ISO Board Names New President and CEO; New Chair, Vice Chair Elected; New Leadership Team for California Grid Operator.

FOLSOM, Calif. -- Please replace the release with the following corrected version due to the addition of photos and additional text.

The corrected release reads:

ISO BOARD NAMES NEW PRESIDENT AND CEO; NEW CHAIR, VICE CHAIR ELECTED; NEW LEADERSHIP TEAM FOR CALIFORNIA GRID OPERATOR

The California Independent System Operator (California ISO) Board of Governors has hired a 30-year veteran of western grid operations to be the President and CEO of the not-for-profit corporation. Yakout Mansour, 57, will take the reins of the California ISO in March 2005. The Board also elected Ken Wiseman, appointed to the Board last year, as the new Chair. Tim Gage, appointed to the board in 2003, was named Vice Chair. He has been serving as Chair of the ISO Finance Committee.

"Ken will make a terrific board chair and I look forward to assisting him with a smooth transition," said outgoing chairperson Michael Kahn. "On the same note, Yakout Mansour has the experience, the leadership skills and an excellent management style to match this dynamic organization. We went through an exhaustive process to find the right person to lead the California ISO. He's worth the wait."

The new Chair of the ISO Board also praised the choice. "There are only a handful of people anywhere that have the right set of skills to do this job," said Ken Wiseman. "Yakout has reached the top echelons of the profession and he will be a strong leader for the ISO as it fulfills its mission to 'keep the lights on' and maintain open access to California's wholesale power grid."

Wiseman, who represented agricultural consumers previously on the ISO Board, from 1998 to 2000, was reappointed in October 2004. He takes over as Chair after four years of Kahn's leadership. "Michael has guided the ISO through some incredible challenges the past four years. His leadership has prepared the organization to meet the challenges of the future. His foresight and dedication have served the ISO and the people of California very well."

Kahn's term on the Board expired at the end of December 2004, but he is permitted to continue to serve on the Board until the Governor names a replacement.

Prior to being hired at the California ISO, Mansour, a Canadian Citizen, was Senior Vice-President for System Operation and Asset Management at British Columbia Transmission Corporation. He held a similar position at BC Hydro and he has held leadership positions in several organizations that seek greater cooperation among the entities that control the western interconnection in North America including the Seams Steering Group-Western Interconnection (SSG-WI) and the Western Electric Coordinating Council (WECC).

The North American Electric Reliability Council (NERC) also named Mansour to the panel that investigated the August 14, 2003 blackout that affected much of the Eastern United States. He was part of a similar panel that looked into the Western Blackout that occurred on August 10, 1996.

Mansour earned his Masters Degree in Electrical Engineering from the University of Calgary in 1977. He is a registered Professional Engineer with more than 30 years of experience in power system planning and operation. He made major contributions to the development of the transmission business within BC Hydro and helped chart the course of the British Columbia Transmission Corporation as an independent entity.

He is a Fellow of the Institute of Electrical and Electronics Engineers, (IEEE) and has authored and co-authored more than 100 papers for IEEE or other international professional organizations. He is recognized as an expert in electric power system oscillations. His groundbreaking developments led to U.S. and Canadian patents for grid reliability tools that prevent blackouts.

"Keeping the lights on is a matter of health and safety," said consumer attorney Michel Florio, who sits on the California ISO Board. "This is a top individual who will bring considerable value to California consumers."

Mansour's base compensation has been set at $395,000 per year, with additional incentive compensation dependent on the extent to which he and the organization achieve specific performance targets. His complete annual compensation for 2005 will be made public as part of the "Form 1" filing to the Federal Energy Regulatory Commission in April, 2006.

The California ISO is charged with managing the flow of electricity along the long-distance, high voltage power lines that make up the bulk of California's transmission system. The not-for-profit public-benefit corporation assumed the responsibility in March, 1998, when California opened its energy markets to competition and the state's investor-owned utilities turned their private transmission power lines over to the California ISO to manage. The mission of the California ISO is to safeguard the reliable delivery of electricity, facilitate markets and ensure equal access to a 12,500 circuit mile "electron highway."

Following are biographies of the three executives:

Yakout Mansour

President and Chief Executive Officer

California Independent System Operator

California Independent System Operator (California ISO) President and Chief Executive Officer Yakout Mansour brings 30 years of power system experience to his position managing California's open-access high-voltage power grid. Previously, he served as the Senior Vice President of System Operations and Asset Management for British Columbia Transmission Corporation (BCTC) since its inception in 2003. Mr. Mansour helped chart the course of BCTC as an independent entity and was a major contributor to the development of the transmission business in British Columbia and the North West.

Previously, at BC Hydro, Mr. Mansour served as Vice President Grid Operations and Inter-Utility Affairs, a functionally separate division responsible for the system operation as well as the development of policies and practices related to inter-utility transmission access and wheeling services in British Columbia.

A registered Professional Engineer in the Provinces of British Columbia and Alberta, Mr. Mansour is a Fellow of the Institute of Electrical and Electronics Engineers (IEEE), has authored and co-authored over 100 papers and special publications for IEEE and other international professional institutions, and has provided training and consulting services around the world. His groundbreaking developments in electric power system dynamics have made him recognized internationally and he holds related patents in both the United States and Canada. Prior to Mr. Mansour's research in this area, the phenomenon of voltage instability was an emerging issue with no specific method in existence to analyze the problem. He has made major contributions to this field of research and has been a guiding force in the industry. Mr. Mansour was awarded several awards for his innovations and distinguished services to the electric power industry.

Mr. Mansour has been providing valuable testimonies to the U.S. Federal Energy Regulatory Commission and the British Columbia Utilities Commission on matters related to grid planning, operation, market development, and industry restructuring.

The North American Electric Reliability Council (NERC) named Mr. Mansour to the panel that steered the investigation of the August 14, 2003 blackout that affected much of the eastern North America. He was part of a similar panel that looked into the blackout that affected the western United States and Canada on August 10, 1996 as well as major blackouts that affected other parts of the world in South America and Asia in recent years.

Mr. Mansour's activities in several national and international industry associations and institutions over the last 20 years included:

--Chairman and member of several committees and working groups of the Institute of Electrical & Electronic Engineers.

--Principal and Board member of the GridWest Northwestern U.S. Regional Transmission Organization (RTO).

--Member of the Steering Group of the Seams Steering Group-Western Interconnection (SSG-WI).

--Member of the Stakeholder Committee for the NERC, representing Canada at large.

--Member of the Canadian National Committee of the international organization CIGRE.

--Member of the Transmission Council of the Canadian Electric Association.

Ken Wiseman

Chairperson

California ISO Board of Governors

Ken Wiseman was named Chairperson of the California Independent System Operator (California ISO) Board of Governors on February 11, 2005. Governor Arnold Schwarzenegger appointed Mr. Wiseman in October 2004 to a two-year term on the Board. He served as Vice Chairman of the organization's original stakeholder Board from 1997 to 2000 as a consumer representative for agriculture and water electricity end-users. Mr. Wiseman spent 18 years in Kern County as an executive in the agricultural and food processing industries. He has served as General Manager of Kern County grower and shipper Belridge Packing Company, was the first Undersecretary of the newly formed California Environmental Protection Agency in 1991, and served as Chief Operating Officer of the Klein, Denatale law firm from 1993 to 1996.

In recent years, Mr. Wiseman has served as an environmental mediator for RMC Engineering and has been the Project Leader for Affiliated Computer Services (ACS) in Fresno, California. As principle of Wiseman and Company, a firm specializing in corporate advisory, management services and regulatory strategies, he served in a number of positions between 1987 and 2000 and in this capacity has provided mediation and facilitation for the County of Monterey Water Agency and Pajaro Valley Water Agency. A former Chief of Staff for State Senator Peter Behr (R-Marin) from 1976 to 1978, Wiseman also served as Vice Chair of the California State Fair Board of Directors (CalExpo) and Chair of the California Commission on External Review of the State and Regional Water Boards.

Mr. Wiseman is a graduate of the University of California at Davis where he also received a master's degree in Business Administration. He currently serves as a Director of the Fresno Federal Empowerment Zone Board and is on the Board of the Cazadero Music Camp. He has previously served on the boards of the United States Produce Marketing Association, the Kern County Farm Bureau and the California Grape and Tree Fruit League. He is married to Rebecca Wiseman, a Justice on California's Fifth District Court of Appeal.

Tim Gage

Vice Chairperson

California ISO Board of Governors

Tim Gage was elected Vice Chairperson of the California Independent System Operator (California ISO) Board of Governors on February 11, 2005. Mr. Gage was appointed to the California ISO Board in March 2003, serving a two-year term. He is the former Director of the Department of Finance for Governor Gray Davis, a position he held from 1999 to 2003. In that capacity, he served as the Governor's chief fiscal advisor, responsible for advising the Governor on all financial matters affecting the state and the preparation of the state's budget.

Mr. Gage also represented the Governor on more than 70 state authorities, boards and commissions. He has held several key finance positions in state government, including chief fiscal advisor to Senate President Pro Tempore John Burton and to then Senate President Pro Tempore Bill Lockyer. He also worked for seven years as the chief consultant to the Assembly Ways and Means Committee and six years as assistant fiscal advisor to then Senate President Pro Tempore David Roberti. Mr. Gage also spent three years with the Legislative Analyst's Office.

Appointed to the California ISO Governing Board by Governor Davis on March 25, 2003, Mr. Gage's appointment was confirmed by the California Legislature in September that same year. In his first year of service on the Board, Mr. Gage has served as the liaison of the Board to the internal team developing the Market Redesign and Technology Update project.

Mr. Gage earned a bachelor's degree from Harvard College and a master's degree in public policy from the University of California, Berkeley.