Statement by California ISO President and CEO Steve Berberich

  Statement by California ISO President and CEO Steve Berberich

After FERC suspends J.P. Morgan market-based rate authority for six months

Business Wire

FOLSOM, Calif. -- November 15, 2012

“Today, the Federal Energy Regulatory Commission issued an order suspending
the market-based rate authority of J.P. Morgan Ventures Energy Corporation for
six months.

“The ISO and FERC are in lockstep on the importance of protecting the
integrity of energy markets, and this includes honest and straightforward
dealings by all market participants during investigations of market conduct.

“We believe the FERC order is a strong signal to the entire market of the
importance of proper conduct and cooperation during investigations.

“We appreciate that FERC recognized ISO operational concerns and set the
beginning of the suspension for April 1, 2013, allowing the ISO adequate time
to prepare for any potential market impacts. J.P. Morgan Ventures Energy
Corporation schedules and controls the dispatch of electricity from 10 power
plant units in Southern California.”

                 California ISO Media Hotline | 888.516.6397
        250 Outcropping Way | Folsom, California 95630 |
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The California ISO operates the state’s wholesale transmission grid, providing
open and non-discriminatory access supported by a competitive energy market
and comprehensive planning efforts. Partnering with about a hundred client
organizations, the nonprofit public benefit corporation is dedicated to the
continual development and reliable operation of a modern grid that operates
for the benefit of consumers. The ISO bulk power market allocates space on
transmission lines, maintains operating reserves and matches supply with


California ISO
Stephanie McCorkle, 888-516-6397
Steven Greenlee, 888-516-6397
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