John:

I will be here most of the week, and am looking forward to working with Niamh 
C. I will also check the availability of people in Vince K. group as well as 
Naveen Andrews in ours.

Regards

Bjorn H.




John L Nowlan
24/10/2000 10:32
To: Bjorn Hagelmann/HOU/ECT@ECT
cc: Ted Murphy/HOU/ECT@ECT 
Subject: Re: Liquids Limits Oct. 20

Bjorn, Niamh Clarke is going to come to houston from mon afternoon to friday 
next week to work on nVAR. She developed VAR models for Mitsubishi and has 
lots of experience in this area. Can you please provide her with the best 
people we can from research and RAC so we can try and get a better 
understanding and more confidence in our model. I'm sure you agree with me 
that if my group is going to make any progress we need to get this sorted. 
thanks in advance.
---------------------- Forwarded by John L Nowlan/HOU/ECT on 10/24/2000 09:51 
AM ---------------------------
   


From:  Bjorn Hagelmann                                                        
     10/24/2000 07:31 AM	
	
	
	                           
	

To: John L Nowlan/HOU/ECT@ECT
cc: Scott Earnest/HOU/ECT@ECT 
Subject: Re: Liquids Limits Oct. 20  

I think we need to sit down and talk about developing reporting that will 
show the risk in the books. At this point and time it can be derived, but 
only if you know what to look for. I would appreciate if you had some time to 
do so.

Regards

Bjorn H



John L Nowlan
23/10/2000 13:10
To: Christian LeBroc/Corp/Enron@ENRON, Scott Earnest/HOU/ECT@ECT, Bjorn 
Hagelmann/HOU/ECT@ECT
cc:  
Subject: Re: Liquids Limits Oct. 20  

looking at these numbers i think the VAR model must be waaaaaaaaaay over 
calcing something, most likely the spreads. the net and outright product 
position are negligible. Seems it would take one hell of a daily move to 
loose 12.7 on these positions.