Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE 
   Wednesday, January 30 2002 No. 923
Visit: http://www.enerfax.com  to view our web version or for Oil Prices & News http://www.enerfaxgold.com 

PHYSICAL NATURAL GAS PRICES   
Gulf/Eastern Region     
| Agua Dulce              | 1.90  |
| ANR SE                  | 1.96  |
| Carthage TG             | 1.95  |
| Chicago Citygate        | 2.01  |
| Columbia Gulf Onshore   | 1.97  |
| Dominion South Point    | 2.10  |
| Henry Hub               | 1.97  |
| Houston Ship Channel    | 2.01  |
| Katy Hub                | 1.95  |
| NGPL LA Pool            | 1.92  |
| NGPL - Midcontinent     | 1.90  |
| NGPL STX                | 1.92  |
| NGPL TX/OK              | 1.91  |
| NNG Demarc.             | 1.99  |
| Niagara                 | 2.17  |
| Sonat Tier 1            | 1.96  |
| TCO IPP Pool            | 2.08  |
| Tetco ELa               | 1.96  |
| Tetco M-3               | 2.27  |
| Tetco STX               | 1.92  |
| TGP Zone 0              | 1.92  |
| TGP Zone 1 (500 Leg)    | 1.95  |
| TGT Zone SL             | 1.97  |
| New York Citygate       | 2.32  |
| Transco Station 65      | 2.05  |
| Transco Zone 6 (NY)     | 2.32  |
| Trunk ELa               | 1.95  |
| Western Region          
| California Border       | 2.07  |
| El Paso Keystone        | 1.94  |
| El Paso San Juan-Blanco | 1.95  |
| Waha Hub                | 1.93  |
| Canadian/Rockies Region
| Nova/Aeco (C$/gig)      | 2.73  |
| Dawn Hub/Union          | 2.12  |
| Northwest Stanfield     | 2.00  |
| Wyoming Pool            | 1.84  |
| Opal                    | 1.86  |
| PGT-Malin               | 2.05  |
| Sumas                   | 2.00  |
Flow Date 1/30
-------------------------------------------------------------
NATURAL GAS FUTURES
Henry Hub 
12 Month Strip  2.4381 +0.0657       
18 Month Strip  2.5883 +0.0617    
| Month | High  |  Low  | Close | Change |
| FEB   | 2.080 | 1.910 | 2.006 | +0.098 |
| MAR   | 2.090 | 2.010 | 2.067 | +0.083 |
| APR   | 2.180 | 2.100 | 2.150 | +0.071 |
| MAY   | 2.270 | 2.200 | 2.240 | +0.065 |
| JUN   | 2.350 | 2.280 | 2.320 | +0.065 |
| JUL   | 2.395 | 2.350 | 2.393 | +0.063 |
| AUG   | 2.445 | 2.390 | 2.453 | +0.063 |
| SEP   | 2.455 | 2.420 | 2.458 | +0.059 |
| OCT   | 2.480 | 2.450 | 2.488 | +0.059 |
| NOV   | 2.720 | 2.690 | 2.718 | +0.054 |
| DEC   | 2.930 | 2.900 | 2.933 | +0.054 |
| JAN   | 3.025 | 3.000 | 3.031 | +0.054 |
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Natural Gas Futures Rally on Late Short-Covering 

Natural gas futures for February delivery on the NYMEX powered upward yesterday, driven by locals short-covering near the close. It ran as high as $2.08 per MMBtu before expiring up $0.098 at $2.006 per MMBtu, but still down 23% from when it began as the prompt month at $2.619 per MMBtu. The March contract rose $0.083 to $2.067 per MMBtu. The expiration was the lowest since October's $1.83 finish in late September. And prospects remain bearish for the new prompt March contract, surrounded by bearish technical and fundamental signals. Look for support at $1.76-$1.80. Mild weather across much of the nation and the huge storage excess sent prices mainly downward all month. Traders saw funds covering short positions during the morning, with trading houses covering in the early afternoon. Locals, which were short near the close, started buying. The market still carries a huge $0.965 forward carry between the February-March contract and January 2003. The larger that forward ca! rry, the more bearish the market can be. Look for more short-covering before selling brings the market back down. The AGA will release its weekly  storage report this afternoon. Expect a withdrawal of about 110  120 Bcf. The 5-year average for the week is 150 Bcf.  A year ago there was a draw of 128 Bcf. Yesterdays estimated volume was 127,000 contacts, with 47,000 of those hedge or spreads. Natural gas for next day delivery across the US and Canada was generally flat to down $0.05 yesterday as cold weather moves back into the Midwest. Natural gas for next day delivery at the Henry hub lost $0.05 to $1.97 per MMBtu. 
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Today's Power Bulletins
* Newfoundland Power 2001 Profit Up on Higher Sales
* Shares of Calpine Drop 8.6% Yesterday
* Shares of Mirant Drop 7.7% Yesterday
* FERC Meeting Today; Issues Include New Push to Address Market Power and 
California Case
* Former FERC Chairman James Hoecker Spearheading New Lobbying Effort on Behalf of Electricity Restructuring 
* NRG Energy Achieves 2001 Earnings of $1.36 per Share
* Cleco Reports 2001 Earnings Up 8%
* PPL Reports 2001 Earnings Drop Sharply, But Increases Dividend by 36%   Forecasts 2002 EPS from Core Operations of $3.30  $3.50.
* Capstone CEO to Speak at SSB Power Technology Conference February 5th in 
New York City 
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FirstEnergy Merger-Related Staffing Reductions

FirstEnergy has implemented a work-force reduction affecting duplicative positions resulting from its merger with GPU, which was headquartered in Morristown, New Jersey.  The reduction of 265 employees is in line with staffing level recommendations made following an in-depth study of operations.  Affected employees primarily work in corporate support groups in Reading, Pennsylvania, and Morristown, including finance, legal, communications, human resources and information technology.  They qualify for severance benefits, including a lump-sum payment based on years of service, career counseling, and up to three months of career transition services. Merger related staffing actions to date total 668 positions -- including this staffing reduction, 213 employees who left the company and will not be replaced, and 190 employees who will be retained for several months up to 18 months to complete merger-related transition assignments.  
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Natural Gas NYMEX Volume
02FEB   65,394
02MAR   27,569
02APR    9,642
02MAY    4,348
02JUN    2,131
02JLY    4,109
02AUG    2,891
02SEP    1,714
02OCT    2,626
02NOV    1,293 
02DEC      907
03JAN    2,158
03FEB    1,044
03MAR    1,015
03APR       60
03MAY      122
03JUN      821
03JLY      136
03AUG      202
03SEP      252
03OCT       14
03NOV       13
03DEC       63
04JAN      112
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Merrill Lynch Top Executives Involved in Enron Partnership 

A report that Merrill Lynch executives invested in a limited partnership, LJM2, which was used by Enron to inflate earnings and hide debt from shareholders, has sent the investment company scurrying to deny any wrongdoing. Merrill Lynch invited managing directors and senior executives to invest in the partnerships after it helped Enron raise $349 million for the partnership from pension funds and other institutional investors. Critics say that some investment banks may have been less stringent in their scrutiny of Enron because senior executives were doing business with it and had a vested interest in its profits, raising questions about conflict of interest. The investments may be subject to congressional examination after the House Energy and Commerce Committee subpoenaed Enron's partnership records, including the identities of investors. Enron has revealed that its former CFO made $30 million from 2 partnerships, including LJM2. Merrill Lynch says tha! t the investment partnership is in line with common industry practices. Merrill Lynch claims that it was offered to qualified external as well as internal investors, which would not be a conflict of interest. 
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PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 19.25 | 18.15 |  18.55  |
| ECAR       | 22.00 | 15.75 |  19.50  |
| ERCOT      | 19.40 | 17.50 |  18.60  |
| Entergy    | 18.00 | 16.00 |  16.95  |
| TVA        | 20.40 | 18.65 |  19.35  |
| ComEd      | 20.00 | 19.00 |  19.50  |
| Nepool     | 27.75 | 27.00 |  27.30  |
| PJM West   | 21.50 | 21.00 |  21.25  |
| Main       | 20.00 | 17.50 |  18.90  |
| MAPP       | 21.00 | 19.50 |  20.00  |
| Palo Verde | 26.00 | 23.50 |  24.30  |
| Mid C      | 19.50 | 18.95 |  19.15  |
| COB        | 22.00 | 21.00 |  21.35  |
| 4 Corners  | 25.50 | 23.25 |  24.60  |
| Mead       | 26.00 | 24.75 |  25.20  |
| NP 15      | 24.25 | 23.50 |  23.70  |
| SP 15      | 24.50 | 23.50 |  23.90  |
            Power Delivered 1/30
-------------------------------------------------------------

CFTC Says No Enron Market Manipulation 

Enron did not try to engage in market manipulation at any futures exchange, according to testimony before the Senate Energy Committee by the chairman of the Commodity Futures Trading Commission. Both the CFTC chairman and the FERC chairman said they did not see a need for new federal market regulation because of Enron. FERC has found no substantial spillover effects into the energy markets because of Enron. In the aftermath of Enron's collapse, prices and energy markets remained stable, with neither electric nor natural gas deliveries being disrupted. 
-------------------------------------------------------------

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,
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-------------------------------------------------------------

Todays Gas Bulletins
* El Paso Shares Tumble 6.2 % Yesterday
* Anadarko Says 3rd Quarter Charges Should Be $1.7 Billion Higher
* Northern Border Partners Reports 25% Increase in 4th Quarter Net Income
* House Energy and Commerce Committee Seeks Data on Andersen-Enron Consulting
* TransCanada PipeLines 4th Quarter Profit Slips 5%, But Dividend Up 11%
* House of Representatives Speaker Dennis Hastert Backs President Bushs Decision Not to Hand Over Records to Congressional Investigators on Involvement by Enron
* China Seeking Foreign Partners to Build City Natural Gas Grid in Shanghai; Plans to Double Supply to Meet Booming Consumption
* TC PipeLines Announces 17% Increase in 2001 Earnings; New Nasdaq Trading 
Symbol TCLP
* Sempra Energy Trading Acquires Enron Metals Limited; Plans to Capitalize on Synergies Between Energy and Metals Trading Markets
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Enron Names Bankruptcy Specialist as Interim CEO 

Enron has named Stephen Cooper, managing partner of Zolfo Cooper, as interim chief executive officer and chief restructuring officer. Enron also named Jeff McMahon as president and chief operating officer and Ray Bowen as CFO. Cooper, McMahon and Bowen will take on the task of trying to raise Enron from the ashes after its collapse. Coopers firm specializes in resurrecting bankrupt companies. Cooper is currently handling the bankruptcy reorganization of Greyhound Lines parent Laidlaw Inc, but Laidlaws restructuring is almost complete. Industry experts say that Cooper must now balance the demands of the bankruptcy with running the remaining businesses and handling the lawsuits and investigations related to Enron's collapse. The new CEO says that with more than 19,000 employees worldwide, Enron has real businesses with real value. He said that his team will work closely with the Board of Directors, management and the creditors' committee to develop a reorganization plan to! maximize value for the company's shareholders. He has already begun working for Enron. Greg Whalley, who had been president and CEO resigned to take a position with UBS Warburg, which acquired Enrons energy trading unit 2 weeks ago. Enron has also agreed to sell businesses and long-term contracts for more than $520 million and relinquished control of Northern Natural Pipeline to Dynegy. Additionally, it plans to sell Portland General Electric to Northwest Natural Gas for about $3 billion. There has been no word of when the Board of Directors will name a new chairman to replace Ken Lay.
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-------------------------------------------------------------
POWER FUTURES  
| Month |   COB   | Change |   PV    | Change  |
| FEB   |  21.25  | +0.00  |  21.25  |  +0.00  |
| MAR   |  18.50  | +0.00  |  21.25  |  +0.25  |
| APR   |  20.00  | +0.00  |  14.00  |  -8.25  |
| MAY   |  18.25  | +0.00  |  14.50  |  -8.75  |
| JUN   |  20.00  | +0.00  |  16.50  | -11.25  |
| JUL   |  29.50  | +0.00  |  37.50  |  -0.25  |
| AUG   |  40.00  | +0.00  |  42.75  |  +0.25  |
| SEP   |  34.00  | +0.00  |  33.00  |  +0.75  |
| OCT   |  28.00  | +0.00  |  27.75  |  +0.00  |
| NOV   |  27.50  | +0.00  |  26.75  |  +0.50  |
| DEC   |  28.50  | +0.00  |  27.25  |  +0.50  |
| JAN   |  28.50  | +0.00  |  28.50  |  +0.25  |
| Month | Entergy | Change | Cinergy | Change  |
| FEB   |  18.25  | +0.00  |  19.70  |  +0.00  |
| MAR   |  19.50  | +0.25  |  21.00  |  +0.15  |
| APR   |  19.50  | +0.25  |  21.00  |  +0.15  |
| MAY   |  23.00  | +0.40  |  24.50  |  +0.25  |
| JUN   |  27.00  | +0.25  |  29.50  |  +0.50  |
| JUL   |  34.25  | +0.75  |  38.00  |  +0.75  |
| AUG   |  34.25  | +0.75  |  38.00  |  +0.75  |
| SEP   |  21.50  | -4.50  |  22.75  |  +0.45  |
| OCT   |  21.50  | +0.15  |  22.30  |  +0.45  |
| NOV   |  21.50  | +0.15  |  22.30  |  +0.45  |
| DEC   |  21.50  | +0.15  |  22.30  |  +0.45  |
| JAN   |  24.15  | -0.10  |  25.50  |  +0.25  |
-------------------------------------------------------------
Power Futures     
| Month |  PJM  | Change |
| FEB   | 23.50 | +0.00  |
| MAR   | 24.35 | +0.30  |
| APR   | 34.35 | +0.30  |
| MAY   | 27.70 | +0.45  |
| JUN   | 34.25 | +1.00  |
| JUL   | 45.50 | +1.00  |
| AUG   | 45.50 | +1.00  |
| SEP   | 26.10 | +0.60  |
| OCT   | 25.50 | +0.50  |
| NOV   | 25.50 | +0.50  |
| DEC   | 25.50 | +0.50  |
| JAN   | 29.50 | +0.50  |
-------------------------------------------------------------

Senate Committee Examines Enron's Impact on Energy Markets

Conventional futures exchanges like the NYMEX are entirely regulated by the CFTC. But the Commodity Futures Modernization Act of 2000, passed by Congress after a big lobbying effort by Enron, removed over-the-counter and some on-line energy transactions from CFTC control. Those exempted markets made up the bulk of Enron's trading operations. The CFTC is working with the White House on auditing and accounting standards, and the combination of its market supervisory functions under one agency division. Although at least 8 other congressional probes are being conducted into the financial and accounting facets of Enron's demise, the Senate Energy Committee's authority is limited to the effects of Enrons meltdown on energy markets and consumers. Legislators at the hearing saw little impact from Enron on US energy markets. Some on the panel referred to it as business failure, not an energy market failure. Even though the chairman of the NYMEX has not call for any greater regu! lation of over-the-counter markets, he has called on regulators to treat on-line exchanges and traditional pit-based ones equally. 
-------------------------------------------------------------

Energy Seminars, Inc. Announces Key Seminar Offerings for January:
Energy Seminars will be going to Florida and Calgary in 2002!

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--------------------------------------------------------------------------------------------------------------------------

Derivatives at Root of Enron Collapse

Enrons extensive use of derivatives, not just its accounting practices, lie at the root of its fall into bankruptcy. Enron had used profits from its derivatives trading operation, which was little understood by investors, to mask losses in its more visible businesses even as some of its employees may have been fraudulently manipulating those profits. Enron reaped huge profits from derivatives.  But it lost billions on most everything else it did, including projects in fiber-optic bandwidth, retail natural gas and power, water systems and technology stocks, but used its expertise in derivatives to hide these losses. Derivatives are complex financial contracts whose values are linked to underlying variables such as the prices of commodities, stocks or bonds. They are used by sophisticated investors to manage risk. Enron's use of derivatives both outside and inside the company can likely be directly linked to its collapse. On the outside, they were used to create the compan! y's web of off-balance sheet deals with complex financial partnerships known as special-purpose vehicles. After some of those deals went sour, Enron in October took a $1 billion charge against earnings and a $1.2 billion write-down in shareholder equity, triggering its nosedive into bankruptcy. But Enron's derivatives problems ran far deeper than the outside special purpose vehicles. It appears that some Enron employees used dummy accounts and rigged valuation methodologies to create false profit and loss entries for the derivatives Enron traded. 
-------------------------------------------------------------

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-------------------------------------------------------------
Williams Shares Plunge 22% on Telecom Debt

Shares of Williams tumbled 22% yesterday after it reported it may have up to $2.4 billion in costs from Williams Communications which was spun off last April. Williams may have to pay $1.4 billion in Williams Communications debt if its credit rating falls below investment grade. It also may owe $750 million in Williams Communications fiber optic-network leases and $250 million in other expenses. Shares of Williams Communications dropped 80% last year as growth evaporated with the dot.com collapse. In the past month, Williams sold securities and cut capital spending to strengthen its balance sheet amid increased scrutiny by credit-rating agencies in the wake of Enrons collapse. It also plans to sell assets to maintain the all-important investment-grade debt rating. Because of the debt review, Williams delayed reporting 4th quarter results that had been scheduled for release yesterday. The review will have no direct impact on Williams Communications business, the company s! aid in a statement. However, the stock market is in the process of evaluating the situation and is assuming the worst. Williams shares fell $5.3, to $18.78 yesterday. Its 7.75% coupon maturing in 2031 fell about $42 to $921 per $1,000 face value from $963. That pushed the yield up to 8.48% from 8.08%. Williams's convertible preferred stock, which was sold this month at $25, tumbled $3.93 to $21.65 per share. Enron had $724 million in losses from telecommunications in the 3rd quarter. Global Crossing filed for bankruptcy protection Monday after it accumulated $12 billion in debt it was unable to repay because of falling sales. Shares Williams Communications fell $0.29 to $1.34 yesterday. 
-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 lost 76.59 points to 7567.14
The CRB Index fell 0.56 points to 187.31
The US Dollar decreased 0.49 points to 119.38
The Dow declined 247.51 points to 9618.24
The S?500 dipped 32.42 points to 1100.64
The Nasdaq was down 50.92 points to 1892.99
March NYMEX Crude Oil dropped 0.47 to 19.58
Canadian-US Exchange slid 0.0221 to 1.5904
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