text_combined: na gas power limits enron bod approved limit changes today effective trading day tuesday february 13 2001 consistent risk management policy intent provide trading limit framework whereby management review enron consolidated exposure commodities faciliate aggregation reporting enron consolidated exposure commodities limit structure modified provide aggregation north american natural gas electricity ees na gas power positions included separate business unit sub limit ees policy amendments follows u clarify cross commodity trading policy specify trading limits applied enron consolidated commodity positions individual commodity group basis enron consolidated daily position report provide required market risk disclosures primary commodity group example enron exposure north american natural gas market shall aggregated across company delegate cross commodity trading approval among established commodity groups respective business units offices chairman appropriate reporting enron corp chief risk officer u specify operational control requirement trades executed telephone must recorded electronically cross commodity trading authority automatically pre approved anyone company authority trade commodity authorized trader must obtained business unit office chairman commodity group authorized trade commodity appropriate reporting noted north american cross commodity limits var limit none terminated 5 mm var limit north american natural gas net open position 500 bcf maturity gap risk limit 200 bcf var limit 61 mm ees 1 mm north american electricity net open position 90 twh maturity gap risk limit 25 twh var limit 54 mm ees 4 mm ees 5 mm var allocated gas power purposes calculating consolidated na gas power limits business unit perspective 5 mm var limit continue monitored ees total relevant excerpts revised policy addressing cross commodity trading guidelines distribute entire updated policy soon incorporate bod comments v operations controls b position reporting purposes limit monitoring aggregation enron consolidated trading results enron consolidated daily position report include net open position maturity gap position profit loss potential exposure var approved commodity groups consolidated across company without regard business unit undertook trading activity instances limits granted business unit basket commodities reporting individual commodity risk books shall maintained facilitate aggregation enron actual consolidated commodity specific exposure management reporting may separately provide business unit sub limit monitoring trading results aggregated according management lines e transaction approval execution employees designated enron corp chief risk officer designee authorized enter transactions behalf enron chief risk officer must also maintain record employees responsible individual commodity groups commodity group manager specified appendices individuals assigned commodity leaders manage enron aggregate position across company determined necessary chief risk officer vi policy amendment authority b cross commodity position authorization ordinary course business enron business unit trading desk incurs exposure underlying commodity financial instrument explicit authority carry exposure hedged internally appropriate enron desk appropriate notification chief risk officer designee hedge positions instruments observable correlation underlying exposure rebalanced regularly substantially neutralize underlying exposure upon notification chief risk officer designee enron business unit office chairman authority commodity group may authorize specific trader different commodity group take speculative positions enron trading desks commodities financial instruments trader explicit authority trade e business unit office chairman north american natural gas may authorize trader coal group trade gas north american natural gas desk limit monitoring purposes enron consolidated trading results cross commodity positions shall captured individual commodity facilitate aggregation reporting enron consolidated exposure commodity daily position report coal desk gas position aggregated north american natural gas commodity group questions feel free call vlady x 36954 x 30429 david port x 39823 regards cassandra schultz