1. Introduction Electric Market-Based Rate Filings Including Triennial Reviews And New Market- Based Rate Authorizations

2. FERC responsibility under the Federal Power Act: To Ensure That Rates Charged By Public Utilities For Wholesale Power Are Just, Reasonable And Not Unduly Discriminatory Or Preferential To Ensure That Rates Charged By Public Utilities For Wholesale Power Are Just, Reasonable And Not Unduly Discriminatory Or Preferential

3. Key Generation Market Power Orders April 14 Order (SMA Rehearing Order) 107 FERC ¶ 61,018 April 14 Order (SMA Rehearing Order) 107 FERC ¶ 61,018 May 13 Order (Implementation Order) 107 FERC ¶ 61,168 May 13 Order (Implementation Order) 107 FERC ¶ 61,168 July 8 Order (April 14 Rehearing Order) 108 FERC ¶ 61,026 July 8 Order (April 14 Rehearing Order) 108 FERC ¶ 61,026

4. Two Step Approach Step One: Submit Indicative Screens Step One: Submit Indicative Screens Step Two: For Utilities That Fail Step Two: For Utilities That Fail Delivered Price Test Delivered Price Test Tailored MitigationTailored Mitigation Default MitigationDefault Mitigation

5. Results To Date For Backlog 80% Complete 80% Complete 92% Estimate After 6/15/05 Agenda 92% Estimate After 6/15/05 Agenda 95% Estimate After 6/30/05 Agenda 95% Estimate After 6/30/05 Agenda

6. IOU Passes Using Non-RTO Geographic Markets Avista Corporation Avista Corporation Consumers Energy Company Consumers Energy Company Idaho Power Company Idaho Power Company Portland General Electric Company Portland General Electric Company Puget Sound Energy, Inc. Puget Sound Energy, Inc.

7. Today’s Agenda Three New MBR Authorizations Granted Three New MBR Authorizations Granted Eleven Triennial Review Filings Accepted Eleven Triennial Review Filings Accepted Two Triennial Review Filing Conditionally Accepted Two Triennial Review Filing Conditionally Accepted Five Triennial Review Filings Set For A Section 206 Proceeding Five Triennial Review Filings Set For A Section 206 Proceeding

8. Technical Conferences Five Publicly Announced Technical Conferences (Docket No. RM04-7) Five Publicly Announced Technical Conferences (Docket No. RM04-7) Three On Affiliate Abuse Including Competitive Procurement Three On Affiliate Abuse Including Competitive Procurement Vertical Market Power/Barriers To Entry Vertical Market Power/Barriers To Entry Generation Market Power Analysis Generation Market Power Analysis

9. Key Affiliate Abuse Orders Mountainview Power Company Mountainview Power Company 106 FERC ¶ 61,183 (2004)106 FERC ¶ 61,183 (2004) Allegheny Energy Supply Company Allegheny Energy Supply Company 108 FERC ¶ 61,082 (2004)108 FERC ¶ 61,082 (2004) Conectiv Energy Conectiv Energy 109 FERC ¶ 61, 385 (2004)109 FERC ¶ 61, 385 (2004) Public Service Electric And Gas Public Service Electric And Gas 111 FERC ¶ 61, 152 (2005)111 FERC ¶ 61, 152 (2005)

10. Other Significant Orders Reporting Requirements For Change in Status Reporting Requirements For Change in Status 110 FERC ¶ 61,097 (2005)110 FERC ¶ 61,097 (2005) E-84 – Order Announcing Policy On Non-Compliance With Conditions Of Market-Based Rate Authority E-84 – Order Announcing Policy On Non-Compliance With Conditions Of Market-Based Rate Authority