The invoices for November 1999 settlement adjustments will be posted by
23:00 today, Monday, September 17, 2001.  The NYISO apologizes for any
inconvenience resulting in the delay in posting these invoices.

Transmission  Customers  will  observe adjustments to their settlements to:
(1)  recover  costs  related  to  adjustments  made  outside of the billing
process;  and  (2)  adjust  the  NYISO clearing account balance to zero for
November 1999 settlements.

With  regard  to the adjustments made outside of the billing process, these
adjustments  could not have been corrected by a billing code or determinant
data fix.  As a result, the mechanism of paying and funding the adjustments
is  done  through  adjustments  outside  of the billing process.  The total
adjustment of $14,178.39 was allocated across 5,059,790 MWh.  Customers may
validate  their  respective  adjustments by computing their ratio shares of
the  $14,178.39  using 5,059,790 MWh as the denominator in their respective
ratios of their November 1999 load.  Customers will observe a difference in
the  denominators  used  in  the  ratio share allocation of this adjustment
versus  adjustment  #2.   This  is  due  to  the  fact  that  the costs for
adjustment  #1 are not allocated to those that received payment through the
adjustment, which would defeat the purpose of the adjustment.

Prior  to  October 2000, the NYISO recovered or refunded differences in the
revenue   received  from  Schedule  1  charges,  which  were  comprised  of
forecasted  uplift  & residual adjustments, and the costs actually incurred
by  adjusting  subsequent month's Schedule 1 rates accordingly.  In October
2000,  the NYISO implemented a change in the tariffed Schedule 1 provisions
that  allowed the recovery and refund of these costs as they were incurred.
In  order  to  allow  any  changes in uplift and residual adjustments to be
settled  through the settlement adjustment process, the code implemented in
October 2000 was used to report these costs to the market.  This results in
an  over-collection  which  is  being  returned  to  Customers  through  an
adjustment  to  their  monthly  balances.   This  billing treatment for the
November  1999  settlement  adjustments  resulted  in credits to the market
totaling  $5,583,559.78  allocated  across  5,074,229 MWh.  Customers where
allocated  their  portion  of  this  adjustment based upon their respective
ratio  shares of the 5,074,229 MWh of NYISO transmission service billed for
the month.

November  1999  settlement adjustment settlement dates have been changed to
address  the  delay  in  invoicing.  Payments due to the NYISO for November
1999  settlement  adjustments  are due to be received in the NYISO clearing
account on Monday, September 24, 2001.  Payments due to market participants
will  be  made  on  Thursday,  September  27,  2001.   Please  refer to the
attachment below for banking instructions.

The  NYISO anticipates that the 2nd settlement adjustment for December 1999
settlements  will  be  invoiced tomorrow, Tuesday, September 2001 by 23:00.
Settlements  dates will be adjusted to accomodate the invoice date changes.
Given  the aforementioned schedules, payments due to the NYISO for December
1999  settlement  adjustments  will  be  due  to  be  received in the NYISO
clearing  account  on  Tuesday, September 25, 2001.  Payments due to market
participants  will  be  made on Friday, September 28, 2001.  The NYISO will
confirm the invoicing schedule for December 1999 settlements tomorrow.

Regards,
Randy A. Bowers
Manager - Customer Settlements

(See attached file: November_1999_2nd_Settlement
Adjustment_Invoice_Banking_Instructions.PDF)
 - November_1999_2nd_Settlement Adjustment_Invoice_Banking_Instructions.PDF