Attached is a summary of PG&E's notes on how they calculate the PX Credit (until January 19, 2001 when they hardwired $150/mwh).
We continue to try and get a handle on how the FERC Refund case will impact the PX Credit and Negative CTC.
If anyone has any issues or comments, please let me know.
Thanks.

PG&E PX Credit Calculation