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Chris! I told you not to do that. That is going to complicate matters. ---------------------- Forwarded by Mary Hain/HOU/ECT on 02/09/2001 05:00 AM --------------------------- Enron Capital & Trade Resources Corp. From: "Fuller, Don" @caiso.com> 02/08/2001 06:42 PM To: ISO Market Participants cc: ISO Market Participants , "Mohr, Jim" , "Nicolay, Christi" , "Burkholder, John" , "Christian, Yolanda" Subject: Market based price cap Market Based Price Cap "ISO Real-Time Market" Effective Date = Monday, February 12, 2001 Last Revised = Sunday, February 4, 2001 This Market Based Price Cap (MBPC) is a continuation of the California ISO's existing Market Based Price Cap (MBPC) and continues to provide market participants with an opportunity to enter into transactions at prices that will provide market-clearing costs based on cost-causation. The MBPC addresses the cost-causation concerns that arose when the ISO's Demand and Capacity Guarantee Provider (DGSP) and Energy Imbalance Markets were separated. Since their separation, ISO real-time market participants have experienced mismatches between supply and demand resulting in significant price spikes in ISO energy and ancillary service markets. Customers purchasing generation and transmission service are in a position to benefit from these prices because the ISO's charges reflect cost-causation in these markets. In contrast, the ISO previously capped all sales of block forward energy and ancillary service at ISO-posted prices. Additionally, the existing ISO Market Based Price Cap applies to all CAISO markets. This Market-Based Price Cap replaces the ISO's existing Market-Based Price Cap in that it applies only to a subset of the CAISO markets and eliminates the ISO price cap for the energy and ancillary services markets. Market Based Price Cap: Effective Date = Monday, February 12, 2001 Hours = All ISO Services = P&L Price Cap = Price Cap: Market Clearing Price plus $0.01 = Market Clearing Price = Market clearing price will be determined by the last sale in the current ISO real time market Cost of Service = Cost of Service: Variable cost plus $0.01 = Variable cost = Variable cost will be determined by the last sale in the current ISO real time market ISO Market Clearing Price: Transmission Services = $250/MWh Generation Services = $300/MWh Ancillary Services = Ancillary Service Market Clearing Price $250/MWh +0.0025 * (Demand Charge) For all other services, the ISO market clearing price will equal the following = ISO Market Clearing Price +1.00 * (Demand Charge) The Demand Charge is set equal to the total demand charge measured in the last 24 hours of trade in the day ahead primary day ahead real time market. The Demand Charge will be applied to hours that fall within the ISO day ahead schedules. Transmission Services = Transmission Service Market Clearing Price $300/MWh +0.0025 * (Demand Charge) Generation Services = Generation Service Market Clearing Price $500/MWh +0.0025 * (Demand Charge) Ancillary Services = Ancillary Service Market Clearing Price $250/MWh +0.0025 * (Demand Charge) The Demand Charge is set equal to the total demand charge measured in the last 24 hours of trade in the day ahead hourly real time market. The Demand Charge will be applied to hours that fall within the ISO hour ahead schedules. Any hour without a valid ISO Schedule does not apply to this MBPC. Price Cap and Cost of Service information may be found on the ISO's website http://www.caiso.com under the Forms & Publications tab. "Market-Based" refers to a market where participants are free to purchase transmission and generation capacity for all hours within the ISO-defined hourly time frames. The ISO real time energy and ancillary service markets are examples of a market-based market. These and other examples may be found in the Market Based Price Cap & Cost of Service Provisions section on the aforementioned web page. The ISO's Supply and Demand Responsibility Council ("SDC") is responsible for recommending and implementing changes in the ISO tariff and operational practices that will provide for continuous improvement of the ISO Market Based price Cap and to ensure just and reasonable utility rates. The SDC consists of representatives from Enron and other market participants. Members of the SDC currently include Duke Energy Marketing; Dynegy Power Marketing; Mirant Americas Energy Marketing; Reliant Energy Services, Inc.; Sempra Energy Trading; Southern Energy Trading; Williams Energy Marketing and Trading; Williams Power Marketing. The ISO Board meets on the 3rd and 10th Tuesday of each month. There will be a meeting next on Tuesday, February 13th. You can reach Steve Corman at (916) 608-7085. (See attached file: CICMarketBased.doc) - CICMarketBased.doc