Subject: "Daily EOL Summary 3/1".

Body: ICE VOLUMES Delivery Pt. Mid-C NP-15 Palo Palo Palo SP-15 SP-15 Energy Type Firm On Peak Firm On Peak Firm On Peak Firm On Peak Firm On Peak Firm On Peak Firm On Peak Term Apr-01 Q3-01 Next Day Apr-01 May-01 Next Day Apr-01 Avg. Price 297.50 295.00 242.50 242.50 255.00 244.00 240.00 Total Volume 10,000 MWhs 30.400 MWhs 1.600 MWhs 30,000 MWhs 10.400 MWhs 1,600 MWhs 10,000 MWhs

Subject: "EOL-San Diego Gas & Electric".

Body: We are going to open San Diego Gas & Electric to transact the following financial products, but are going to limit the length of the trades to 3 months or less. The approved products per the Master Agreement are any "swap, cap, floor, collar or option...based on the prices of crude oil, petroleum products, natural gas, or electric power...". I have previously not distributed the executed Master Agreement because of unresolved issues with the counterparty, but will send copies today to the usual distribution. We have an executed Master Energy Price Swap Agreement in place between ECT and the counterparty dated as of February 25, 1997. All financial trades for this counterparty should go under the master.

Subject: "HEALTH & WELFARE BENEFITS".

Body: Peggy: Considering where we are in the divestiture process, I don't think it is the right time to have PGE contract for and administer the Health and Welfare Benefits noted in your memo dated 04/20/01. In addition, it is likely that a potential buyer would want PGE to come under its own Health and Welfare Benefits. Switching now could entail having PGE employees being under three Plans in a relatively short period of time. Stan

Subject: "Enserco".

Body:
Monica: Please fax this letter to Enserco and send the original by overnite delivery. Also, please fax a copy to their attorney Richard Esterkin at 877 432-9652. Call me if you have any questions and thanks for your help.