See colored notes below.


   
	
	
	From:  Georgeanne Hodges                           01/25/2000 03:25 PM
	

To: Jill Erwin/HOU/ECT@ECT, Steve Ross/HOU/ECT@ECT, Jeff Nogid/HOU/ECT@ECT, 
Eugenio Perez/HOU/ECT@ECT, Tony Harris/HOU/ECT@ECT
cc: Jan Johnson/GPGFIN/Enron@ENRON, Bob Shults/HOU/ECT@ECT, Sally Beck@ECT, 
Jennifer Stevenson/AA/Corp/Enron@Enron, Derek Claybrook/AA/Corp/Enron@Enron, 
Faith Killen/HOU/ECT@ECT 
Subject: Annual Report VAR Disclosures - open items

This is Part II of the open items on VAR, addressing ECM, PGE & affiliate 
books

From my review of Eugenio's consolidated VAR spreadsheet, the following 
listed items are those that are open that we           need information from 
you on.   Corp. is looking to type the first draft of the Annual Report (to 
be discussed with the Audit Committee) THIS FRIDAY, so we need your help with 
this information as soon as possible.  If you will not be able to have all of 
the information to Eugenio by Thursday night, please let me know.  We may be 
able to give you some additional time to gather some of the smaller pieces.   
If you need to forward this on to others, please do so.

AA if you know of any other issues of completeness that I have not addressed, 
please let Eugenio and I know! 


*Have AA and Jan Johnson concluded that we only need to include the puts on 
the Enron stock?  If so we need all twelve months of comparable data as 
applicable.    Steve Ross sent to Eugenio on Monday (yesterday).  Let him 
know if he needs to re-send it.

*Are the swaps shown on the ECM FN3 schedule for the phantom stock plan the 
puts that we have been talking about?  If not do these swaps need to be 
included in VAR and the non-trading portion of FN3?  I haven't seen them 
before.   These are new puts.  I checked with Jan.  She said to include the 
positions as non-trading equity.  The trades were both done in November by 
Gary Hickerson's group.  Be sure he hasn't included them in his numbers.  
We'll get the VaR for November and December to you on Wednesday.  (Steve, 
this is yours).  

*What is Yosemite?  Is it a TRS that I need to include in VAR and FN3?  
Internally we call it a swap but in the legal document it is called an 
Agreement.  It's actually more of a guarantee.  I talked to Jan about it and 
we don't think it goes in FN3. 

*For non-trading I\R and F\X, we are still missing all non-quarter end 
months.    Jeff, this ones yours.  We need to send the information to 
Research and have them run the VaR monthly in 2000 also.

*PGE - January,February and March VAR is missing on Eugenio's schedule.  I 
don't have a clue what PGE's information is.  I only know about Rhythms which 
is in a separate section.  You'll have to ask PGE.

*What month was the EOG sale effective?  We need commodity affiliate for all 
of the non-quarter end months prior to the sale.  The sale took place August 
16.  I have never even heard of any EOG commodity affiliate position.  I was 
told Greg Adams handled these at one point.  I'll ask him tomorrow.