-----Original Message-----
From: 	enerfax1@bellsouth.net@ENRON [mailto:IMCEANOTES-enerfax1+40bellsouth+2Enet+40ENRON@ENRON.com] 
Sent:	Friday, June 15, 2001 5:20 AM
To:	vkamins@enron.com
Subject:	[enerfaxdaily] AGA Says Market Manipulated

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Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE
Friday, June 15, 2001 No. 762

PHYSICAL GAS PRICES
| Gulf/Eastern Region              |       |
| Agua Dulce                       | 3.88  |
| ANR SE                           | 3.86  |
| Carthage TG                      | 3.92  |
| Chicago Citygate                 | 3.90  |
| Columbia Gulf Onshore            | 3.87  |
| Dominion TTT South(CNG S. Point) | 4.18  |
| Henry Hub                        | 3.97  |
| Houston Ship Channel             | 3.98  |
| Katy Hub                         | 3.94  |
| NGPL - Midcontinent              | 3.72  |
| NGPL STX                         | 3.88  |
| NGPL TX/OK                       | 3.86  |
| Niagara                          | 4.09  |
| Sonat Tier 1                     | 3.86  |
| TCO IPP Pool                     | 4.13  |
| Tetco ELa                        | 3.91  |
| Tetco M-3                        | 4.30  |
| Tetco STX                        | 3.87  |
| TGP Zone 0                       | 3.86  |
| TGP Zone 1                       | 3.99  |
| TGT Zone SL                      | 3.88  |
| New York Citygate                | 4.29  |
| Transco Station 65               | 3.97  |
| Transco Zone 6 (NY)              | 4.29  |
| Trunk ELa                        | 3.85  |
| Western Region                   |       |
| California Border                | 6.98  |
| El Paso Permian                  | 3.74  |
| El Paso San Juan                 | 3.15  |
| Waha Hub                         | 3.88  |
| Canadian/Rockies Region          |       |
| Nova/Aeco (in C$/GJ)             | 4.95  |
| Dawn Hub/Union                   | 4.09  |
| Northwest Stanfield              | 3.45  |
| Wyoming Pool                     | 2.88  |
| Opal/Kern River                  | 2.90  |
| PGT-Malin                        | 3.66  |
| Sumas                            | 3.52  |
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Gas Futures
Henry Hub
12 Month Strip  4.2343  -0.1041		
18 Month Strip  4.1726  -0.1107		
| Month |  High  |  Low  | Close | Change |
| JUL   | 4.180  | 3.975 | 4.038 | -0.074 |
| AUG   | 4.215  | 4.070 | 4.123 | -0.088 |
| SEP   | 4.255  | 4.120 | 4.171 | -0.091 |
| OCT   | 4.300  | 4.180 | 4.218 | -0.094 |
| NOV   | 4.500  | 4.375 | 4.415 | -0.096 |
| DEC   | 4.700  | 4.430 | 4.612 | -0.097 |
| JAN   | 4.765  | 4.640 | 4.675 | -0.099 |
| FEB   | 4.630  | 4.400 | 4.540 | -0.109 |
| MAR   | 4.430  | 4.130 | 4.350 | -0.119 |
| APR   | 4.010  | 3.930 | 3.925 | -0.128 |
| MAY   | 3.940  | 3.840 | 3.850 | -0.128 |
| JUN   | 3.985  | 3.885 | 3.895 | -0.126 |
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POWER FUTURES
| Month |   COB   | Change  |   PV    | Change  |
| JUL   | 144.00  | -45.00  | 157.00  | -42.00  |
| AUG   | 177.00  | -49.00  | 195.00  | -55.00  |
| SEP   | 135.00  | -32.00  | 135.00  | -30.00  |
| OCT   | 107.00  | -35.00  |  92.00  | -20.00  |
| NOV   |  91.00  | -26.00  |  70.00  |  -8.00  |
| DEC   | 128.00  | -33.00  |  70.00  | -13.00  |
| JAN   |  80.00  |  +0.00  |  75.00  |  +0.00  |
| FEB   | 130.00  |  +0.00  |  65.00  |  +0.00  |
| MAR   | 130.00  |  +0.00  |  58.00  |  -7.00  |
| APR   |  62.00  |  +0.00  |  58.00  |  +0.00  |
| MAY   |  62.00  |  +0.00  |  58.00  |  +0.00  |
| JUN   |  62.00  |  +0.00  |  78.00  |  +0.00  |
| Month | Entergy | Change  | Cinergy | Change  |
| JUL   |  84.75  |  -1.75  |  77.25  |  -2.00  |
| AUG   |  79.00  |  -1.50  |  70.25  |  -0.75  |
| SEP   |  41.90  |  -0.85  |  36.55  |  -0.55  |
| OCT   |  36.95  |  -0.55  |  34.65  |  -0.40  |
| NOV   |  36.95  |  -0.55  |  34.65  |  -0.40  |
| DEC   |  36.95  |  -0.55  |  34.65  |  -0.40  |
| JAN   |  39.00  |  -0.50  |  37.50  |  -0.75  |
| FEB   |  39.00  |  -0.50  |  37.50  |  -0.75  |
| MAR   |  35.75  |  -0.50  |  35.00  |  -0.25  |
| APR   |  35.75  |  -0.50  |  35.00  |  -0.25  |
| MAY   |  41.00  |  -0.50  |  39.25  |  +0.25  |
| JUN   |  52.00  |  +1.25  |  49.50  |  -0.25  |
POWER FUTURES
| Month |  PJM  | Change |
| JUL   | 73.25 | -3.75  |
| AUG   | 67.00 | -1.25  |
| SEP   | 38.75 | -0.70  |
| OCT   | 36.00 | -0.50  |
| NOV   | 36.00 | -0.50  |
| DEC   | 36.00 | -0.50  |
| JAN   | 41.25 | -0.60  |
| FEB   | 41.25 | -0.60  |
| MAR   | 37.00 | -0.50  |
| APR   | 37.00 | -0.50  |
| MAY   | 39.50 | -0.50  |
| JUN   | 49.50 | -0.50  |
NATURAL GAS OPTIONS
|       | Closing | Days | Implied ATM |
| Month |  Price  | Left | Volatility  |
| JUL   |  4.038  |  13  |   56.23%    |
| AUG   |  4.123  |  43  |   57.87%    |
| SEP   |  4.171  |  76  |   58.20%    |
| OCT   |  4.218  | 104  |   59.10%    |
| NOV   |  4.415  | 135  |   59.62%    |
| DEC   |  4.612  | 167  |   59.70%    |
PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 58.00 | 51.00 |  53.60  |
| ECAR       | 46.65 | 42.85 |  45.35  |
| ERCOT      | 42.00 | 41.00 |  41.50  |
| Entergy    | 54.00 | 50.00 |  51.35  |
| TVA        | 61.10 | 52.40 |  57.35  |
| ComEd      | 54.50 | 46.50 |  48.50  |
| PJM West   | 57.00 | 54.00 |  55.25  |
| Main       | 45.00 | 39.75 |  42.75  |
| MAPP       | 42.50 | 38.50 |  40.40  |
| Palo Verde | 71.00 | 52.00 |  66.50  |
| Mid C      | 60.00 | 51.00 |  54.55  |
| COB        | 58.00 | 58.00 |  58.00  |
| 4 Corners  | 50.00 | 36.00 |  42.30  |
| Mead       | 63.00 | 53.00 |  60.50  |
| NP 15      | 57.00 | 55.00 |  56.20  |
| SP 15      | 65.00 | 48.00 |  56.75  |
_______________________________________________
Today's Power Bulletins
* FPL Energy to Build 517 MW Natural Gas Fired Power Plant in Blythe, California 
* Marriott Expands Energy Surcharge Outside California
* Mirant Begins Commercial Operation of 248 MW Natural Gas Fired Power Plant in Bosque County, Texas
* NRC Reports 1,106 MW Salem Unit 1 Operating at 32%, While Unit 2 Operates at 83%  
* EU Approves BHP-Billiton Merger
* Salomon Initiates Coverage of DTE Energy with a Buy Rating and $54 Target Price
* Alcoa to Idle Wenatchee, WA Smelter for 15 Months, Resale Power Back to Grid
* California Lawmaker Probing Hack of ISO Electricity Grid
* Puget Sound Energy and BPA Reach Federal Hydropower Accord Agreement Helps Keep Rates Stable for PSE Customers
* Midwest Independent Transmission System Operator Terminates Agreement with Mid-America Interconnected Network
* Tennessee Valley Authority to Redeem All 1993 Series C Power Bonds Due July 15, 2003
* DTE Energy's International Transmission Asks FERC to Help Stop 'Free Riders' on Transmission System
* APX Opens Palo Verde Market, Introducing Rolling 40-Hour Trading Flexibility to Arizona
* TXU Energy Services Launches Large Business Energy Management Portal
* Western Spot Power Prices Fall with Less Weekend Demand and More Hydro
* Northeast Spot Power Prices Plunge Again with Lightened Loads
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Today's Gas Bulletins
* BC Gas and Westport Innovations in Deal with T Boone Pickens to Create North America's Largest Supplier of Natural Gas for Vehicles
* Alberta Premier Klein Talks Energy with VP Cheney
* Canadian Energy Service Firms Expect Drilling Boom-Times to Continue with Increasing US Interest
* EIA Says Iraq May Cause US Crude and Heating Oil Stocks to Drop
* Producer Price Index Inches Up 0.1% in May, After a 0.3% Rise in April
* Hong Kong & China Gas in Consortium with Royal Dutch/Shell to Bid for $4.8 Billion West-East Natural Gas Pipeline in China
* ExxonMobil Says Japan Natural Gas Pipeline from Russia's Sakhalin Field is Economically Viable
* National Fuel Gas Announces a 2-for-1 Stock Split and Increases Dividend for the 31st Consecutive Year
__________________________________________________

Natural Gas Futures Continue Lower 

Natural gas futures on the NYMEX dropped lower yesterday as traders remained in a bearish mood following Wednesday's triple digit AGA report. The July contract lost $0.074 to $4.038 per MMBtu, trading most of the session above the $4.00 support level as warm weather in the Northeast kept demand firm. August dipped $0.088 to $4.123 per MMBtu. Local and short-term traders' early efforts to push prices lower were successful, but some see the risk/reward of additional selling at these levels limited. On Wednesday, the AGA reported a storage inventory build of 105 Bcf from the previous week, well above both the 2000 injection of 78 Bcf and the 5-year average of 81 Bcf for the comparable weeks. The selling sparked by the AGA number was encouraged by some disappointment with weather conditions in the Northeast. Earlier this week, some forecasters were calling for warmer temperatures, with some cities expected to be near 90 degrees. But temperatures in the region have been in the low to mid-80s. However, warmer weather is expected to continue in the East though this weekend. Mild weather will linger in the north-central and northwestern states. California and the western states will begin to heat up this weekend and early next week. Further tests of $4.00 are likely, with significant support at $3.80. Resistance is seen at $4.20. Natural gas for next day delivery across the US and Canada was generally down $0.15  $0.25 yesterday, except out west, where the Topock delivery point tumbled over $1.00. Natural gas for next day delivery at the Henry hub dropped $0.16 to $3.97 per MMBtu.
__________________________________________________
North American Gas Storage Conference									
Storage 2001 - 2002:			
Source of Stability or Chaos?									
June 22, Houston									
Find the answers at Ziff Energy's natural gas storage conference.  A blockbuster roster of industry leaders from the utility, trading, pipeline and storage sectors in each of the North American storage regions will present timely, relevant information you can use. This conference will assist you in making critical decisions about your natural gas storage strategy for peaking and the remaining seasonal base fill. The game has changed - storage strategy has been kicked up a notch from buying for seasonal fill to real-time risk management.
Session 1	Supply Shortage or Storage Inefficiencies: Last Winter's Saga
El Paso Corporation - Byron Wright, VP
Energy Information Administration, DOE - Jim Thompson, Industry Analyst
Keyspan Energy - David Manning, Senior VP, Corporation Affairs
Axia Energy - David Modesett, VP
Session 2	The Changing Storage Paradigm: 
Dynamic Storage Service vs Seasonal Fill
AEC Storage & Hub Services Inc. - Rick Daniel, President
Williams Energy Marketing & Trading - Blake Herndon, Director, Risk Management
NiSource Inc. - T.J. Aruffo, VP Energy Supply Services
Enron North America - Paul Bieniawski, Director
Duke Energy Gas Transmission - David Nightingale, VP MHP
Session 3	Pricing it Right and Reducing Risk: 
Can We Expect Stability or Chaos in Winter 2001 - 2001?
Aquila Energy - Mark Cook, VP The Exchange Center Conoco Gas and Power Marketing - Brad King, VP Storage
Sempra Energy Trading - Dan Guertin, Meteorologist
For more information or to register visithttp://www.ziffenergyconferences.com , call 1-800-853-6252,
or email us at gasconference@ziffenergy.com 
________________________________________________

Nova Scotia Wants Royalty Revenue

Nova Scotia wants a bigger share of the cash generated by its oil and natural gas reserves to fund the regulators needed to monitor the growing industry, according to the provinces Premier. Speaking at an energy conference in Halifax, he pleaded with the federal government to let the province keep more of the royalties. A 1986 offshore deal between Canada and Nova Scotia names the province as the main beneficiary of offshore oil and natural gas royalties, but the actual revenue split gives Ottawa 81% and Nova Scotia 19%. Nova Scotia already exports natural gas to New England from the Sable Offshore Energy Project. A possible second pipeline proposal to the Northeast US is being studied. 
________________________________________________
Natural Gas NYMEX Volume
01JLY   38,948
01AUG   11,742
01SEP    5,543
01OCT    7,074
01NOV    6,059
01DEC    2,997
02JAN    1,420
02FEB    1,092
02MAR    2,687
02APR    3,216
02MAY      573
02JUN      983
02JLY      585
02AUG      613
02SEP       40
02OCT      393
02NOV      392
02DEC       91
03JAN       26
03FEB        1
03MAR        1
03APR       51
03MAY        0
03JUN       47
______________________________________________

Los Angeles Power Association Presents:

Managing the Natural Gas & Electric Deregulation Crisis
June 21, 2001 8:00 a.m. to 4:00 p.m.
The Westin Hotel, 333 East Ocean Blvd., Long Beach, CA 90802
Speakers will include: Lawrence Straight, Sterling Energy Operations, Gordon Brown, Manager of Operations, California Independent System Operator,Richard Needham, Partner, Stradling, Yocca, Carlson & Rauth Kevin McSpadden, Milbank, Tweed, Hadley, McCloy LLP
Geoff Ayres, Director, Southern California Gas. Co. 
Call (714) 931-3103 for information and reservations
_____________________________________________________

California Expects More Power Price Regulation

California lawmakers expect the FERC to strengthen its existing plan to limit power prices during emergencies by expanding the plan to the entire West for all hours of the day. The plan would fall short of the price caps. But, expanding the existing formula for price limits has picked up support among Republicans who are under increasing pressure. FERC Chairman Hebert has called a special commission hearing for Monday to address the continuing issues affecting California and the West. The proposal seeks to have FERC set target prices for wholesale electricity prices on an around-the-clock basis for the entire West. Under the existing plan, the FERC price limits are triggered when the state declares a power emergency and are based on the amount that generators can charge to produce power at the least efficient plant. Hebert says that since the FERC relief plan went into effect on May 29th, power prices in California have dropped to under $100 per MWh from earlier in May over the $300 per MWh. The day-ahead market in California recently traded about $45 per MWh. 
_______________________________________________
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______________________________________________

Williams to Supply California Ethanol

Williams Bio-Energy has agreed to supply ethanol to California by the fourth quarter of this year. Earlier this week, the EPA denied California's request to waive provisions of the 1990 Clean Air Act requiring the use of additives to make cleaner-burning gasoline. The decision means California will need about 580 million gallons of ethanol for RFG oxygenates in 2004, because the state banned MTBE by the end of 2002. Williams will house 15,000 barrels of ethanol at Kinder Morgan Energy Partners storage facility in Carson, California, to supply the Los Angeles and San Diego markets. Williams plans transport ethanol to the storage facility and directly to refiners by large unit rail shipments and ocean vessels.  
______________________________________________
National Energy Services Association
Email: william.harper@nesanet.org http://www.nesanet.org 
713/856-6525
_________________________________________________

Mitchell Reports Higher Proven Reserves

    Mitchell Energy & Development reports its proven reserves are up 38% in the first half of the year. Mitchells proved reserves have increased by 580 Bcfe, putting its total reserves at 2.1 Tcfe. The single biggest increase, 210 Bcfe, came from its most successful field, the Barnett Shale play in North Texas. The new reserves came from step-out drilling; drilling which occurs outside the previously confirmed area in the Barnett Shale, the fourth-largest producing field in Texas. Mitchell currently holds 230,000 acres of the Barnett and has drilled the area for almost 50 years. 
________________________________________________

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To receive more information or a free demonstration, we invite you to contact us at 713-266-7771 or visit our web site at http://risk.sungard.com/energy. 
______________________________________________

Natural Gas Investments in Mexico at Risk of Drying Up 

Mexico has made changes to its natural gas price formulas, but they have proved insufficient to appease distributors, and Metrogas, Tractebel and Sempra are threatening to halt investment in new projects. A more efficient and more competitive regulatory standard is required. The Mexican regulatory commission for energy, the CRE has not changed the reference for prices which remains southern Texas. The federal commission for regulatory improvements has a week to decide whether to accept the CRE's proposals. Mexico will require private sector investment of $114 Billion by 2009 in the sector. The companies want to see a new standard established before the end of the year and all are thinking about pulling out if laws are not clear and in place. The CRE wants to adjust maximum prices only when the private companies have completed five years of Mexican operations, something which will occur in most cases next year. Pemex still controls rights on natural gas exploration. 
______________________________________________
Progas Storage Services, Inc
was recently organized to offer specialized natural gas storage services to marketers and end users servicing the upper Midwest and Northeast market regions along the major transmission systems in Indiana, Illinois, Kentucky, and Michigan. PGSMI has 10 bcf of potential working capacity which will offer service along TXG, ANR, Midwestern, and is currently evaluating for purchase another 21 bcf of potential working capacity which can be serviced by these and other systems in the region. PGSMI also explores for natural gas in the Gulf Coast region through a wholly owned subsidiary. Progas intends to go public through a route of private industry offerings, and an IPO or registration. For more information on services or the company mail to: gastorage@aol.com or for AOL mail to gastorage@aol.com ; web site currently under construction at: http://www.progas.net/wip .
The company's executive and administrative office is located in Abilene, Texas with storage operations in Owensboro, KY and exploration operations in Corpus Christi, TX.
Progas Storage Services, Inc  
8610 S. Hwy 277
Abilene, TX 79606
Ph 915 698 3699
Fx 915 698 2859
_____________________________________________

House Appropriations Committee Rejects Power Price Caps

Republicans on the House Appropriations Committee have rejected a push by Democrats to cap West Coast power prices, but Democrats said they will keep pressing the issue. The panel voted along party lines to defeat a bill to force FERC to cap wholesale electricity prices in the West. Democrats tried to stick the measure in a $6.5 billion spending bill that was intended mainly to fill out immediate defense needs this fiscal year. Rejecting the price caps amendment, Republicans argued it would not solve California's problems of tight supplies, but would further distort the marketplace. House Republican Whip DeLay of Texas said California's power crisis is the result of allowing environmental extremists to run the state government. Saying the federal government should not intervene in California's electricity market, Rep. Callahan of Alabama, who chairs the House Appropriations Energy and Water subcommittee, said: I respectfully submit to you that you've made your own bed. Democrats countered that limiting prices to cover production costs and a reasonable profit was essential to halt price gouging by unscrupulous suppliers. Democrats hoped to persuade a few West Coast Republicans to support the price caps, but those on the committee resisted. Under the existing plan, the FERC price limits are triggered when the state declares a power emergency and are based on the amount that generators can charge to produce power at the least efficient plant. Generators can charge more if it can be justified. 
______________________________________________
TRENTON/BLACKRIVER "BOOM" IN WEST VIRGINIA
Land and Mineral Development LLC., Vienna, West Virginia, owns 85,000 acres of mineral rights in Southeastern West Virginia. The first Trenton/Blackriver production found in the state, was in a well drilled in 1962 by Tidewater Oil Company adjoining our property. We need an industry
partner. Geophysicist report and other information available.  The 85000 acres would also make a great gas storage field.
We also have another small storage field for sale near the new Trenton Wells.
Email - Driller@wirefire.com 
Qualified Industry Principals only please.
This is not an offer to sell anything to anyone.
Land and Mineral Development LLC.,
P.O. Box 5370
Vienna, West Virginia, 26105
(304) 295-3333
_______________________________________________

El Paso to Buy Velvet Exploration

El Paso has launched a C$347 million bid for Canada's Velvet Exploration, the latest takeover of a Canadian energy company by US companies. El Paso will offer C$8.15 in cash for each share of Velvet, representing a premium of 11% over its stock price before trading was halted yesterday. El Paso will also assume about C$79 million in debt, bringing the total value of the deal to about C$426 million. Velvet is known for its exploration and production deals on aboriginal lands with such native groups as the Hobbema, Stoney and Peigan bands in central and southern Alberta. In the first quarter, it produced 31 MMcf per day and over 4,000 barrels of oil per day. Velvet's has reserves of about 172 Bcfe, with 59% made up of natural gas. El Paso shares fell $1.09 to $55.50.
_______________________________________________

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Dominion Plans WV Coal Fired Plant 

Dominion and Anker Energy have plans to develop with a $600 Million, 450 MW, coal and coal waste fired facility and mining complex in Upshur County, WV. Dominion would be responsible for the construction, ownership and operation of the proposed facility, which will utilize state-of-the-art clean coal technology and would burn more than 65% coal waste. Anker would provide all of the facility's fuel from on-site surface mining operations. This proposed coal-fired plant is the first Dominion has developed since payingt $1.2 billion to the EPA last November for Clean Air Act violations pertaining to its coal-fired facilities. The proposed facility will be developed with NOx reducing equipment built-in. Also, the plant will utilize circulating fluidized bed boilers, technology that allows coal to be burned more efficiently. The CFB boilers can also burn low heat-content coal and waste fuel, something traditional burners cannot. All coal and coal waste produced will be burned on-site. Limestone will be used to react with sulfur in the coal to lower SO2 emissions. 
____________________________________________________
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_____________________________________________________

APGA Believes Market Manipulated 

Unsatisfied by the federal government's explanation that the high gas prices last winter were due mainly to supply and demand, the American Public Gas Association says it believes the recent price drop is a signal that the market may have been unfairly manipulated. In a letter sent to the EIA and to key lawmakers, APGA insists that the supply/demand explanations do not tell the full story. Rather, the association of municipal gas systems believes price speculation played a major role in the dramatic upswing in prices during the 2000-2001 heating season. Citing FERC's investigation into gas prices at the California border, APGA said it is concerned not only about that point, but also that market power gained through the unregulated control of pipeline capacity will lead to unjust and unreasonable prices for natural gas service throughout the US. APGA says it is convinced that the true cause of record prices for gas will not be known unless the role played by energy traders and price speculators is examined. 
_____________________________________________________

Need a past issue of Enerfax Daily or Enerfax GOLD. Past issues are available on Sagewave at http://www.sagewave.com/D2/autolog/common/log.asp?KEY=enerfax 

______________________________________________________
FINANCIAL SUMMARY
The TSE 300 dropped 92.69 points to 7920.05
The CRB Index climbed 0.08 points to 211.62
The US Dollar decreased 0.93 points to 117.99
The Dow declined 181.49 points to 10690.13
The S?500 fell 21.73 points to 1219.87
The Nasdaq was down 77.59 points to 2044.07
July NYMEX Crude Oil rose 0.20 to 29.04
Canadian-US Exchange gained .0033 to 1.5214
Please welcome our advertisers by visiting these websites.http://www.kwi.com http://www.fea.com http://www.nesanet.org http://www.caminus.com http://www.progas.net/wip http://risk.sungard.com/energy http://www.energy2001.eee.doe.gov http://www.ziffenergyconferences.com 
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