March Preliminary Invoice

The ISO Settlements group has determined that based on the available
information the "Market" payment amount by Enron should be $8,000,000 due on
May 31, 2001 by 10am. This is based on the adjusted meter data submitted
by Enron between 3/14/01-3/24/01 and final settlement statements that have
been generated only to March 18th, which has updated the preliminary
statements to this date. Along with this, we have calculated that the GMC
payment should be $460,532.
Please note that any true-ups to the exact settlement statement charges will
be reflected in the final settlement statements for the dates in which we
had to trend (3/18 through 3/24). Adjusted Payment / Charges will be made
within the normal market mechanisms.

Keoni Almeida
California Independent System Operator
phone: 916/608-7053
pager: 916/814-7352
alpha page: 9169812000.1151268@pagenet.net
e-mail: <mailto:kalmeida@caiso.com<