-----Original Message-----
From: 	Hickerson, Gary  
Sent:	Monday, October 22, 2001 11:08 AM
To:	Zufferli, John
Subject:	RE: Currency Hedging

You will violate Enron policy if you do that.

Gary

 -----Original Message-----
From: 	Zufferli, John  
Sent:	Monday, October 22, 2001 11:46 AM
To:	Hickerson, Gary; Stuart III, William; Lavorato, John; Milnthorp, Rob
Subject:	Currency Hedging

Given the volatility in the gas market (which is the sole impact on the Canadian power book's US dollar exposure) and the exhorbitant cost involved in hedging multi-year cashflows (i.e. as evidenced by Friday 10/19/2001 trade of -$1,200,000 Cdn new deal value for the 14 year swap that I entered into), I will manage the currency exposure of this book myself, I will hedge appropriately when I see fit and will not accept hedges forced on Enron Canada because of arbitrary position limits set by your department.

John Zufferli
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