London Risk Reporting ,
 Well,
today (or rather yesterday) it happened.  We have been pushing our limits 
hard and the makets here have been very volatile.  We had a large increase in 
North American Natural Gas VAR due to the breaking apart the Rockies/SoCal 
basis correlation.  This am, we were attempting to get firm numbers on the 
effect on our corporate limits so that we could provide 
Jeff/Delainey/Lavorato/Buy/.... the information to make decisions whether or 
not to reduce positions.  The number was not firm until 11 am houston time.  
My understanding is that the Houston numbers were all in before 8 am and that 
we were waiting for London.  While I am sure that there are issues all around 
and I do not think that anyone Senior in Houston is even aware, let alone 
prepared to blame, I fear that this will not always be the case.  I think 
something needs to be changed in our process so that this can be avoided in 
the future.   

Please do not take this as a nasty-gram.  No one is cc'd or bcc'd.  I just 
think that it will be deemed unacceptable.
Any thoughts/comments?
Ted
mike.jordan@enron.com, sally.beck@enron.com