One minor edit---it's the PX, not the ISO, that's taken itself into voluntary 
bankruptcy.  See redline version attached.  

Only other comment:  I'm not sure that, technically/contractually, we entered 
into transactions with the PX (in the same way that I don't think that folks 
enter into transactions with NYMEX).  (See opening line of last paragraph.)  

We have exposure to thePX based on our commercial activity that took place 
through the PX, and that exposure depends on how the PX /FERC decide 
particular issues.  In short, we have transactions with the utilities, and 
exposure to the PX based on transactions that we entered into with other 
counter parties via the PX market mechanism.  That said, seems to me that, 
for the purposes of the disclosure, the language is fine---just want to raise 
the flag. Might be useful to run it by Richard Sanders.

Hope this helps.

Best,
Jeff