good news ferc action needed either ignore like issue really complicated tried summarize sure closely two tracking activities ferc interim victory late last week chargeback issue edison pacific gas defaulting px iso payments january february px attempted invoke charge back section tariff several strange outcomes first px attempted recover short payments edison december activity charging px market participants based three month rolling average gross sales px owed supplier money simply short payed prorata amount market participant owed px money px added participants bill created series short pays chargebacks market participant received chargeback bill pay e g pg e sce december px activity px would allocate amount via short pays chargebacks participants iterative process would continue credit worthy participants shouldered burden px attempted us equally bizarre method allocate defaults utilities iso rt energy bill px schedule coordinator utilities handles payments iso rt energy behalf utilities rather shortpaying suppliers iso defaults utilities rt energy charges px attempted collect money participants order pay iso sellers px day ahead market supposed pay sce pg e rt iso bill done via chargeback led last man standing theory whereby px would iteritively chargebacks credit worthy entities stuck pg e sce defaults px iso markets ferc granted market participants relief friday directed px 1 rescind chargebacks 2 refrain taking future chargebacks found chargeback provision px tariff designed address default magnitude thus application circumstances unjust unreasonable last word matter variety state court cases impact course bankruptcy judge weigh well however solid victory us ferc sided us rather px respect interpreting px tariff defaults