Notice - TPG Investigations Calendar 2004

January 26, 2005

NOTICE TO PARTICIPANTS

MSA Report - TPG Investigations Calendar 2004

During 2004, the Market Surveillance Administrator (“MSA”) undertook a major initiative with respect to the “Trading Practices Guideline” (“TPG”).  The TPG is a guideline established in accordance with s. 49(4) of the Electric Utilities Act and in effect sets out how the MSA views the fair, efficient, and openly competitive operation of the market in the context of trading around outage information.  The MSA began enforcing the TPG on July 5, 2004.

The above noted MSA Report describes three investigations undertaken by the MSA in respect of conduct which appeared to be inconsistent with the TPG and the fair, efficient, and openly competitive operation of the market.  The MSA concluded that some of the parties under investigation entered into trades prior to disclosure of the outages under OPP 601, and thereby breached the TPG.  For reasons discussed in the report, the MSA is granting a collective “mulligan” on these breaches of the TPG on the basis of the particular circumstances involved.

This report is issued to provide additional guidance to market participants around the TPG and related matters.

The MSA welcomes your comments on the report.  If you have any questions on the content of the report, please feel free to contact either Rob Spragins (403.705.3195) or Wes Green (403.705.3199).

Yours truly,

“Original signed”

W.W. (Wayne) Silk
V.P. & COO