Bill, the $108.08 price you see in Footnote #3 of the e-mail titled CAISO
Notice: Correction of FERC June 19 Order Market Notice is the highest hourly
ex-post price during the last Stage 1.  The $91.87 price is 85% of $108.08
per the FERC Order.

The last Stage 1 occurred on Trade Date 5/31/01, HE 10 and 11.  A Stage 2
was in effect from 1132 - 2215.  See
http://www.caiso.com/docs/09003a6080/08/8a/09003a6080088aa7.xls , 2001
Emergency Detail tab.

The Hourly Ex Post Price can be found in OASIS under Button 29, Ex Post
Market Information on the CAISO Website. The Order indicates that the price
should not include a Stage 2 and 3 and even though the cancellation notice
of the Stage 1was not until HE23 we are going by the strict definition of
when the Stage 1 was actually implemented.  Hope this helps.

Keoni Almeida
California Independent System Operator
phone: 916/608-7053
pager:  916/814-7352
alpha page:  9169812000.1151268@pagenet.net
e-mail:  <mailto:kalmeida@caiso.com>