206 - Refund Order ,
 Christi & Sarah --

Do we have to do something related to this?  Thanks.

Jim


Note also that in a separate development FERC
simultaneously opened a broad investigation under Section
206 of the Federal Power Act to apply the new
market-based-sales policy to all U.S. sellers nationwide.
What this means is that, although only three utilities are
mentioned in this initial order, it is expected that FERC
will continue to take steps to constrain what it believes
to be erratic wholesale markets. Reportedly, some 30
companies are awaiting similar reviews by FERC to
determine if the commission believes they exert market
power. The 206 investigation reportedly also requires
power providers with market-based sales authority to amend
their tariffs within 60 days to provide FERC with
open-ended authority to order refunds if the commission
determines that market manipulation has occurred.
l..nicolay@enron.com, sarah.novosel@enron.com