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Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE
              Monday, January 14 2002 No. 904
Visit: http://www.enerfax.com/ or for Oil Prices & News
http://www.enerfaxgold.com/
PHYSICAL NATURAL GAS PRICES
Gulf/Eastern Region
| Agua Dulce              | 2.15  |
| ANR SE                  | 2.24  |
| Carthage TG             | 2.21  |
| Chicago Citygate        | 2.23  |
| Columbia Gulf Onshore   | 2.26  |
| Dominion South Point    | 2.38  |
| Henry Hub               | 2.30  |
| Houston Ship Channel    | 2.28  |
| Katy Hub                | 2.22  |
| NGPL LA Pool            | 2.19  |
| NGPL - Midcontinent     | 2.11  |
| NGPL STX                | 2.16  |
| NGPL TX/OK              | 2.17  |
| NNG Demarc.             | 2.15  |
| Niagara                 | 2.46  |
| Sonat Tier 1            | 2.25  |
| TCO IPP Pool            | 2.39  |
| Tetco ELa               | 2.27  |
| Tetco M-3               | 2.60  |
| Tetco STX               | 2.16  |
| TGP Zone 0              | 2.16  |
| TGP Zone 1 (500 Leg)    | 2.22  |
| TGT Zone SL             | 2.27  |
| New York Citygate       | 2.63  |
| Transco Station 65      | 2.35  |
| Transco Zone 6 (NY)     | 2.64  |
| Trunk ELa               | 2.22  |
| Western Region
| California Border       | 2.12  |
| El Paso Keystone        | 2.01  |
| El Paso San Juan-Blanco | 1.98  |
| Waha Hub                | 2.09  |
| Canadian/Rockies Region
| Nova/Aeco (C$/gig)      | 3.04  |
| Dawn Hub/Union          | 2.28  |
| Northwest Stanfield     | 1.98  |
| Wyoming Pool            | 1.92  |
| Opal/Kern River         | 1.92  |
| PGT-Malin               | 2.06  |
| Sumas                   | 1.98  |
       Flow Dates 1/12-14
-------------------------------------------------------------

NATURAL GAS FUTURES
Henry Hub
12 Month Strip  2.5098 -0.0086
18 Month Strip  2.6342 -0.0203
| Month | High  |  Low  | Close | Change |
| FEB   | 2.260 | 2.185 | 2.204 | +0.019 |
| MAR   | 2.260 | 2.187 | 2.203 | +0.008 |
| APR   | 2.295 | 2.240 | 2.250 | +0.005 |
| MAY   | 2.365 | 2.320 | 2.322 | +0.007 |
| JUN   | 2.440 | 2.400 | 2.390 | +0.000 |
| JUL   | 2.515 | 2.470 | 2.460 | +0.000 |
| AUG   | 2.550 | 2.510 | 2.505 | -0.003 |
| SEP   | 2.560 | 2.530 | 2.510 | -0.008 |
| OCT   | 2.580 | 2.540 | 2.535 | -0.015 |
| NOV   | 2.790 | 2.760 | 2.745 | -0.025 |
| DEC   | 3.020 | 2.220 | 2.950 | -0.040 |
| JAN   | 3.120 | 3.085 | 3.044 | -0.051 |
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Natural Gas Prices Up Slightly Ahead of Weekend

    Natural gas for February delivery on the NYMEX ended slightly higher
Friday, ending up $0.019 to $2.204 per MMBtu on slow range-bound trades in
a boring market after hitting a high of $2.26. The March contract rose
$0.008 to $2.203 per MMBtu. The market open up and worked its way higher
after a cold-weather forecast was released midmorning. However afternoon
trading saw a steady erosion of prices and there was no pop-up in the
market before the close as is usual on Friday. The cold front should give
a little support to the market this week, but storage operators will be
calling on customers to withdraw volumes by the end of January to meet
contract requirements, which could bring prices down on high supply. Look
for support is at $2.14, a critical level that, if breached, could see the
market drop to $2 per MMBtu. Expect resistance at $2.27. However, unless
sustained cold weather shows up soon, prices are likely headed well below
$2 per MMBtu. Weather since October 1st, based on heating-degree days, has
been 25% warmer than last heating season and 14.6% warmer than normal. Big
speculators, including commodity funds, are seen as supporting the market,
based on the latest CFTC report. Funds increased their net short positions
to 47,104 on January 8th, up 42% from their 33,103-contract net short
prior position. Large commercial players held a net long position of
39,596, up from 27,367. They ended the latest reported period with 363,856
longs and 324,260 shorts. Open interest rose to 434,291 from 400,200.
Natural gas for next day delivery across the US and Canada was generally
flat to $0.05 higher or lower Friday. Natural gas for next day delivery at
the Henry hub lost $0.02 to $2.30 per MMBtu.
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Today's Power Bulletins
 * Fitch Assigns 'BBB+' Rating to TECO's Equity Security Units
 * Southern's Hatch Nuclear Power Plant License Renewed by NRC
 * Natural Resource Group Opens Houston Office
 * DPL Expects Record Earnings and Growth for 2001
 * Capstone Retains Cayley as General Counsel
 * Sanyo Considering Venture with Samsung in Fuel Cells
 * Western Spot Power Prices Rise on More Weather-Related Demand
 * Northeast Power Prices Rise on Cooler Weather this Week
 * Most Mid-Continent Spot Power Prices Rise on Cold and Weekend Risk
 * Southeast Spot Power Prices Mixed Amid Scant Weather and Weekend Risk
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 Judge Keeps Enron Cases in New York


    A judge has ruled that Enron's bankruptcy case will stay in New York.
The decision is a setback for Dynegy and other Enron creditors who had
wanted the case moved to Houston. In addition, Enron's $10 billion lawsuit
against Dynegy for pulling out of a planned merger will be tried in New
York. According to the judge, keeping the case in New York would best
serve the debtors' reorganization efforts since New York is a world
financial center and has the resources that will be required to address
the debtors' financial issues. Enron's Chapter 11 case and the lawsuit
were filed in Manhattan, where a small unit, Enron Metals and Commodity is
based. Dynegy said that both cases should be heard in Houston in the
interest of justice and for the convenience of the parties. Dynegy said it
was disappointed with the decision, but expects that all of Enron's
creditors will be treated fairly regardless of the venue. The attempt to
transfer the case to Houston divided Enron's creditors. Several banks
based in New York opposed a transfer. A committee appointed to represent
Enron's unsecured creditors also wanted to keep the case in New York. Some
Houston-based creditors such as El Paso, Reliant and a group of Enron
401(k) plan holders, were in favor of Houston.
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-------------------------------------------------------------
Natural Gas NYMEX Volume
02FEB   34,828
02MAR   13,760
02APR    5,539
02MAY    5,367
02JUN    4,135
02JLY    4,524
02AUG    1,407
02SEP      549
02OCT    2,707
02NOV    1,134
02DEC    1,914
03JAN    3,213
03FEB    1,962
03MAR      708
03APR      251
03MAY       54
03JUN      396
03JLY      351
03AUG       21
03SEP       85
03OCT      165
03NOV      693
03DEC      170
04JAN       18
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Baker Hughes Weekly Rid Count

    The number of rigs searching for oil and natural gas in the US fell 27
to 856 last week, according Baker Hughes. A year ago there were 1121 rigs.
The number of rigs in Canada was up 134 to 427 compared to 546 a year ago.
The number of rigs in the Gulf of Mexico was down 5 at 116 compared to 169
a year ago. The number of rigs searching on land was 712, while the number
of offshore was at 123. There were 21 inland rigs. The total North
American rig count rose by 107 to 1,283, compared to 1,667 a year ago. The
number of rigs searching for oil slipped 2 to 136, and the number
searching for natural gas dropped 25 to 719. There was one miscellaneous
rig, unchanged from last week.
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-------------------------------------------------------------
PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 18.50 | 16.50 |  17.20  |
| ECAR       | 21.50 | 16.50 |  19.05  |
| ERCOT      | 18.25 | 16.00 |  18.10  |
| Entergy    | 19.00 | 18.25 |  18.55  |
| TVA        | 22.75 | 21.70 |  22.30  |
| ComEd      | 20.00 | 17.00 |  18.05  |
| Nepool     | 30.75 | 29.75 |  30.40  |
| PJM West   | 25.10 | 24.00 |  24.90  |
| Main       | 20.00 | 15.50 |  17.35  |
| MAPP       | 20.00 | 17.50 |  18.50  |
| Palo Verde | 21.50 | 20.25 |  21.05  |
| Mid C      | 19.25 | 18.50 |  18.85  |
| COB        | 21.00 | 20.25 |  20.75  |
| 4 Corners  | 21.00 | 20.75 |  20.90  |
| Mead       | 21.75 | 21.25 |  21.70  |
| NP 15      | 23.25 | 21.25 |  21.90  |
| SP 15      | 22.50 | 21.50 |  21.90  |
            Power Delivered 1/14
-------------------------------------------------------------
Drillers Idle Rigs Until Oil and Natural Gas Prices Rebound

    Pride International, which had 25 drilling rigs drilling for oil and
natural gas in the Gulf of Mexico a year ago, has idled 15 of those rigs.
Energy exploration companies have cut back their budgets on contract
natural gas drilling as prices plunged 80% from a year ago and oil fell by
30%. It is estimated that companies will cut spending on drilling by about
20% in North America to $42.5 billion. For every non-active rig, about 50
workers join the unemployment line. Apache has said it plans to cut
capital spending 70% after spending $1 billion last year. Burlington
Resources said it will spend 19% less than last years $1.3 billion.
Kerr-McGee has estimated spending would be half that of 2001. BP plans to
defer a $600 million Alaskan drilling program and 20% of its workforce in
the state lose their jobs. However, not all oil and natural gas explorers
are cutting spending this year. Phillips plans to raise its exploration
and production budget by about 2% and Unocal expects spending to maintain
current levels. ExxonMobil estimates a 10% increase in spending from as
much as $7.3 billion last year. Pride has reduced its active rig fleet and
now has lowered contract rates by 55%. Some analysts believe that drillers
should not cut their operations too steeply, due to the inevitable rise in
natural gas prices. Pride says maintenance crews run engines and keep
everything in order on the idle rigs for when prices rebound. Elsewhere in
the world, where the exploration costs are usually lower, the outlook for
oil drilling is not as dismal. Exploration spending by the industry on
overseas wells has been estimated climb by as much as 11%.
-------------------------------------------------------------
Allegheny Energy Supply Company, Salt River Project (SRP) and Sempra
Energy
Resources announce Open Season for proposed Desert Crossing Gas Storage
and
Transportation System. Open Season for customers interested in capacity
begins Jan. 10, 2002 and extends through Feb. 8, 2002.  For
information,visit www.desert-crossing.com
-------------------------------------------------------------
Todays Gas Bulletins
 * Labor Department's Producer Price Index Plunged 1.8% in 2001; Biggest
Drop in 15 Years
 * IRS Launches Investigation into Enron Scandal
 * There Now Are 6 Congressional Inquiries and at Least 4 Separate Federal
Agencies Conducting Enron Investigations, Including the Justice Department
 * Citigroup Executive and Ex-Treasury Secretary Robert Rubin Called Top
Treasury Department Official on Behalf of Enron in Early November
 * Horizon Offshore Adopts Shareholder Rights Plan
 * Totalfinaelf Considering Bid for Conoco to Break Up Its Planned Merger
with Phillips
 * Andersen's Future at Stake After Enron Debacle
 * EIA Says Energy Firms Reap Record Profits in 2000
------------------------------------------------------------
 Ziff Energy Group presents
Gas Storage 2002
Redefining the Fundamentals:
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Will record high volumes in storage further depress gas prices?
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-------------------------------------------------------------
San Francisco Concerned over Power Project Delays

    The California ISO is worried that recent cancellations and delays in
the construction of more power plants in and around San Francisco could
have detrimental effects on the city's power supply. Those worries have
increased after Mirant delayed a project to increase generation capacity
at the aging 363 MW Potrero plant. The company said the project is on the
deferred list, but that is basically due to permitting. Mirant said it
intends to proceed with the permitting and then other decisions will have
to be made, but made no commitment beyond that. Potrero is not the only
generating plant that is causing concern for officials in San Francisco.
The Hunters Point station, owned by Pacific Gas & Electric, was built in
the 1920s and new power turbines were last installed in the late 1940s and
1950s. In addition, Mirant has 2 other power plants in Contra Costa County
across the bay from San Francisco, which were also scheduled to be
upgraded. The company said it will complete expansion work at one plant,
but improvements at the 2nd station are held up by problems with Bay Area
pollution rules. The ISO said that the alternative to avoid power
shortages is to expand the transmission grid delivering electricity into
San Francisco from the peninsula to the south. Many energy companies have
cut back their expansion plans in the wake of the collapse of Enron and a
sharp drop in wholesale power prices. Mirant has said it would complete
about 5,700 MW of power under way, but will defer or cancel 8,300 MW.
-------------------------------------------------------------
 R. W. Beck is an engineering and management consulting firm serving
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Training to improve your ability to identify and manage tactical and
strategic risks.
Please visit our web site at http://www.rwbeck.com
-------------------------------------------------------------
POWER FUTURES
| Month |   COB   | Change |   PV    | Change |
| FEB   |  22.00  | +0.00  |  22.50  | +0.00  |
| MAR   |  21.00  | +0.00  |  22.00  | +0.00  |
| APR   |  21.00  | +0.00  |  24.00  | +0.00  |
| MAY   |  20.00  | +0.00  |  25.00  | +0.00  |
| JUN   |  21.00  | +0.00  |  30.00  | +0.00  |
| JUL   |  29.00  | +0.00  |  40.00  | +0.00  |
| AUG   |  39.50  | +0.00  |  44.25  | +0.00  |
| SEP   |  35.00  | +0.00  |  35.00  | +0.00  |
| OCT   |  26.00  | +0.00  |  26.25  | +0.00  |
| NOV   |  25.00  | +0.00  |  26.25  | +0.00  |
| DEC   |  27.00  | +0.00  |  26.25  | +0.00  |
| JAN   |  27.00  | +0.00  |  26.00  | +0.00  |
| Month | Entergy | Change | Cinergy | Change |
| FEB   |  19.50  | +0.00  |  21.30  | -0.05  |
| MAR   |  20.30  | -0.05  |  22.15  | -0.20  |
| APR   |  20.30  | -0.05  |  22.15  | -0.20  |
| MAY   |  23.50  | -0.10  |  25.50  | -0.25  |
| JUN   |  29.50  | -0.25  |  32.25  | -0.75  |
| JUL   |  38.25  | +0.25  |  42.50  | -0.25  |
| AUG   |  38.25  | +0.25  |  42.50  | -0.25  |
| SEP   |  21.75  | -0.25  |  23.00  | +0.00  |
| OCT   |  21.75  | -0.50  |  23.20  | +0.00  |
| NOV   |  22.40  | +0.15  |  23.20  | +0.00  |
| DEC   |  22.40  | +0.15  |  23.20  | +0.00  |
| JAN   |  24.50  | +0.00  |  26.00  | -0.25  |
-------------------------------------------------------------
Power Futures
| Month |  PJM  | Change |
| FEB   | 25.40 | +0.15  |
| MAR   | 24.85 | +0.00  |
| APR   | 24.85 | +0.00  |
| MAY   | 28.40 | +0.00  |
| JUN   | 36.00 | -0.10  |
| JUL   | 49.50 | -0.10  |
| AUG   | 49.50 | -0.10  |
| SEP   | 25.50 | +0.10  |
| OCT   | 25.20 | +0.00  |
| NOV   | 25.20 | +0.00  |
| DEC   | 25.20 | +0.00  |
| JAN   | 28.75 | -0.05  |
-------------------------------------------------------------
Energy Seminars, Inc. Announces Key Seminar Offerings for January:

Energy Seminars will be going to Florida and Calgary in 2002!

Click to www.energyseminars.com to see our 2002 schedule.

Register on-line at http://www.energyseminars.com or call Registrar Gina
Patrick

Phone: 281-362-7979
FAX: 281-296-9922
--------------------------------------------------------------------------------------------------------------------------

UBS Wins Apparent Control of Enron's Trading Operations


    Swiss bank UBS Warburg is the apparent winner of an auction for
control of Enron's energy trading unit. If the bankruptcy judge accepts
UBS bid, it would mean a venture into a new area of business for UBS, the
investment banking arm of the Swiss bank trades in commodities,
derivatives, and other instruments but not oil and natural gas. The value
of the winning bid or other details were not disclosed. As part of the
deal, Enron would retain a residual interest in the income of the business
but UBS would assume none of Enron's past, present or future liabilities
or trading positions. The company says that with UBS' 'AA' credit rating
and Enron's proven industry expertise, the shift in control will maximize
the value of the trading operations. The operations, which have been idle
since early December, generated most of the energy traders $101 billion in
profits for 2000. After all night negotiations in New York, the bid was
approved by Enron's 15-member unsecured creditors committee, a court
appointed group representing some of those that Enron owes. Members of the
committee said that they would have been comfortable with either UBS or
Citibank, the other bidder for the trading operations, but that the UBS
bid was a little more lucrative. However, Citigroup could still come back
with a sweetened offer and present it to the judge next week. Citigroup
declined to comment because it has never publicly admitted to being a
bidder.
-------------------------------------------------------------

                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;
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.
Vist our website http://www.progas.net/wip
Progas Storage Services, Inc
8610 S. Hwy 277
Abilene, TX 79606

Ph 915 698 3699
Fx 915 698 2859
-------------------------------------------------------------
Ontario Power Price Volatility Likely to Increase

    Ontario can expect large swings in electricity prices after its power
industry is opened to competition in May, according to some experts.
Ontario plans to introduce competition into an industry that has 29,500
MWof generating capacity and serves almost 12 million people. The
deregulation process was originally scheduled for November 2000. Price and
supply problems accompanied deregulation in Alberta and California over
the past two years, including and some expect the same for Ontario.
Alberta spent billions of dollars on rebates to cushion the impact on
consumers of its difficult transition. But Alberta's power charges, after
rising sharply in the run-up to its market opening in 2001, have declined
to about C$71 per MWh from C$133 per MWh in 2000. The economic slowdown,
additional generating capacity and lower natural gas prices have pushed
down prices across North America. But, the spot market remains volatile,
with Alberta's wholesale prices ranging from C$6 per MWh at off-peak times
to C$879 per MWh at the highest peak last year. So Ontario power prices
under the new market are likely to be more volatile than they were before
for the foreseeable future. But, while there will be more price swings,
Ontario's power prices will be lower over the longer term because of
increased competition. And a large reserve of generating capacity should
shelter Ontario residents from sky-high peaking prices boyh California and
Alberta suffered through. But Ontario will pay a price for its slow
movement toward competition. The weak economy and reduced capital
available to potential buyers are reducing bids for publicly owned power
plants by up to 50%. Ontario Power Generation must sell 4,200 MW of
capacity within 4 years to encourage competition, and within ten years
reduce its share of the market to under 35%.
-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 dipped 20.45 points to 7701.93
The CRB Index slid 0.64 points to 194.39
The US Dollar decreased 0.11 points to 116.64
The Dow declined 80.33 points to 9987.53
The S&P 500 dropped 10.95 points to 1145.60
The Nasdaq was down 24.78 points to 2022.46
February NYMEX Crude Oil fell 0.70 to 19.68
Canadian-US Exchange lost 0.0039 to 1.5972
-------------------------------------------------------------
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-------------------------------------------------------------
Washington DC
January 24, 2002
Spencer Abraham U.S. Secretary of Energy to address energy community on
potential security and commerce threats. Also to speak will be key
directors
from the CIA, SPR, IEA, SPR and more. See complete
detail and register today at
http://www.wesc.org
-------------------------------------------------------------
Please welcome our advertisers by visiting these websites.
http://www.e-acumen.com
http://www.kwi.com/
http://www.fea.com/
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http://www.progas.net/wip
http://www.ziffenergyconferences.com/
http://www.energyseminars.com
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