ISO Market Participants,

(This is an important notice - it may have been sent yesterday, but is being
sent or resent today to insure you receive it)




> On Thursday, March 22, 2001, the ISO was scheduled to settle the December
> 2000 final (true-up) invoices.
>
> Payments due and received are summarized below:
>
>  Market Obligations
>     Invoiced Amounts:
> $72,817,565.78
>     Paid to the ISO on 3/22/01:
> $4,668,657.91
>
>    ISO Accounts Payable 3/22/01
> $81,612,266.92*
>    Available for Distribution and Distributed 3/23/01
> $4,668,657.91
>
>  Note:
>  * Without consideration of previous defaults, the  ISO was scheduled
> to distribute $81,612,266.62.  The difference between this amount and the
> $72,817,565.78 which should have been received is a timing difference
> which would have been funded from an over-collection from the December
> preliminary invoice (absent the market defaults related to the preliminary
> statement.)
>
> The ISO issued instructions today to its bank to distribute $4,668,657.91.
> The amount available for distribution was distributed equitably, taking
> into consideration total December charges (including preliminary and final
> invoiced amounts), amounts previously distributed, and amounts owed to the
> ISO.  The ISO is currently preparing for distribution to ISO creditors a
> current certification of amounts owed for December 2000.
>
>
>
> Phil Leiber
> Dir. Financial Planning & Treasurer
> California ISO
> 916 351-2168
> 916-351-2259 (fax)
>
>