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I've simulated the Aggregate power portfolio's VAR with the BPA contract (approx. $51MM) as a stand alone (approx $3MM) and with the BPA position reversed out (approx $49MM). Only issue seems to be that the VAR related to the position per credit Agg does not "tie" with VAR related to position in Enpower - I'm attributed this to the peak/off peak simulation difference. Specifically, the credit agg file does not define what was peak or off peak, whereas file from Enpower did, resulting in more accurate measurement of risk. Bottom line is that BPA removal appears to be risk reducing. Frank

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OUT: BPA removal

IN: This is an email
For once I remembered. Hope you have a good one and all is going well. It was nice to see ya'll at Christmas. Tell Terry that Mom and Laurie loved the trunks. I was quite happy with the A&M cardholder as well so let Jason and Erin know for me. Too bad the Aggie lost that wild one in Shreveport (could you believe that snow). Conrats again on your appointment to the board of the KofC. Hope 2001 is a superb year for you. Regards,

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OUT: Happy Birthday

IN: This is an email
Attached are the Enron Global Markets EOL Crude 24/7 Trading violation memos for Net Open Position, Maturity Gap Risk and VAR for August 15, 2001. The Office of the Chairman for Enron Global Markets is responsible for printing out hard copies of these memos, signing and returning the hard copies to Chris Abel at 3560f, who will forward them to RAC to obtain their signature. Thank You

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OUT:
8/15 BU EOL Crude Violations