Interoffice Memorandum
To	Rick Buy, Ted Murphy, David Port, Cassandra Schultz, John 
	Lavorato, Louise Kitchen, Jeff Skilling, File Copy
From	Shona Wilson	Department:	Global Risk Operations
Subject:	Limit Violation	Date:	April 23, 2001
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Please note below the occurrence of the following limit violation as of the close of business April 20, 2001.
Enron - Gas Trading
	Violation:	VaR Limit
	Limit:	$85.00 Million
	VaR:	$102.65 Million
	Explanation:
	Due to recent fluctuations in the Western US, the correlation factors had to be updated to 
	capture the increased volatility in the market.  The updated correlations reflect the 
	increased risk in that market and result in a higher VAR.
	RAC Comments:
	Recommended Course of Action:

	Increase 		Decrease 		No Action	

Approvals:
Trader	—————————	Risk Assessment and Control	—————————
Respect	Integrity	Communication	Excellence