Jen:  This is a good question and I think that the PG&E lawyer may be 
confused here with instructions to her traders.  
The PG&E trader can call either an ECC or ENA trader BUT a transaction will 
ALWAYS be booked and confirmed in the name of ENA under the executed ENA ISDA 
Master Agreement with PG&E.  For internal purposes, the trade will either 
remain on an ENA book or backed to an ECC book.  I hope this answers your 
question.  Sara



	Jennifer Fraser
	06/10/2000 04:49 PM
		 
		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Craig Breslau/HOU/ECT@ECT
		 Subject: pg&E

Sara;
One last thing is remaining.
Does PG&E have to have an ISDA with ECT Canada in order to trade with them? 
Can't Canada trades be covered under our ISDA. PG&E told me that in order to 
trade with Canada, they would have to trade through us. Can't they just call 
canada direct and then we can confirm the trade under our ISDA? 

Please call me to discuss.
Thanks
Jen
713-628-7881