cal px shuts trading breaking news cal px shuts trading posted 2 47 pm cst jan 30 2001 direct reaction federal regulatory moves monday california power exchange cal px board decided shut day ahead day wholesale electricity markets noon wednesday jan 31 today last day trading day ahead wednesday final day day bringing close one part state initial 1996 electric industry restructuring law created state chartered nonprofit public benefits corporation provide wholesale spot market california three major investor owned utilities required buy sell wholesale power longer required regrettably cal px must take extraordinary action response monday ferc order directs us immediately comply terms dec 15 order implement 150 mwh breakpoint said cal px ceo george sladoje noted feb 7 oral argument set power exchanges emergency motion petition u ninth circuit court appeals requesting stay rehearing original ferc dec 15 order cal px close entirely yet continue perform scheduling settlement services current participants forward contracts scheduled via approved alternative delivery mechanisms assuring buyers sellers inconvenienced exposed adverse economic impact result suspension day ahead market exchange said announcing market closings