Message sent from the pjm-customer-info mailing list at pjm-customer-info@majordomo.pjm.com:



> For Immediate Release
> PJM is first Independent System Operator
> to Undergo and Successfully Complete SAS 70 Type II Audit
> Intense audit confirms PJM's market settlement system
> is designed and operating within stringent standards
>
> (Valley Forge, PA. - October 15, 2001) - PJM Interconnection, L.L.C.,
> administrator of the world's largest competitive wholesale energy market and
> operator of the electric grid for the mid-Atlantic region, today announced the
> successful completion of a Statement on Auditing Standards (SAS) 70 type II
> audit. Performed by the independent firm of PriceWaterhouseCoopers (PwC), the
> audit indicated that PJM market settlement processes have achieved a
> comprehensive set of control objectives designed to protect the integrity of
> market settlement data.  PJM, the nation's first fully functioning Regional
> Transmission Organization (RTO), is the only Independent System Operator that
> has successfully completed this type of audit. By accomplishing the SAS 70
> type II audit, PJM provides assurance to its 200 members that the information
> and activities they rely on from PJM are operated in a well controlled and
> risk managed environment.
>
> "We are pleased with the results of this audit and proud to be able to
> demonstrate to our members that our control and business practices meet
> stringent guidelines," said Phillip G. Harris, PJM president and chief
> executive officer.
>
> PJM voluntarily participates in this rigorous and comprehensive review.  The
> audit encompassed all control objectives related to the PJM market settlement
> process as well as PJM's eSuite of tools - the information technology
> infrastructure that supports the multiple PJM markets.  According to PwC's
> findings, the controls that were tested were operating with sufficient
> effectiveness to provide reasonable assurance that the specified control
> objectives were achieved during the time period covered by the audit.
>
> PJM has voluntarily initiated both SAS 70 type I and type II audits.  Both
> reviews evaluate the design of the internal controls surrounding processes and
> application systems, as well as the suitability of the design capabilities to
> achieve specific objectives.  The recently completed type II audit is more
> comprehensive in that it also evaluates and tests whether the designed
> processes are operating effectively over a specific period of time.  PJM will
> continue to volunteer in this intense type II audit process on an on-going
> basis.  The company has already commenced the next SAS 70 type II audit
> process.
>
> PJM, the country's only fully functioning RTO, operates the world's largest
> competitive wholesale electricity market and one of North America's largest
> power grids.  The company currently coordinates a pooled generating capacity
> of more than 59,000 megawatts and operates a wholesale electricity market with
> more than 200 market buyers, sellers and traders of electricity.  PJM has
> administered more than $5 billion in energy and energy service trades since
> the regional markets opened in 1997.  More than 70 nations have sent delegates
> to PJM to learn about the market model and the operation of the grid in the
> mid-Atlantic states.
>
> ###

Please DO NOT REPLY to this message. If you have a question for PJM Customer
Relations and Training, please complete and submit this form:
http://www.pjm.com/contact/questions.html

To unsubscribe from this list, send an e-mail to majordomo@majordomo.pjm.com
containing only the following line in the body of the e-mail:

unsubscribe pjm-customer-info