Announcement: APX has completed the implementation of NEPOOL GIS Operating Rule 3.6 – (Banked Certificates). With that implementation, the changes to the NEPOOL Generation Information System Operating Rules related to Banked Certificates that were approved by the NEPOOL Markets Committee on September 16, 2003 have become effective.

NEPOOL GIS Operating Rule 3.6 allows all GIS Account Holders the option to place Renewable Certificates into a Banked Certificate Subaccount which will allow these Certificates to have a usable life beyond the Certificate’s quarter of creation. All Certificates created and placed in a Banked Certificate Subaccount in 2003 will be allowed to be active during the 2003 year of trading (which ends on June 15, 2004). The same will hold true for all future years of trading (e.g. Renewable Certificates created for Q1, Q2, and Q3 of a trading year will be able to be banked until the Q4 Trading Period for the applicable year). Certificates that are in a Banked Certificate Subaccount at the end of a quarterly Trading Period will be usable in the next Trading Period. All Certificates, including ones in the Banked Certificate Subaccount, will be retired at the end of the Trading Period for the Fourth Quarter of each year. The tables shown below summarize possible Certificate activity when using the Banked Certificate Subaccount.

2003 Trading Year	1st Quarter Trading Period	2nd Quarter Trading Period	3rd Quarter Trading Period	4th Quarter Trading Period
Certificates Created - 1st Quarter	NA	NA	NA	NA
Certificates Created - 2nd Quarter	NA	Bankable	Bankable Active	Active*
Certificates Created - 3rd Quarter	NA	NA	Bankable	Active*
Certificates Created - 4th Quarter	NA	NA	NA	NA

* All 2003 Certificates (Including ones in the Banked Certificate Subaccount) will be Settled at the End of Q4 2003.

2004 Trading Year	1st Quarter Trading Period	2nd Quarter Trading Period	3rd Quarter Trading Period	4th Quarter Trading Period
Certificates Created - 1st Quarter	Bankable	Bankable Active	Bankable Active	Active*
Certificates Created - 2nd Quarter	NA	Bankable	Bankable Active	Active*
Certificates Created - 3rd Quarter	NA	NA	Bankable	Active*
Certificates Created - 4th Quarter	NA	NA	NA	NA

* All 2004 Certificates (Including ones in the Banked Certificate Subaccount) will be Settled at the End of Q4, 2004.

Action: The software upgrade will be available to all GIS Account Holders on December 3, 2003. This will allow GIS Account Holders 12 days to move their Renewable Certificates to their Banked Certificate Subaccounts for the Q2 2003 Trading Period. On December 15, 2003, the Second Quarter Trading Period will be closed. All Certificates that are in a Banked Certificate Subaccount will be available to the GIS Account Holder in the Trading Periods for the Third and Fourth Quarters.

Functionality & Training: The Banking functionality of the GIS user interface is similar to the Reserved Certificate. The GIS Administrator will make a set of training slides available during the week of Dec 1, 2003. In addition, the GIS Administrator can provide one-on-one training if needed.

GIS Account Holders should refer to the NEPOOL Generation Information System Operating Rules for a complete description of Banked Certificates. This announcement is not intended to supersede the GIS Operating Rules, and in the event of any discrepancy between this announcement and the GIS Operating Rules, the GIS Operating Rules will govern.