1. Market Operations Standing Committee January 22, 2003

2. MOSC Updates December Meeting Minutes –Draft Minutes Posted January 10, 2003 –Comment Period closed January 17, 2003 No Comments Received –Minutes to be Posted as Final –No Outstanding Action Items Baseline 9.0 Documents –Posted January 17, 2003 –Comments to pending.changes@theIMO.com by January 31, 2003

3. MOSC Update Guideline for Failed Transactions –Revised based on December Consultation Posted for comment on January 20, 2003 http://www.theimo.com/imoweb/pubs/macd/macd_Guide_FIT_20030120.pdf –Changes include Exemptions for demonstrating a good track record Volatility test will utilize On peak / Off peak pricing Intention test - changed measurement hour to close of unrestricted hour not energy delivery hour –Comments to MACD@theIMO.com by COB January 31, 2003

4. MOSC Update Reliability Must Run Contract –MOSC Consultation Completed –Final Reliability Must Run Contract Template Posted http://www.theimo.com/imoweb/pubs/systemOps/so_RMRContract.doc

5. MOSC Update Regulatory Affairs Standing Committee –Published filings to FERC on SMD by IMO, CEA and ISO’s / RTO’s http://www.theimo.com/imoweb/corp/regulatory.asp Under heading of FERC Filings Next Meeting February 5, 2003 –Agenda to be Posted January 21, 2003

6. MOSC Update IT Standing Committee –Next meeting March 3, 2003 Release Review Continuation of discussions on MPI access granularity Commercial Reconciliation / Revenue Meter Sub Committees –MTR Working Group Reviewing MTR process –Targeting to have review complete with any recommendations by the end of February

7. MOSC Update Forecasts and Assessments –18 Month Assessment - published December 23, 2003 http://www.theimo.com/imoweb/pubs/marketReports/18MonthOutlook_2003jan.pdf F&A Sub Committee –Met January 15, 2003 Review Q4 2002 18-Month Outlook Approval to issue interim updates to 18-Month Outlooks Prototype of 18-Month Outlook Update spreadsheet Discussion of pending reports for 2003 10-Year Outlook 4 quarterly 18-Month Outlooks NPCC Triennial Review of Resource Adequacy NPCC Summer Seasonal Assessments (CP-8, Operation Working Group)

8. MOSC Update Market Advisory Council –February 18, 2003 - Toronto Congress Centre Agenda to be posted January 21, 2003