Seems very likely that someone else notified DJ of this posting.  Might be 
useful for our traders to understand that scrutiny in the short run is going 
to be signficant.

Best,
Jeff



	Karen Denne
	06/29/2001 05:03 PM
		 
		 To: Mark Palmer/Corp/Enron@ENRON, Susan J Mara/NA/Enron@ENRON, Jeff 
Dasovich/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, James D 
Steffes/NA/Enron@Enron, Steven J Kean/NA/Enron@Enron, Vance 
Meyer/NA/Enron@ENRON, Meredith Philipp/Corp/Enron@ENRON
		 cc: 
		 Subject: FERC proxy price in CA

I got a call from Dow Jones today about a price we had posted on EnronOnline 
for day-ahead power at Mead for $105/MWh (the FERC proxy price is $91.87).  I 
talked to Tim Belden and just because an offer is posted doesn't mean that 
there's been a transaction.  Turns out that under our interpretation of the 
FERC order, because Friday for Monday transactions exceed the 24-hour 
delivery requirement, we believe they're exempt from the order.  Tim said 
that at the end of today, we had done five transactions above the cap, but 
they decided to lower the transaction price to the proxy price so we'd reduce 
any further exposure and scrutiny.