Message-ID: <1843689.1075842031413.JavaMail.evans@thyme>
Date: Mon, 22 Oct 2001 09:45:53 -0700 (PDT)
From: john.zufferli@enron.com
To: gary.hickerson@enron.com, william.stuart@enron.com, john.lavorato@enron.com, 
	rob.milnthorp@enron.com
Subject: Currency Hedging
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X-From: Zufferli, John </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JZUFFER>
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Given the volatility in the gas market (which is the sole impact on the Canadian power book's US dollar exposure) and the exhorbitant cost involved in hedging multi-year cashflows (i.e. as evidenced by Friday 10/19/2001 trade of -$1,200,000 Cdn new deal value for the 14 year swap that I entered into), I will manage the currency exposure of this book myself, I will hedge appropriately when I see fit and will not accept hedges forced on Enron Canada because of arbitrary position limits set by your department.

John Zufferli