PG&E Energy Trading

---------------------- Forwarded by John Arnold/HOU/ECT on 05/11/2001 11:53
AM ---------------------------
From: Jason R Williams/ENRON@enronXgate on 05/11/2001 10:50 AM
To: Phillip K Allen/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, Hunter S
Shively/ENRON@enronXgate, Thomas A Martin/ENRON@enronXgate, John
Arnold/HOU/ECT@ECT
cc: William S Bradford/ENRON@enronXgate, Tanya Rohauer/ENRON@enronXgate,
Russell Diamond/ENRON@enronXgate
Subject: PG&E Energy Trading

Phillip, Scott, Hunter, Tom and John -

Just to reiterate the new trading guidelines on PG&E Energy Trading:

1. Both financial and physical trading are approved, with a maximum tenor of
18 months

2. Approved entities are: PG&E Energy Trading - Gas Corporation
PG&E Energy Trading - Canada Corporation

NO OTHER PG&E ENTITIES ARE APPROVED FOR TRADING

3. Both EOL and OTC transactions are OK

4. Please call Credit (ext. 31803) with details on every OTC transaction.
We need to track all new positions with PG&E Energy Trading on an ongoing
basis. Please ask the traders and originators on your desks to notify us
with the details on any new transactions immediately upon execution. For
large transactions (greater than 2 contracts/day or 5 BCF total), please call
for approval before transacting.

Thanks for your assistance; please call me (ext. 53923) or Russell Diamond
(ext. 57095) if you have any questions.

Jay