When will the ISO be sending this information out?


-----Original Message-----
From: 	CRCommunications [mailto:CRCommunications@caiso.com] 
Sent:	Thursday, August 16, 2001 2:23 PM
To:	ISO Market Participants; SC Settlements Contacts
Subject:	CAISO Notice - Underscheduling Penalty and PG&E Bankruptcy Claims Bar Date

IMPORTANT NOTICE
UNDERSCHEDULING PENALTY AND
PG&E BANKRUPTCY PROOF OF CLAIMS
As you are aware, the claims bar date in the PG&E bankruptcy is September 5th.  Consistent with our practice of providing information held by the ISO to Market Participants that concerns the amounts that may be owed to them in part by PG&E, the ISO is today sending to each Scheduling Coordinator an accounting of the amounts it owes or is owed in the event the underscheduling penalty is not modified by FERC.  FERC adopted the underscheduling penalty in a December 15, 2000 Order.  Because there are several rehearing petitions pending regarding the underscheduling penalty, to date the ISO has calculated but has not invoiced amounts owed or owing pursuant to the underscheduling penalty.  It is our expectation that Scheduling Coordinators will share with individual entities for whom they schedule, information that is relevant to them.
As we have advised in prior Market Notices, although the ISO settles transactions on behalf of Market Participants, the ISO is neither authorized nor in a position unilaterally to assert claims on behalf of Market Participants in any bankruptcy proceeding, i.e. assert claims of "ISO Debtors" against "ISO Creditors" (ISO Tariff Section 11.20.1).  Further, while the ISO may be asked by an "ISO Debtor" to assert such claims in the PX or PG&E bankruptcy cases, the ISO is not obliged to do so and will decline any such request.  The ISO expressly disavows any liability for any Market Participant's claims, whether or not the Market Participant files any such proofs of claim in the PX or PG&E bankruptcy proceedings.  Further, as we have advised in prior Market Notices, all statements, including the information sent today regarding the underscheduling penalty, are subject to change.  A number of transactions are currently known to be the subject of disputes and market reruns.  There are also proceedings pending at FERC, Federal Courts, and State Courts, the outcomes of which may affect amounts owed by PG&E to each Market Participant or by the Market Participant to PG&E. In addition, we anticipate that further disputes and proceedings may arise and market reruns may be performed that will affect the calculation of such amounts.  The ISO will continue to work diligently to resolve these matters as quickly as possible.  Nonetheless, it is clear that significant issues may remain unresolved and/or unidentified by the claims bar date.
Market Participants should consult their own legal COUNSEL as to their respective rights  and proofs of claims in the bankruptcy cases of the PX and PG&E.
Client Relations Communications
CRCommunications@caiso.com <mailto:CRCommunications@caiso.com>