Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE 
              Monday, January 28 2002 No. 921
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               | 1.92  |
| ANR SE                   | 1.97  |
| Carthage TG              | 1.95  |
| Chicago Citygate         | 2.03  |
| Columbia Gulf Onshore    | 2.00  |
| Dominion South Point     | 2.11  |
| Henry Hub                | 2.03  |
| Houston Ship Channel     | 2.04  |
| Katy Hub                 | 1.97  |
| NGPL LA Pool             | 1.95  |
| NGPL - Midcontinent      | 1.91  |
| NGPL STX                 | 1.93  |
| NGPL TX/OK               | 1.93  |
| NNG Demarc.              | 1.96  |
| Niagara                  | 2.18  |
| Sonat Tier 1             | 2.00  |
| TCO IPP Pool             | 2.12  |
| Tetco ELa                | 2.01  |
| Tetco M-3                | 2.26  |
| Tetco STX                | 1.92  |
| TGP Zone 0               | 1.92  |
| TGP Zone 1 (500 Leg)     | 1.98  |
| TGT Zone SL              | 2.00  |
| New York Citygate        | 2.27  |
| Transco Station 65       | 2.06  |
| Transco Zone 6 (NY)      | 2.27  |
| Trunk ELa                | 1.99  |
| Western Region           
| California Border        | 2.05  |
| El Paso Keystone         | 1.90  |
| El Paso San Juan-Blanco  | 1.91  |
| Waha Hub                 | 1.91  |
| Canadian/Rockies Region  
| Nova/Aeco (C$/gig)       | 2.90  |
| Dawn Hub/Union           | 2.12  |
| Northwest Stanfield      | 2.03  |
| Wyoming Pool             | 1.86  |
| Opal                     | 1.86  |
| PGT-Malin                | 2.10  |
| Sumas                    | 2.03  |
        Flow Dates 1/26-28
-------------------------------------------------------------

NATURAL GAS FUTURES
Henry Hub 
12 Month Strip ?2.4590 +0.0027 ? ? ? 
18 Month Strip ?2.6026 -0.0037? ? 
| Month | High  |  Low  | Close | Change |
| FEB   | 2.105 | 1.990 | 2.037 | -0.011 |
| MAR   | 2.900 | 2.050 | 2.104 | +0.014 |
| APR   | 2.200 | 2.135 | 2.180 | +0.014 |
| MAY   | 2.280 | 2.230 | 2.269 | +0.010 |
| JUN   | 2.350 | 2.300 | 2.342 | +0.010 |
| JUL   | 2.420 | 2.390 | 2.414 | +0.006 |
| AUG   | 2.480 | 2.440 | 2.467 | +0.006 |
| SEP   | 2.480 | 2.450 | 2.476 | +0.003 |
| OCT   | 2.510 | 2.475 | 2.503 | -0.002 |
| NOV   | 2.745 | 2.715 | 2.733 | -0.009 |
| DEC   | 2.950 | 2.920 | 2.945 | -0.009 |
| JAN   | 3.050 | 3.010 | 3.038 | -0.010 |
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Natural Gas Futures Dip But Hold Above $2


    Natural gas futures for February delivery on the NYMEX dipped 
briefly below $2 per MMBtu Friday, but bounced back on short-covering 
and funds rolling to end the day down $0.011 at $2.037 per MMBtu. The 
March contract gained $0.014 to $2.104 per MMBtu. The market began 
the session lower and gradually works its way higher most of the day, 
holding inside only a $0.05 range. Funds continued rolling positions 
into March and April contracts and beyond, and marketers braced 
themselves for February's expiration tomorrow. Although the market is 
making an effort to stay above $2.00, it made a lower high, a lower 
low and closed lower for the day and the week. So look for the market 
to continue down this week unless colder weather is forecast. Also 
expect to see an even smaller withdrawal this week from storage of 
about 110 ? 120 Bcf. However, there is a chance for limited short-
covering into expiration as the market continues to be oversold 
technically. On Friday, estimated volume was about 90,000 contracts, 
with about 40,000 of those spreads or hedge trades. Natural gas for 
weekend delivery across the US and Canada was generally $0.05 ? $0.15 
lower Friday, Natural gas for weekend delivery at the Henry hub 
dropped $0.09 to $2.03 per MMBtu. 
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Today's Power Bulletins
 * Brazil's Parana State Cancels Copel Power Firm Privatization
 * VP Cheney Says He Still Won't Turn Over Energy Papers to GAO
 * Cinergy Declares Quarterly Dividend of $0.25 per Common Share
 * Constellation Energy Group Employees Give Record $2.49 Million to 
United Way
 * Exelon Nuclear Reports 94.4% Capacity Factor, Record Generation
 * Senate Energy Committee to Look Into Impact of Enron Demise on 
Energy Markets
 * California Consumer Group Slams PG&E Restructure Plan
 * Western Peak Power Prices Increase on Colder Temperatures
 * Most Northeast Power Prices Rise Amid Cooler Weather Forecast
 * Mid-Continent Power Prices Mixed on Weather and Generation
 * Southeast Power Prices Mixed; Mild Weather Cuts Generation 
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S&P Changes Ratings Process 


    Standard & Poor's is changing the way it rates companies, in part 
because of problems from the demise of Enron. S&P is likely to 
conduct more formal reviews of ratings, and will be more specific 
about how far a rating may fall in the event of a review for 
downgrade. It will also focus more on credit cliff situations, which 
could result in a precipitous decline in a company's ratings if 
certain events take place. It will require companies to publicize 
rating triggers, such as one that in November could have forced Enron 
to pay off a $690 million note because of a recent downgrade. S&P is 
considering how best to incorporate securities price movements into 
ratings. S&P rates companies on a sliding scale from `AAA' to `D'. 
Moody's Investors Service and Fitch are also considering changes to 
make their own rating activity more timely. 
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-------------------------------------------------------------
Natural Gas NYMEX Volume
02FEB   45,804
02MAR   30,344
02APR    7,368
02MAY    4,797
02JUN    4,358
02JLY    2,387
02AUG    2,501
02SEP      683
02OCT    1,693
02NOV    1,416 
02DEC      636
03JAN    2,671
03FEB    1,925
03MAR      821
03APR      137
03MAY       32
03JUN      447
03JLY      406
03AUG      247
03SEP        8
03OCT      135
03NOV       40
03DEC      471
04JAN      121
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Commodity Futures Trading Commission

NYMEX Natural Gas Futures 
Reportable Positions as of  1/22/02 

Open Interest: 489,390                                  10,000 MMBtu 
                                                       Nonreportable

Non-Commercial         |   Commercial |     Total    | Positions
Long | Short| Spreading| Long | Short | Long | Short | Long  | Short
3,286 65,929   43,544  403,415 345,241 450,245 454,714  39,145 34,676

Changes from 1/08/02                 Change in Open Interest:  20,471
 -510  8,913    1,837   30,241  17,767  31,568  28,517   3,060  6,111

Percent of Open Interest for Each Category of Traders
  0.7   13.5      8.9     82.4    70.5   92.0     92.9     8.0    7.1
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-------------------------------------------------------------
PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 18.50 | 17.20 |  17.55  |
| ECAR       | 21.50 | 16.50 |  18.85  |
| ERCOT      | 17.75 | 17.05 |  17.25  |
| Entergy    | 17.50 | 17.00 |  17.25  |
| TVA        | 19.95 | 19.40 |  19.90  |
| ComEd      | 17.75 | 17.00 |  17.35  |
| Nepool     | 28.50 | 27.50 |  28.30  |
| PJM West   | 22.75 | 22.75 |  22.35  |
| Main       | 18.50 | 17.00 |  17.55  |
| MAPP       | 20.00 | 18.50 |  19.15  |
| Palo Verde | 25.75 | 23.50 |  24.70  |
| Mid C      | 22.50 | 21.75 |  22.05  |
| COB        | 24.25 | 23.50 |  23.90  |
| 4 Corners  | 26.00 | 24.75 |  25.45  |
| Mead       | 26.25 | 25.25 |  25.65  |
| NP 15      | 26.25 | 25.00 |  25.65  |
| SP 15      | 27.00 | 25.00 |  26.30  |
-------------------------------------------------------------
Exelon Reduces Net Income on Accounting Error

  Exelon 3rd quarter net income was 6.7% lower than reported in 
October because of an accounting error. Net income was $376 million, 
or $1.16 per share, not $403 million, or $1.25 per share. That means 
Exelon's 3rd quarter profit rose 62% from $232 million, or $1.35 per 
share, a year earlier. The company had a bigger than expected loss in 
a trust fund that has money for dismantling nuclear generators after 
they are closed. The fund is not managed by Exelon. Exelon will 
report 4th quarter and 2001 financial results tomorrow. It probably 
earned about $4.30 - $4.45 last year. 
-------------------------------------------------------------
Allegheny Energy Supply Company, Salt River Project (SRP) and Sempra 
Energy
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-------------------------------------------------------------
Todays Gas Bulletins
 * Enron Australia Administrators Propose Liquidation
 * White House Orders Enron and Andersen Contracts Review
 * S&P Places Alberta Energy Ratings on CreditWatch with Positive 
Implications
 * S&P Places PanCanadian Energy Ratings on CreditWatch with Negative 
Implications
 * Baker Hughes Says Rigs Searching for Oil and Natural Gas in US 
Fell 10 to 859 Last Week Compared to 1,116 Year Ago; Canada Up 22 to 
459 Compared to Year Ago; Gulf of Mexico Down 5 at 117 Compared to 
163 Year Ago
 * AFL-CIO Calls on Companies to Refuse Re-Nomination of Enron 
Directors to Their Boards
 * NXT Announces Successful Completion of Red River Discovery in 
North Dakota
 * Almost All Probing Enron Received Campaign Money
 * ABB Stock Jumps After Halliburton Rally
------------------------------------------------------------
Former Enron Vice Chairman Apparently Commits Suicide


    Former Enron Vice Chairman John Clifford Baxter, who had opposed 
the accounting practices that led to the downfall of the energy 
trading giant, apparently took his own life early Friday morning. 
Police said that Baxter was dead at the scene and the only occupant 
of the car. A suicide note and a revolver were found at the scene. 
Baxter was chairman and CEO of Enron North America before being named 
chief strategy officer. In October of 2000, he was promoted to vice 
chairman. Baxter resigned last May after ten years with Enron, during 
which time he helped build its wholesale energy business. Baxter had 
disagreed with then CEO Jeffrey Skilling over the inappropriateness 
of off-balance-sheet transactions involving partnerships that 
ultimately brought the company down. Baxter was one of the Enron 
directors targeted in about 40 investor lawsuits which allege that 
the company concealed losses by the use of the partnerships. Baxter 
engineered the $3.21 billion purchase of Portland General Electric in 
1997. Enron has agreed to sell the utility to Northwest Natural Gas 
for $2.98 billion in cash, stock and debt. Baxter resigned after 
losing a battle with Skilling for control of the direction the 
company would take. He favored the acquisition of energy producing 
assets to build the company, while Skilling preferred to expand the 
commodities trading unit, in Enron's asset light theory. Baxter 
reportedly told friends that he planned to earn a Ph.D. in history, 
spend time with his family and look for a position as chief executive 
at another company.
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-------------------------------------------------------------
Dabhol Sale Process Begins This Week

  
    The bidding process for Enron's $2.9 billion Dabhol Power project 
in India is set to begin this week. The Industrial Development Bank 
of India said advertisements will be placed in newspapers. Interested 
foreign companies are Royal Dutch/Shell, TotalFinaElf and Gaz de 
France. Potential Indian buyers are BSES Ltd, Tata Power and Gas 
Authority of India. Reportedly Rothschild, DSP Merrill Lynch and 
Smifs Securities have been appointed to search for bidders. The vast 
2,184 MW natural gas fired power plant and nearby LNG facility, the 
largest foreign private investment ever in India, has been idle since 
Enron pulled out last June in a dispute over the cost of the power 
provided to its only customer, the Maharashtra State Electricity 
Board. The 740 MW first phase of Dabhol began operating in May 1999. 
A 1,444 MW 2nd phase was almost complete when construction was halted 
after the state electricity board fell $240 million behind in 
payments for power provided. Those interested in acquiring the plant 
must put up a non-refundable $100,000 in earnest money. The sellers 
intend to sell the plant as a whole, but bidders may bid jointly for 
the operation and split it up later. A London data room will be 
established for the commercial and financial agreements, operating 
and historical data, projections and information on the status of 
Phase II. Due diligence is expected to begin early next month, with a 
possible deadline of the middle of March for submitting offers. The 
US government's Overseas Private Investment Corporation, a lender and 
guarantor of  loans to the project, and IDBI have led the talks among 
the parties involved, including 5 Indian financial institutions, 20 
foreign banks, 3 foreign government lending agencies, several 
governments, equity holders and potential bidders. Enron owns 65% of 
the Dabhol project, GE and Bechtel each own 10% and the Maharashtra 
State Electricity Board 15%. 
-------------------------------------------------------------
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-------------------------------------------------------------
POWER FUTURES ?
| Month |   COB   | Change |   PV    | Change |
| FEB   |  21.25  | +0.00  |  22.10  | -0.70  |
| MAR   |  18.50  | +0.00  |  21.75  | -0.75  |
| APR   |  20.00  | +0.00  |  23.25  | -0.75  |
| MAY   |  18.25  | +0.00  |  24.00  | -0.75  |
| JUN   |  20.00  | +0.00  |  28.50  | -0.65  |
| JUL   |  29.50  | +0.00  |  37.75  | -1.00  |
| AUG   |  40.00  | +0.00  |  43.25  | -0.75  |
| SEP   |  34.00  | +0.00  |  32.75  | -0.55  |
| OCT   |  28.00  | +0.00  |  27.75  | -0.25  |
| NOV   |  27.50  | +0.00  |  26.75  | -0.25  |
| DEC   |  28.50  | +0.00  |  27.25  | -0.25  |
| JAN   |  28.50  | +0.00  |  28.25  | +0.00  |
| Month | Entergy | Change | Cinergy | Change |
| FEB   |  18.30  | -0.50  |  19.70  | -0.30  |
| MAR   |  19.40  | +0.65  |  20.80  | -0.20  |
| APR   |  19.40  | +0.65  |  20.80  | -0.30  |
| MAY   |  22.50  | -0.75  |  24.00  | -0.50  |
| JUN   |  26.40  | -0.75  |  28.70  | -1.00  |
| JUL   |  33.25  | -1.00  |  37.25  | -0.75  |
| AUG   |  33.25  | -1.00  |  37.25  | -0.75  |
| SEP   |  26.00  | +4.50  |  22.25  | -0.25  |
| OCT   |  21.35  | -0.40  |  21.90  | -0.20  |
| NOV   |  21.35  | -0.40  |  22.10  | +0.00  |
| DEC   |  21.35  | -0.40  |  22.10  | +0.00  |
| JAN   |  24.00  | -0.25  |  25.00  | -0.25  |
-------------------------------------------------------------
Power Futures     
| Month |  PJM  | Change |
| FEB   | 23.75 | -0.25  |
| MAR   | 24.05 | -0.20  |
| APR   | 24.05 | -0.20  |
| MAY   | 26.75 | -0.45  |
| JUN   | 33.00 | -0.50  |
| JUL   | 44.40 | -0.60  |
| AUG   | 44.40 | -0.60  |
| SEP   | 25.30 | +0.05  |
| OCT   | 24.95 | -0.15  |
| NOV   | 24.95 | -0.15  |
| DEC   | 24.95 | -0.15  |
| JAN   | 28.50 | +0.25  |
-------------------------------------------------------------
California PUC Rejects Sempra Settlement

    The California PUC has rejected a settlement proposed by Sempra 
Energy that seeks to split profits from power sales between customers 
of San Diego Gas and Electric and shareholders. The decision will 
likely lead to a lawsuit between Sempra and the PUC. At stake is $363 
million the PUC argues could be used to the benefit of customers by 
paying down a special balancing account set up during the 
California's energy crisis last year that captured the difference 
between retail prices state regulators allowed SDG&E to charge and 
soaring wholesale power prices. To cash in on the high prices, SDG&E 
sold all the electricity remaining on several 5-year power contracts 
it had signed in 1996 and 1997, pocketing the profit.. 
-------------------------------------------------------------
Energy Seminars, Inc. Announces Key Seminar Offerings for January:

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

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----------------------------------------------------------------------
----------------------------------------------------
Alberta Energy and PanCanadian Consider Merger

  
    PanCanadian Energy Will buy Alberta Energy in a $16.8 billion 
share exchange deal which will create North America's largest oil 
exploration and production company, replacing Anadarko. The deal will 
allow the companies to compete effectively on a global basis. The new 
company, which is to be headquartered in Calgary, will be named 
EnCana Corp. The exchange ratio is a market-to-market ratio based on 
the average of the closing price for the 10 trading days ended 
January 23rd. PanCanadian shareholders will own about 54% and AEC 
shareholders will own about 46% of EnCana. Combined, the stocks of 
the two companies make up 44% of the TSE's oil and gas sub-index. 
Some say that Canadian companies have realized the need to bulk up in 
order to be competitive with larger companies in the US, like 
Anadarko, Burlington Resources and Devon Energy, and to attract 
investors. The deal could also be a self-protection measure in 
response to last year's rash of takeovers of Canadian oil firms by US 
companies, like those that took over Gulf Canada, Anderson 
Exploration and Canadian Hunter. Alberta Energy and PanCanadian may 
have seen themselves as vulnerable to possible takeovers. PanCanadian 
had been considered a possible takeover target when it was spun off 
from Canadian Pacific in October. A new AEC-PanCanadian company would 
produce 255,000 bpd of oil and natural gas liquids and 2.5 Bcf of 
natural gas per day. PanCanadian has natural gas and oil production 
facilities in Western Canada and offshore operations in Nova Scotia, 
the Gulf of Mexico and North Sea, where it recently discovered the 
areas largest oil field in 10 years, named Buzzard. AEC also produces 
oil and natural gas in Western Canada, owns about 14% of the Syncrude 
Canada oil sands project and has exploration, production, pipeline 
and natural gas storage units in the Rocky Mountains, Ecuador and the 
Arctic. 
-------------------------------------------------------------

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-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 rose 1.70 points to 7659.29
The CRB Index gained 0.81 points to 189.85
The US Dollar increased 1.27 points to 119.85
The Dow advanced 44.01 points to 9840.08
The S&P 500 added 1.13 points to 1133.28
The Nasdaq was down 4.88 points to 1937.70
March NYMEX Crude Oil climbed 0.29 to 19.99
Canadian-US Exchange rose 0.0059 to 1.6079
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