What is the structured derivatives portfolio and what is in it?

----Original Message-----
   >From:      Richard Lewis/LON/ECT
   >To:          Greg Whalley/HOU/ECT@ECT
   >Cc:          John Sherriff/LON/ECT@ECT
   >Bcc:      
   >Subj:      UK P/L
   >Sent:     Thursday, December 07, 2000 6:23 AM
   >
   >Greg,
   >See note below for detail but here is the exec summary.
   >
   >We had a couple of big shifts on the curves yesterday which I want you to 
be aware of.  We wanted to put several major adjustments through on the same 
day.  The main moves are as follows:
   >
   >Increased gas volatility - we moved the curve up significantly for the 
first several years. Lose o16mm
   >Power Peaks down, off-peaks up across the whole curve.    Gain o10mm
   >
   >Because "structured Derivatives" is a separate line item, this book loses 
$43mm today, with power making approx $40mm to off-set.  The $43mm may need 
to be reported to Skilling, even though the real loss is just the gas loss of 
o16mm.
   >
   >(There were several other clear up items put through, but the above 
represents the main issues to be aware of.  Net on the day we are up, and 
still expect to hit Q4 targets.).
   >
   >Regards
   >
   >Richard
   >---------------------- Forwarded by Richard Lewis/LON/ECT on 07/12/2000 
11:49 ---------------------------
   >
   >
   >James New
   >06/12/2000 18:18
   >To: John S
   >
   ><truncated...>