Activity on desks is dramatically scaled back.  Most of the time traders are focused on setting curves.  Mid office has the most work, booking cancellations out of commercial book into bankruptcy book. Currently it still appears as if the commercial book has more deals in it that the bankruptcy book.  Creditors with deals showing significant market-to-market gains in their favor a reluctant to book out of trades and question valuations, suggesting that going to settlement might be preferred.   Legal is deciding difference between "executable" contracts (able to negate deal) and "forward" contracts (collapse deal), with one interpretation being beneficial for EES and the other being beneficial for wholesale.   South America appears to have similar issues with Duke requesting collateral before willing to book out of transaction, suggesting high likelihood of physical settlement.

In summary, the positions being captured in value-at-risk are questionable, given slow and tedious process of cancellation/booking.  However, below is the VAR COB 12/18/01.

	Entity		VAR		Historical VAR
?	Corp		$68.9MM	$60.7MM
?	Americas	$46.5MM	$39.6MM
?	Gas		$17.6MM	$23.8MM
?	Power		$48.9MM	$49.5MM
?	So. Cone Pwr	$239K		$239K	
?	So. Cone Gas	$63K		$63K