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