The new version of the Risk Management Policies extends coverage to the regulated businesses (at the present time, PGE and ETS only). As a result, a dual limit structure has been developed that covers the "arbitrage trading" and "regulatory-hedging" activities of these business units. 

Thus, we are proposing the following reporting guidelines:

"Arbitrage trading" Activities

- Aggregated into the Enron-wide Daily Position Report (DPR) by the Global Operations Group that is responsible for reporting corporate-wide activities (reporting to Sally Beck).

- The following information is reported on the Enron DPR:

	PGE VaR		$xxx
	ETS VaR		$xxx

- The report is distributed to each Enron's Business Unit Head

"Regulatory-hedging" Activities

- Reported on a Regulatory DPR, compiled by employees of PGE/ETS

- Distributed to PGE/ETS Management, RAC (Corporate group), and the Enron CEO

- see the report template below

 
Vlady.