EXHIBIT 4.7



                         [Form of Specimen Certificate
                    Representing Shares of Preferred Stock]

Number                                                                    Shares

Preferred                                                              Preferred
  Stock                                                                  Stock

Incorporated Under the                                    This Certificate is
     Laws of the                                          Transferrable in the
   State of Texas                                        City of New York, N.Y.

                                                                CUSIP __________

                           [ENSERCH CORPORATION LOGO]

                                                                 See Reverse for
                                                             Certain Definitions

     This is to certify that ____________________ is the owner of
___________________ fully paid and non-assessable shares of the
_____________________ Preferred Stock, no par value stock of ENSERCH Corporation
transferable on the books of the Corporation by the holder hereof, in person or
by duly authorized attorney, upon surrender of this Certificate properly
endorsed.

     This Certificate is not value until countersigned by the Transfer Agent and
registered by the Registrar.

     Witness, the seal of the Corporation and the signatures of its duly
authorized officers.

Dated _______________

                                              _______________    _____________
                                              Treasurer          Chairman

 
                    [Form of Reverse of Specimen Certificate
                    Representing Shares of Preferred Stock]

                              ENSERCH CORPORATION

     Reference is made to the Restated Articles of Incorporation of the
Corporation and all amendments thereto, now of hereafter on file with the
Secretary of State of Texas, for a statement of the designations, preferences,
limitations and relative rights of the shares of each class of stock authorized
to be issued by the Corporation, the authority of the Board of Directors to fix
and determine the relative rights and preferences of series of stock, and the
denial of pre-emptive rights of all shareholders to acquire unissued or treasury
shares of any class of the Corporation; and reference is also made to the
resolution or resolutions of the Board of Directors of the Corporation, now or
hereafter on file with such Secretary of State, for a statement of the
variations in the relative rights and preferences of the shares of each series
of each preferred, voting preference or special class of stock which the
Corporation is authorized to issue so far as the same has or shall have been
fixed and determined.

     Copies of the applicable provisions of the Restated Articles of
Incorporation may be obtained by any shareholder, without charge, upon written
request to the Corporate Secretary of the Corporation, Dallas, Texas.

     The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as through they were written out in full
according to applicable laws or regulations:

TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN  - as joint tenants with right of survivorship and not as tenants in
          common
UNIF GIFT MIN ACT - __________ Custodian __________
                    (Cust)               (Minor)
                    under Uniform Gifts to Minors Act __________
                                                      (State)

Additional abbreviations may also be used though not in the above list.

For value received, __________ hereby sell, assign and transfer unto

 
 Please Insert Social Security or Other
    Identifying Number of Assignee
    ______________________________

______________________________________________________________________________
                 (Please print or typewrite name and address,
                       including zip code, or Assignee)
______________________________________________________________________________

______________________________________________________________________________

_______________________________________________________________________ shares

of the capital stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint _______________________ Attorney to transfer
the said stock on the books of the within named Corporation with full power of
substitution in the premises.

Dated_____________________

          _______________________________________________________
     NOTICE:   The signature to this Assignment must correspond with the name as
               written upon the face of the certificate in every particular,
               without alteration or enlargement or any change whatever.