Message-ID: <10521699.1075860357835.JavaMail.evans@thyme> Date: Thu, 22 Mar 2001 02:58:00 -0800 (PST) From: susan.mara@enron.com To: richard.shapiro@enron.com, chris.foster@enron.com, tim.belden@enron.com, jeff.dasovich@enron.com, james.steffes@enron.com, phillip.allen@enron.com, christopher.calger@enron.com, david.parquet@enron.com, dennis.benevides@enron.com, neil.bresnan@enron.com, david.leboe@enron.com, sandra.mccubbin@enron.com, steven.kean@enron.com, harry.kingerski@enron.com, janel.guerrero@enron.com, leslie.lawner@enron.com, joe.hartsoe@enron.com, ray.alvarez@enron.com, mary.hain@enron.com, alan.comnes@enron.com, steve.hall@enron.com, rcarroll@bracepatt.com, christian.yoder@enron.com, richard.sanders@enron.com, mark.palmer@enron.com, karen.denne@enron.com Subject: ISO Press Conference -- $5.5 billion in refunds is wrong Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Susan J Mara X-To: Richard Shapiro, Chris H Foster, Tim Belden, Jeff Dasovich, James D Steffes, Phillip K Allen, Christopher F Calger, David Parquet, Dennis Benevides, Neil Bresnan, David Leboe, Sandra McCubbin, Steven J Kean, Harry Kingerski, Janel Guerrero, Leslie Lawner, Joe Hartsoe, Ray Alvarez, Mary Hain, Alan Comnes, steve.hall@enron.com, rcarroll@bracepatt.com, Christian Yoder, Richard B Sanders, Mark Palmer, Karen Denne X-cc: X-bcc: X-Folder: \Mary_Hain_Aug2000_Jul2001\Notes Folders\All documents X-Origin: Hain-M X-FileName: mary-hain.nsf THE LA Times was wrong in its assertion that the ISO was asking for $5.5 billion in refunds. The filing is submitting comments to FERC. The ISO said that the purpose of the filing is to ask FERC to be more aggressive in their approach to market mitigation and provide context to FERC for its decision. The report the ISO staff has done covers the period from May 2000 to Feb 2001 and calculates that prices exceeded what they would expect in a competitive market by $6.2 billion. The ISO states that it is not claiming that these are overcharges. They understand that other factors are in play and that the ISO does not have access to the generator cost data -- so they are unable to say how much of the dollars are overcharges. ISO General Counsel said he can't tell how much is an overcharge, how much should be refunded, how much might be unjust and unreasonable. ISO is working with other state agencies, AG, CPUC, EOB, and don't know if the action should be taken at FERC, the courts, ... In the press conference, the news reporters are using the term "gouging" and the ISO is not using that term, but not necessarily correcting the reporters. I'm still listening. Sue Mara Enron Corp. Tel: (415) 782-7802 Fax:(415) 782-7854