Subject: Temporary VaR Limit Changes, Policy Changes
From: [email-masked]
To: [email-masked], [email-masked], [email-masked], [email-masked]
Cc: [email-masked], [email-masked], [email-masked]
Date: Thu, 7 Dec 2000 04:08:00 -0800 (PST)

Today, December 7th, the Executive Committee of the BOD met and approved the 
following temporary limit increases:

    12/7 - 12/15  12/6
Aggregate VaR Limit  $140 MM  $100 MM

NA Gas    $110 MM  $75 MM  ($60 permanent limit, + $15 Discretionary VaR on 
12/6 + $35 Temporary VaR)

UK Power   $20.3 MM  $15.3 MM

Please revise the DPR accordingly.

For your information, the proposed limit changes and P/L notification level 
changes we are submitting to the BOD are in the attached memo - these will be 
effective the day of the BOD meeting, Tuesday 12/12, except that given market 
activity, the NA Gas, UK Power, and Agg Enron VaR limits may be revised.   
Given the changes that will be necessary next week to the DPR, that might be 
a good time to re-format the reporting along the new business unit lines.  
You can see how we did so in the policy attached.

Thank you,
Cassandra.