Message-ID: <25550240.1075844142638.JavaMail.evans@thyme>
Date: Tue, 30 Jan 2001 08:23:00 -0800 (PST)
From: lorna.brennan@enron.com
To: steven.harris@enron.com, lindy.donoho@enron.com, jeffery.fawcett@enron.com, 
	kevin.hyatt@enron.com, lorraine.lindberg@enron.com, 
	tk.lohman@enron.com, michelle.lokay@enron.com, lee.huber@enron.com, 
	susan.scott@enron.com
Subject: Cal-PX Shuts Down Trading
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Lorna Brennan
X-To: Steven Harris, Lindy Donoho, Jeffery Fawcett, Kevin Hyatt, Lorraine Lindberg, TK Lohman, Michelle Lokay, Lee Huber, Susan Scott
X-cc: 
X-bcc: 
X-Folder: \Michelle_Lokay_Dec2000_June2001_2\Notes Folders\All documents
X-Origin: LOKAY-M
X-FileName: mlokay.nsf

Breaking News: Cal-PX Shuts Down Trading 
posted 2:47 PM (CST) Jan 30, 2001 
In direct reaction to federal regulatory moves Monday, the California Power 
Exchange (Cal-PX) board decided to shut down day-ahead and day-of wholesale 
electricity markets by noon Wednesday, Jan. 31. Today will be the last day of 
trading for the day-ahead, and Wednesday the final day for the day-of, 
bringing to a close one part of the state's initial 1996 electric industry 
restructuring law that created the state-chartered, nonprofit public benefits 
corporation to provide a wholesale spot market through which California's 
three major investor-owned utilities were required to buy and sell all of 
their wholesale power. They are no longer required to do so. 
"Regrettably, Cal-PX must take this extraordinary action in response to 
Monday's FERC order that directs us to immediately comply with the terms of 
its Dec. 15 order and implement a $150/MWh breakpoint," said Cal-PX CEO 
George Sladoje, who noted that there is a Feb. 7 oral argument set for the 
power exchanges emergency motion and petition with the U.S. Ninth Circuit 
Court of Appeals, requesting a stay and rehearing of the original FERC Dec. 
15 order. 
The Cal-PX will not close down entirely as yet. It will continue to perform 
all scheduling and settlement services for its current participants. "Forward 
contracts will be scheduled via approved alternative delivery mechanisms, 
assuring both buyers and sellers will not be inconvenienced or exposed to 
adverse economic impact as a result of the suspension of the day-ahead 
market," the exchange said in announcing the market closings.