Emergency Mkt Notice.doc>>

		Byron B. Woertz, Jr.
		Director, Client Relations
		(916) 608-7066
		(800) 481-7037 - Pager

 - 010526a Emergency Mkt Notice.doc