Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE 
   Wednesday, January 23 2002 No. 910
Visit: http://www.enerfax.com/  or for Oil Prices & News http://www.enerfaxgold.com/  

PHYSICAL NATURAL GAS PRICES   
Gulf/Eastern Region     
| Agua Dulce              | 2.06  |
| ANR SE                  | 2.09  |
| Carthage TG             | 2.12  |
| Chicago Citygate        | 2.14  |
| Columbia Gulf Onshore   | 2.15  |
| Dominion South Point    | 2.27  |
| Henry Hub               | 2.18  |
| Houston Ship Channel    | 2.20  |
| Katy Hub                | 2.14  |
| NGPL LA Pool            | 2.08  |
| NGPL - Midcontinent     | 2.04  |
| NGPL STX                | 2.07  |
| NGPL TX/OK              | 2.08  |
| NNG Demarc.             | 2.10  |
| Niagara                 | 2.34  |
| Sonat Tier 1            | 2.14  |
| TCO IPP Pool            | 2.25  |
| Tetco ELa               | 2.14  |
| Tetco M-3               | 2.45  |
| Tetco STX               | 2.08  |
| TGP Zone 0              | 2.07  |
| TGP Zone 1 (500 Leg)    | 2.12  |
| TGT Zone SL             | 2.15  |
| New York Citygate       | 2.52  |
| Transco Station 65      | 2.22  |
| Transco Zone 6 (NY)     | 2.52  |
| Trunk ELa               | 2.10  |
| Western Region          
| California Border       | 2.16  |
| El Paso Keystone        | 2.04  |
| El Paso San Juan-Blanco | 2.03  |
| Waha Hub                | 2.06  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 3.02  |
| Dawn Hub/Union          | 2.24  |
| Northwest Stanfield     | 2.09  |
| Wyoming Pool            | 1.96  |
| Opal                    | 1.98  |
| PGT-Malin               | 2.14  |
| Sumas                   | 2.07  |
Flow Date 1/23
-------------------------------------------------------------
NATURAL GAS FUTURES
Henry Hub 
12 Month Strip  2.4628 -0.0708       
18 Month Strip  2.6023 -0.0552    
| Month | High  |  Low  | Close | Change |
| FEB   | 2.130 | 2.113 | 2.106 | -0.130 |
| MAR   | 2.138 | 2.121 | 2.118 | -0.118 |
| APR   | 2.195 | 2.182 | 2.178 | -0.101 |
| MAY   | 2.298 | 2.274 | 2.270 | -0.082 |
| JUN   | 2.360 | 2.345 | 2.338 | -0.074 |
| JUL   | 2.440 | 2.410 | 2.413 | -0.067 |
| AUG   | 2.495 | 2.460 | 2.461 | -0.065 |
| SEP   | 2.505 | 2.470 | 2.473 | -0.056 |
| OCT   | 2.530 | 2.530 | 2.503 | -0.049 |
| NOV   | 2.750 | 2.720 | 2.728 | -0.044 |
| DEC   | 2.955 | 2.920 | 2.938 | -0.034 |
| JAN   | 3.055 | 3.000 | 3.028 | -0.029 |
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Natural Gas Futures Driven Lower by Lack of Fundamentals 

Natural gas for February delivery on the NYMEX tumbled $0.13 to $2.106 per MMBtu yesterday on mild weather and a continuing huge storage inventory. The March contract lost $0.118 to $2.118 per MMBtu. Contracts were in contango with each succeeding month more expensive than the prior month. There's a lack of support across the board. Cash prices will likely weaken more by the weekend ahead of next Tuesday's February contract expiration with forecasts again predicting above normal temperatures for the next two weeks across most of the nation. A general lack of fundamentals and technical weakness should pressure the market below $2 soon. This weeks AGA storage report is expected to show a 130  140 Bcf withdrawal. Anything less and the market could looking at $1.70 per MMBtu by expiration. As storage operators face requirements to release volumes out of storage, that extra gas hitting the market could force prices down quickly. Natural gas for next day delivery across the US! and Canada was generally $0.20  $0.40 lower yesterday. Natural gas for next day delivery at the Henry hub lost $0.23 to $2.18 per MMBtu. 
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Today's Power Bulletins
* In Case Brought by United States Enrichment, International Trade Commission Approves Import Duties of 2.26% on More than $200 million of Enriched Uranium from Britain, Germany and Netherlands
* Senator John Kerry Scheduled to Deliver Speech on Energy to Center for National Policy Today
* Greenlight Power Technologies Launches 5th Generation Fuel Cell Test Station
* AEPs Yearly Earnings Climb 26% Despite Weak Economy and Mild Weather in 4th Quarter
* Pacific Gas and Electric Tells Federal Judge California Should Allow It to Bypass State Laws to Get Out of $13.2 Billion Bankruptcy
* Western Spot Power Prices Fall on Weather Related Demand
* Northeast Spot Power Prices Slump Amid Warm Weather Forecast
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 Unocal Finds New Alaska Natural Gas Reservoir

Unocal has discovered a new natural gas reservoir on Alaskas Kenai peninsula which is expected to yield significant natural gas reserves. The test well had a 39-foot pay interval yielded restricted flow rates of up to 11.2 MMcf per day. The Grassim Oskolkoff 1 well, located 35 miles south of Kenai, Alaska, is operated under a joint operating agreement between Unocal and Marathon Oil. Unocal owns 40% working interest in the well and the surrounding 25,000 acre exploration area, and Marathon owns the remainder Unocal has also begun a separate 3-well exploration program on the southern Kenai Peninsula. Unocal and Marathon have formed Kenai Kachemak Pipeline to build a natural gas pipeline that will connect the new producing area with the existing south central Alaska pipeline system.  
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Natural Gas NYMEX Volume
02FEB   25,464
02MAR    8,953
02APR    5,940
02MAY    1,888
02JUN    2,562
02JLY    2,069
02AUG    2,513
02SEP    1,092
02OCT    2,242
02NOV      907 
02DEC    1,534
03JAN    1,307
03FEB      421
03MAR    1,240
03APR      436
03MAY       30
03JUN      111
03JLY        4
03AUG        7
03SEP       11
03OCT        8
03NOV        7
03DEC        6
04JAN      105
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Enrons Assets Being Sold Off 

Now that Enron's energy trading business, which produced about 90% of the its $100 billion of sales in 2000, has been sold to UBS for no cash and a share of future profits, the rest of the companys assets are being sold off to pay creditors a small portion of over $40 billion that they are owed. Although company officials have said they are committed to keeping the core intact, it is slowly being dismembered and there may be little left to reorganize. Enron claimed assets of more than $50 billion in its bankruptcy filing, but they may actually bring much less when sold. The commodity trades and derivative contracts that Enron entered into before filing for bankruptcy were estimated to be worth up to $8 billion last month, but now it says the about 700 open position are worth about $1.3 billion. It is seeking court permission to settle the contracts to raise cash. Since it collapsed, Enron has sold about $520 million of contracts and assets and lost control of its $2.7 bi! llion Northern Natural Gas Pipeline, but is contesting Dynegy's rights to the pipeline. As part of its plans to emerge from bankruptcy, Enron wants to place litigation against it in a trust and raise between $4 - $6 billion by selling assets in Latin America and Asia. Centrica Plc has agreed to buy Enron's UK energy supply business for $137.1 million and Kinder Morgan plans to buy Enron's share in a natural gas pipeline for $68 million. AEP has purchased wind generators in Texas from Enron for $175 million. Enron could also ask the bankruptcy judge to allow the $2.98 billion sale of its Portland General Electric utility to Northwest Natural Gas. It also hopes to sell other businesses, including the Wessex water utility in Britain. Currently Enron's most valuable asset is Transwestern Pipeline, which is worth about $1.2 billion, and might get creditors $640 million after paying off about $560 million in debt.  
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PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 18.50 | 17.50 |  18.00  |
| ECAR       | 20.50 | 17.00 |  18.75  |
| ERCOT      | 17.55 | 17.00 |  17.30  |
| Entergy    | 19.00 | 17.85 |  18.00  |
| TVA        | 23.75 | 21.95 |  22.50  |
| ComEd      | 19.00 | 17.00 |  18.60  |
| Nepool     | 28.00 | 27.25 |  27.75  |
| PJM West   | 23.50 | 22.40 |  22.55  |
| Main       | 19.00 | 15.00 |  18.20  |
| MAPP       | 22.00 | 19.00 |  20.35  |
| Palo Verde | 23.50 | 21.50 |  22.45  |
| Mid C      | 19.00 | 18.50 |  18.80  |
| COB        | 21.50 | 21.00 |  21.30  |
| 4 Corners  | 22.00 | 20.50 |  21.45  |
| Mead       | 24.00 | 21.50 |  22.35  |
| NP 15      | 23.75 | 22.50 |  22.95  |
| SP 15      | 24.00 | 22.15 |  23.05  |
Power Delivered 1/23
-------------------------------------------------------------

Virginia Wants FERC to Rethink RTOs

The Virginia State Corporation Commission claims none of the existing regional transmission organizations currently proposed for the Mid-Atlantic and Northeast will provide significant benefits for the state, and has told the FERC to reassess the RTO landscape. Meanwhile, on Northeastern RTO formation, most states are urging the FERC to maintain the status quo and focus on incorporating market standards rather than require a single RTO to cover the entire region. The Virginia SCC says its location, bordering the Mid-Atlantic, Southeast and Midwest, puts them in a delicate situation in relation to the RTO question. 
-------------------------------------------------------------

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 http://www.desert-crossing.com 
-------------------------------------------------------------

Todays Gas Bulletins
* Congress Gears Up for High-Profile Enron Hearings
* Enron Says It Ordered All Staff to Preserve All Papers
* Federal Court to Hear Arguments Today Regarding Destruction of Enron-Related 
Documents in Response to Amalgamated Bank's Request to Discover How and Why Andersen Destroyed Documents
* Enron Europe Creditors Face $900 Million Trading Loss
* Dynegy Elects Glenn Tilton and John Watson to Board of Directors
* CES International CEO Dave Jones to Speak Tomorrow Hotel at JP Morgan H&Q Energy Technology Conference at New York Palace Hotel
* NuWay Energy to Acquire Mendell Energy Technologies, Including 95,000 Acres of Leases in Montana
* Kerr-McGee Replaces 490% of 2001 Oil and Natural Gas Production 
------------------------------------------------------------

Enron's Dabhol Project Nears Auction Block

Lenders to Enrons $2.9 billion Dabhol Power in India are set to put it on the auction block, with 6 major companies likely to express interest. The plant has been idle since last June after a dispute over the cost of the power for its sole customer, the Maharashtra State Electricity Board. Due diligence is expected to begin early next month, with a possible deadline of the middle of March for submitting offers. Interested foreign companies are Shell, TotalFinaElf and Gaz de France. Potential Indian buyers are BSES Ltd, Tata Power and Gas Authority of India. Publicity which focused on Enron's problems in India has given the country's image a black eye as a safe place to invest. Some in India claim that Enron coerced and hoodwinked a freshly elected state government into signing off on a power project it had previously tried to stop. The World Bank, which refused to fund the project, said it was too large, too costly and the terms were slanted in Enrons favor. Maharashtras! demand for energy did not rise as expected and meanwhile, the devaluation of the Indian rupee and climbing prices for naphtha raised the price of power production. Enron owns 65% of the Dabhol project, GE and Bechtel each own 10% and the Maharashtra State Electricity Board 15%. 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. Construction on the 1,444 MW second phase was stopped when the state electricity board fell $240 million behind in payments. The 740 MW first phase was launched in 1999. 
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Debt Rating Agencies Considering Reforms

Following complaints by investors, analysts and lawmakers that Moody's, S?and Fitch were too slow to downgrade Enron, the credit agencies have all said they are considering reforms that would speed up their review process for altering a company's ratings. The changes could lead ratings to become more volatile and affect stock and bond prices. It could also raise the cost of  borrowing for companies that need cash. Fitch and Moodys have said they may eliminate outlooks, meant to be a guideline of a rating's possible future direction. There will now be more rating changes that are multiple notches and corporate ratings will become more volatile and lower than they have been over the last decade. The agencies have already changed their criteria for the assessment of a companys ratings. All are taking a closer look at rating triggers and a companys ability to raise needed cash. This month, the agencies downgraded Kmart, which has now filed for bankruptcy, several notches i! n a matter of days. Moodys rated Kmarts debt as investment-grade a little more than a month ago. Moody's put Calpine on review for only one day before lowering its debt rating. It also kept Ford on review for only 5 days before downgrading its debt. The effects of the Enron collapse could hurt other companies facing a cash crunch by subjecting them to more stringent scrutiny. S?said it is focusing more on movement in a companys stock and bond prices. 
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PanCanadian to Spend C$1.7 Billion This Year

PanCanadian Energy plans to spend C$1.7 billion in 2002 to increase both its natural gas production and proven oil reserves by 10%. About 70% of the expenditures will be directed at natural gas projects with C$430 million spent on prospects in Canada's East Coast offshore region, the deepwater Gulf of Mexico and the North Sea. PanCanadian plans to drill 1,800 wells this year, down from about 2,150 in 2001. Last had major offshore and international exploration successes, with preliminary results showing that it replaced about 170% of production. Oil production is expected to decline by 5% year over year, although phase one work on the Christina Lake oil sands project will be completed early this year, and has the potential to add significant reserves and production in the medium term. PanCanadian also is evaluating production options with its partners at its Buzzard oil project in the North Sea. PanCanadians share of the discovery is more than 180 million barrels of recov! erable crude oil. 
-------------------------------------------------------------
POWER FUTURES  
| Month |   COB   | Change |   PV    | Change |
| FEB   |  21.25  | +0.00  |  22.95  | +0.00  |
| MAR   |  18.50  | +0.00  |  22.60  | +0.00  |
| APR   |  20.00  | +0.00  |  23.75  | +0.00  |
| MAY   |  18.25  | +0.00  |  24.75  | +0.00  |
| JUN   |  20.00  | +0.00  |  28.75  | +0.00  |
| JUL   |  29.50  | +0.00  |  38.25  | +0.00  |
| AUG   |  40.00  | +0.00  |  43.50  | +0.00  |
| SEP   |  34.00  | +0.00  |  33.25  | +0.00  |
| OCT   |  28.00  | +0.00  |  27.00  | +0.00  |
| NOV   |  27.50  | +0.00  |  26.00  | +0.00  |
| DEC   |  28.50  | +0.00  |  26.50  | +0.00  |
| JAN   |  28.50  | +0.00  |  28.00  | +0.00  |
| Month | Entergy | Change | Cinergy | Change |
| FEB   |  18.65  | +0.00  |  19.55  | +0.00  |
| MAR   |  19.50  | +0.00  |  20.80  | +0.00  |
| APR   |  19.50  | +0.00  |  20.80  | +0.00  |
| MAY   |  22.75  | +0.00  |  24.70  | +0.00  |
| JUN   |  22.70  | +0.00  |  29.15  | +0.00  |
| JUL   |  34.00  | +0.00  |  37.30  | +0.00  |
| AUG   |  34.00  | +0.00  |  37.30  | +0.00  |
| SEP   |  21.60  | +0.00  |  22.25  | +0.00  |
| OCT   |  21.30  | +0.00  |  21.85  | +0.00  |
| NOV   |  21.30  | +0.00  |  21.85  | +0.00  |
| DEC   |  21.30  | +0.00  |  21.85  | +0.00  |
| JAN   |  24.00  | +0.00  |  25.00  | +0.00  |
-------------------------------------------------------------
Power Futures     
| Month |  PJM  | Change |
| FEB   | 23.65 | +0.00  |
| MAR   | 23.85 | +0.00  |
| APR   | 23.85 | +0.00  |
| MAY   | 27.00 | +0.00  |
| JUN   | 33.50 | +0.00  |
| JUL   | 44.25 | +0.00  |
| AUG   | 44.25 | +0.00  |
| SEP   | 24.70 | +0.00  |
| OCT   | 24.70 | +0.00  |
| NOV   | 24.70 | +0.00  |
| DEC   | 24.70 | +0.00  |
| JAN   | 28.05 | +0.00  |
-------------------------------------------------------------

PNM Plans to Retire Transmission Line Debt

Public Service Company of New Mexico has asked the New Mexico Public Regulation Commission for authority to enter into a transaction that would cause the retirement of $27 million of Secured Facility Bonds due 2012. The proposed transaction will reduce PNM's long-term debt and give the company majority ownership of the 216-mile long Eastern Interconnection Project line, which connects PNM and the Western US with the West Texas electrical grid. PNM entered into a sale-leaseback arrangement in 1985 that allowed the company to levelize the EIP's cost to PNM and its customers over the lease period. The proposal would result in the redemption on April 1, 2002 of the Secured Facility Bonds at a price of $1054.30 per $1000 principal plus accrued interest to April 1, 2002. 
-------------------------------------------------------------

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

Click to http://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
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--------------------------------------------------------------------------------------------------------------------------

House Energy Committee to Subpoena Andersen Executives

The House of Representatives Energy and Commerce Committee will subpoena four former and current executives of Andersen to appear at a hearing on the accounting firm's role in the Enron fiasco. The four to be subpoenaed are: CEO Joseph Berardino, fired Andersen partner David Duncan, and managers Michael Odom and Nancy Temple. The oversight and investigations subcommittee of the Energy Committee has scheduled hearings for tomorrow. The full committee has also scheduled a hearing for next week. Opening remarks will be made on January 29th, with a full committee hearing to follow on January 30th. 
-------------------------------------------------------------
                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.
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8610 S. Hwy 277
Abilene, TX 79606
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Fx 915 698 2859
-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 slid 23.56 points to 7559.29
The CRB Index dropped 0.98 points to 189.09
The US Dollar increased 0.06 points to 117.57
The Dow declined 58.05 points to 9713.80
The S?500 fell 8.27 points to 1119.31
The Nasdaq was down 47.81 points to 1882.53
February NYMEX Crude Oil rose 0.34 to 18.34
Canadian-US Exchange dipped 0.0049 to 1.6083
-------------------------------------------------------------
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