In connection with the execution of the new ISDA Master Agreements between  ECT and ECT Canada and PG&E Energy Trading Gas Corporation and PG& E Energy  Trading, Canada Corporation, we, and they, will be issuing  new "umbrella"  guarantees that will cover all transactions between the above entities and  also cover EPMI and PG&E Energy Trading - Power, L.P. and CEG Energy Options  Inc. (a PG&E affiliate)  These new guarantees will cover all physical,  financial and power transactions between the above parties.
I have sent them  the original of my Enron Corp. Guaranty for $105,000,000 and have received in  the original of the PG&E Corporation Guaranty for $100,000,000.
Rod is  resolving whether we agreed to increase the Enron Corp. guaranty to $110mm.
In connection with the issuance of the new bilateral guarantees I need to  return to them the originals of the following PG&E guarantees:  (1) PG&E  Corporation Guarantee dated as of March 28, 1998 covering business between  Enron Power Marketing, Inc. and PG&E Energy Trading - Power, L.P., (2) PG&E  Corporation Guarantee dated as of June 5, 1998 in favor of Enron Power  Marketing, Inc. covering physical transactions, and (3) PG&E Energy Trading  Corporation Guaranty dated March 11, 1997 covering physical business with ECT  Canada.
I will also be returning to you the returned originals of the Enron Corp.
Prior Guarantees.

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