EOL-San Diego Gas & Electric

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.