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Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Richard B Sanders X-To: Tim Belden X-cc: X-bcc: X-Folder: \Richard_Sanders_Oct2001\Notes Folders\Sent X-Origin: Sanders-R X-FileName: rsanders.nsf It should. I am not sure what game they are playing. Maybe it allows them to argue their block forward positions should not be liquidated because PG&E is not in default to the PX. Tim Belden 02/02/2001 08:54 AM To: Richard B Sanders/HOU/ECT@ECT cc: Subject: CAISO Notice - Letter from PG&E Regarding Payment for November, 2 000 Invoice letter from pg&e to the iso. shouldn't this letter go to the px who in turn would send it to the iso? ---------------------- Forwarded by Tim Belden/HOU/ECT on 02/02/2001 05:55 AM --------------------------- Enron Capital & Trade Resources Corp. From: "Woertz, Byron" <BWoertz@caiso.com< 02/01/2001 02:18 PM To: ISO Market Participants <IMCEAEX-_O=CAISO_OU=CORPORATE_CN=DISTRIBUTION+20LISTS_CN=ISO+20MARKET+20PARTI CIPANTS@caiso.com< cc: Subject: CAISO Notice - Letter from PG&E Regarding Payment for November, 2 000 Invoice ISO Market Participants: On January 31, 2001, the CEO of the California ISO received by fax a letter from Joseph C. Henri, Director of Utility Electric Portfolio Management at Pacific Gas and Electric Co. (PG&E). Mr. Henri stated that PG&E was providing notice pursuant to Sections 15.1 and 15.2 of the ISO Tariff that "Uncontrollable Forces prevent PG&E from performing all of its obligations under the ISO Tariff." Mr. Henri's letter identified "government regulations and market conditions" as "forces beyond PG&E's reasonable control." In addition, Mr. Henri stated that the temporary electric rate increase ordered by the California Public Utilities Commission on January 4, 2001 was "an amount far below that necessary to enable PG&E to generate sufficient cash to pay its ongoing procurement bills." Mr. Henri continued by stating that "PG&E...lacks the funds to pay in full its bill from the Independent System Operator for November power purchases, due on February 1, 2001." Further, Mr. Henri stated that "because PG&E's inability to make full payment is due to Uncontrollable Forces, the ISO Tariff precludes the Independent Service (sic.) Operator from imposing any sanctions against PG&E." Mr. Henri concluded by stating that PG&E's efforts to secure relief from these circumstances continue and that PG&E will inform the ISO as soon as it is able to resume making full payment for its wholesale power purchases. At present, the California ISO neither accepts nor rejects the claims made in Mr. Henri's letter. The purpose of this market notice is to fully inform Market Participants who may have claims directly against PG&E based on PG&E's failure to pay in full ISO invoices. Byron Woertz Director, Client Relations
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