Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE 
              Tuesday, February 26 2002 No. 949
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              | 2.30  |
| ANR SE                  | 2.37  |
| Carthage Tailgate       | 2.38  |
| Chicago Citygate        | 2.45  |
| Columbia Gulf Onshore   | 2.39  |
| Dominion South Point    | 2.61  |
| Henry Hub               | 2.40  |
| Houston Ship Channel    | 2.41  |
| Katy Tailgate/Exxon     | 2.39  |
| NGPL LA Pool            | 2.36  |
| NGPL - Midcontinent     | 2.31  |
| NGPL STX                | 2.32  |
| NGPL TX/OK              | 2.36  |
| NNG Demarc.             | 2.43  |
| Niagara                 | 2.56  |
| Sonat Tier 1            | 2.38  |
| TCO IPP Pool            | 2.50  |
| Tetco ELa               | 2.33  |
| Tetco M-3               | 2.66  |
| Tetco STX               | 2.30  |
| TGP Zone 0              | 2.34  |
| TGP Zone 1 (500 Leg)    | 2.38  |
| TGT Zone SL             | 2.39  |
| New York Citygate       | 2.66  |
| Transco Station 65      | 2.40  |
| Transco Zone 6 (NY)     | 2.66  |
| Trunk ELa               | 2.38  |
| Western Region         
| California Border       | 2.29  |
| El Paso Keystone        | 2.21  |
| El Paso San Juan-Blanco | 2.18  |
| Waha Hub                | 2.32  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 3.29  |
| Dawn Hub/Union          | 2.49  |
| Northwest Stanfield     | 2.28  |
| Wyoming Pool            | 2.05  |
| Opal                    | 2.06  |
| PGT-Malin               | 2.29  |
| Sumas                   | 2.22  |
         Flow Date 2/26
-------------------------------------------------------------
OPEN SEASON

SG Resources Mississippi, L.L.C., a wholly owned subsidiary of SGR 
Holdings, L.L.C., is conducting an open season for firm storage 
services at its new high-deliverability, salt cavern, natural gas 
storage facility, known as the Southern Pines Energy Center. The open 
season will begin at 9:00 a.m. CDT on February 4, 2002, and will 
continue until 5:00 p.m. CDT on March 4, 2002. The project is located 
at the border of Mississippi and Alabama with access to the major 
pipelines serving the Mid-Atlantic and the Southeastern United 
States. The facility is ideally located to serve as a transportation 
and storage hub for shippers on any one of nine major pipelines that 
will be interconnected directly or indirectly to the project. 
Information on the facility and the Open Season is available on our 
web site at   
http://www.sgr-holdings.com 
or contact us at 713-914-8188.
--------------------------------------------------------------
NATURAL GAS FUTURES
Henry Hub 
12 Month Strip ?2.6959  -0.1105 ? ? ? 
18 Month Strip ?2.8108  -0.0976? ? 
| Month | High  |  Low  | Close | Change |
| MAR   | 2.380 | 2.290 | 2.307 | -0.142 |
| APR   | 2.415 | 2.330 | 2.348 | -0.143 |
| MAY   | 2.480 | 2.400 | 2.414 | -0.133 |
| JUN   | 2.520 | 2.470 | 2.478 | -0.123 |
| JUL   | 2.585 | 2.530 | 2.536 | -0.120 |
| AUG   | 2.630 | 2.580 | 2.588 | -0.115 |
| SEP   | 2.640 | 2.590 | 2.598 | -0.110 |
| OCT   | 2.680 | 2.625 | 2.633 | -0.105 |
| NOV   | 2.930 | 2.895 | 2.895 | -0.095 |
| DEC   | 3.170 | 3.130 | 3.133 | -0.087 |
| JAN   | 3.280 | 3.238 | 3.238 | -0.082 |
| FEB   | 3.210 | 3.180 | 3.183 | -0.075 |
-------------------------------------------------------------

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Natural Gas Futures Tumble Lower 


   Natural gas futures for March delivery on the NYMEX tumbled 6% 
yesterday, losing $0.142 to $2.307 per MMBtu. The April contract 
dropped $0.143 to $2.348 per MMBtu. The market, caught between heavy 
open interest concentrated at $2.00 and $2.50, sold downward into the 
$2.20s. The market opened down and moved lower. When the midmorning 
cash trading closed, the market  sold down to its intra-day low. 
Trade and local selling left the market caught in the middle of the 
open interest concentrations. Look for the market to continue down 
this morning with expiration likely between $2.00 ? $2.15. With open 
interest spread all over everywhere, options expiration yesterday was 
a non-event.  Look for a withdrawal of about 90 Bcf ? 100 Bcf 
reported by the AGA tomorrow afternoon. A year ago, 101 Bcf was 
withdrawn from storage, and the 3-year average is 91 Bcf. Estimated 
volume yesterday was about 110,000 contracts, about 35,000 of which 
were considered spreads. The market still carries a very high $0.94 
forward carry between March-January 2003. Natural gas for next day 
delivery across the US and Canada was generally flat to $0.05 higher 
yesterday. Natural gas for next day delivery at the Henry hub was 
even at $2.40 per MMBtu.
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Today's Power Bulletins
 * Senate May Take Up Comprehensive Energy Legislation Debate on 
Floor Today
 * Lawmaker Wants Federal Bureau of Audits to Take Over Corporate 
Audits
 * Senator Harry Reid of Nevada Joining GAO Lawsuit Against White 
House Hoping to Gather Information on Administration's Plan to 
Dispose of Nuclear Waste in State
 * Entergy's Offer to Buy Vermont Yankee for $180 Million Likely Best 
Deal Obtainable
 * Xcel Energy Announces Pricing of 20 Million Shares of Common Stock 
Offering at $22.50 per Share
 * Fitch Rates Austin Energy Bonds `A'
 * Calpine Confident FERC Review Will Find California Contracts Just 
and Reasonable
 * Western Spot Power Prices Rise on Weather Related Demand
 * Northeast Spot Power Prices Mixed; Market Anticipates Forecast
 * Midwest Power Prices Rise on Cold Weather and Unit Outages
 * Southeast Spot Power Prices Jump Higher 
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-------------------------------------------------------------
 California Asks FERC to Terminate Power Deals


     California plans to petition the FERC to void 32 long-term, high-
priced power contracts the state signed last year. The California PUC 
has filed petitions under a section of the Federal Power Act charging 
that contracts the state has with 22 sellers are at prices and terms 
that are unjust and unreasonable. With the contracts valued at $43 
billion, the state committed to overpayments of about $21 billion for 
the 32 of the long-term power contracts. Calpine says it is confident 
that the FERC will find the company's long-term contracts with the 
state are just and reasonable. The PUC is asking the FERC to void the 
32 contracts.  The contracts were designed to rescue California from 
having to pay spot-market prices of $300 per MWh or more. Now, the 
average price of the contracts, $88 per MWh, is about 3 times more 
expensive than the spot market. FERC Chairman Wood is planning to 
investigate whether Enron and other companies manipulated 
California's power market and inappropriately influenced the prices 
of long-term power contracts. The contracts also have become an issue 
in the state's governor's race, where the 3 main Republicans have 
criticized the handling of the state's energy crisis. 
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-------------------------------------------------------------
UtiliCorp Receives Most from MIM Accounting


    UtiliCorp United received the highest percentage profits last 
year from mark-to-market accounting adjustments not yet realized in 
cash among 15 companies surveyed by ABN AMRO. UtiliCorp's earnings 
per share was $2.42 last year, about $0.81, or a third, came from 
MTM. Of that, about 80% relates to contracts to be realized in cash 
within one year, and 87% within 2 years. MTM accounting which allows 
company to take a commodity position and calculate the fair market 
value of 
the position at a specific point in time, despite actual earnings 
that may be years away. However, ABN gave UtiliCorp its highest 
rating for its level of disclosure. Williams, at 37%, had the highest 
percentage of earnings per share in the survey, but that is based on 
estimates, and excludes Enron-related write-offs. Williams has not 
yet reported 2001 results. Pinnacle West Capital was next at 22%, 
then Duke Energy at 21%. On Duke's $1.5 billion MTM book, 38% would 
be realized within a year, 53% in 2 years, and 64% in 3 years. 
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--------------------------------------------------------------
Natural Gas NYMEX Volume
02MAR   37,964
02APR   18,219
02MAY    6,322
02JUN    1,864
02JLY    1,398
02AUG    3,452
02SEP    2,351
02OCT    3,242
02NOV    2,966
02DEC    2,806
03JAN    5,421
03FEB    1,071
03MAR      457
03APR      214
03MAY        9
03JUN      742
03JLY       55
03AUG    1,050
03SEP      351
03OCT       14
03NOV        1
03DEC       21
04JAN    3,020
04FEB      379
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-------------------------------------------------------------
PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 26.50 | 21.50 |  23.15  |
| ECAR       | 26.50 | 19.80 |  23.15  |
| ERCOT      | 23.50 | 22.00 |  23.15  |
| Entergy    | 21.75 | 21.25 |  21.35  |
| TVA        | 28.15 | 26.05 |  27.60  |
| ComEd      | 22.50 | 20.00 |  21.65  |
| Nepool     | 29.35 | 27.00 |  28.45  |
| PJM West   | 23.00 | 22.00 |  22.65  |
| Main       | 24.25 | 20.00 |  22.35  |
| MAPP       | 23.50 | 21.00 |  22.35  |
| Palo Verde | 24.50 | 23.25 |  23.70  |
| Mid C      | 24.00 | 22.50 |  23.05  |
| COB        | 24.50 | 24.00 |  24.15  |
| 4 Corners  | 24.00 | 23.50 |  23.90  |
| Mead       | 25.00 | 23.75 |  24.30  |
| NP 15      | 26.25 | 25.50 |  25.80  |
| SP 15      | 26.00 | 25.00 |  25.45  |
            Power Delivered 2/26
-------------------------------------------------------------
Many Andersen Partners May Be Leaving 


     Executive recruiters say that more than a thousand Arthur 
Andersen partners have inquired into getting new jobs due to concerns 
about the accounting firms exposure to lawsuits stemming from the 
collapse of Enron. Andersen has about 4,700 partners and 85,000 
employees world-wide. Andersen contends that it is only experiencing 
a normal turnover so far. One recruiting company claims that it has 
received over 10,000 calls from Andersen employees since Enron filed 
for bankruptcy. A mass exodus by its staff may impact Andersen's 
ability to attract customers, especially during investigations by 
Congress, the SEC and the Justice Department into its role in 
establishing limited partnerships that hid debt and losses from Enron 
investors. Andersen has admitted that its employees shredded 
thousands of documents after the SEC inquiry began. Andersen is 
attempting to settle over $26 billion in lawsuits from Enron 
shareholders and employees who claim it failed to warn investors 
about the questionable accounting that led to Enron's downfall. 
Andersen plans to make a nonnegotiable offer this week to settle the 
suits. A published report said that the plaintiffs rejected an offer 
of up $800 million last week. Any settlement could significantly 
lower a partners net worth, and those who were directly involved in 
the Enron account could be sued for their personal assets. 
--------------------------------------------------------------
Todays Gas Bulletins
 * Enron Executives Sherron Watkins and Jeff McMahon and Former CEO 
Jeff Skilling Expected to Testify Today Before Senate Commerce 
Committee
 * Pemex January Natural Gas Output at 4.462 Bcf per Day Vs 4.575 Bcf 
per Day One Year Ago 
 * KWI Adds More Gas Functionality to kW3000; Deal Adds GMSL Gas 
Scheduling Technology to kW3000 and Creates Powerful European Product
 * Calling Fuel Cells and Hybrid Cars `Wave of the Future' President 
Bush Also Urged Drilling in Arctic Wildlife Refuge Yesterday
 * Congress and SEC Consider Post-Enron Credit Rating Reforms
 * NUI Energy Brokers Acquires Option on Property the It Plans to 
Develop Into Natural Gas Storage Facility in Perry County, 
Mississippi; Will Have Working Capacity of 10 Bcf
 * Sasol Explores for Natural Gas Offshore South Africa
 * Nicor Services Introduces Fixed Natural Gas Bill
-------------------------------------------------------------
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-------------------------------------------------------------
Skilling Tape Raises New Questions


    Congressional investigators reportedly have an October 3, 2000 
videotape in which former CEO Jeffrey Skilling vigorously defends 
Enron's accounting methods and touts the partnership deals now linked 
to its collapse. The tape raises questions about Skilling's recent 
testimony to lawmakers in which he said he knew of nothing wrong with 
Enron's finances when he resigned last August, citing personal 
reasons. In a transcript of the tape, Skilling responds to an Enron 
employee's concern about a Wall Street Journal article. The September 
20, 2000 story discussed Enron's use of an accounting method that 
books long-term contracts as current income. The article also said 
Enron would have had a 2nd quarter loss if not for $747 million in 
unrealized gains from risk management activities. However, Skilling 
says the story is just totally without merit, adding that Enron's 
accounting is conservative and the company provides more data in its 
annual report than anyone in a transaction-based industry. He then 
concludes that the company is in a strong position from an accounting 
basis. During the same meeting, Skilling tells employees the company 
will be bringing in partners to help Enron leverage its capital in 
its new Enron Net Works division. Earlier this month in testimony 
before the House Energy and Commerce Committee, Skilling said he was 
not aware of any inappropriate financing arrangements designed to 
conceal liabilities, or overstate earnings. Skilling is likely to be 
asked again about Enron's partnerships at the Senate consumer affairs 
subcommittee hearing today. He is also likely to be questioned about 
other discrepancies congressional investigators have found since he 
testified before the House committee. Also testifying will be Jeffrey 
McMahon, Enron's new president, and Sherron Watkins. 
-------------------------------------------------------------
POWER FUTURES ?
| Month |   COB   | Change |   PV    | Change |
| MAR   |  20.00  | +0.00  |  22.50  | +0.00  |
| APR   |  20.25  | +0.00  |  24.00  | +0.00  |
| MAY   |  19.75  | +0.00  |  25.00  | +0.00  |
| JUN   |  21.00  | +0.00  |  28.50  | +0.00  |
| JUL   |  28.75  | +0.50  |  39.75  | +0.00  |
| AUG   |  37.50  | +0.00  |  45.25  | +0.00  |
| SEP   |  33.50  | +0.00  |  34.50  | +0.00  |
| OCT   |  29.50  | +0.00  |  29.50  | +0.00  |
| NOV   |  29.00  | +0.00  |  28.50  | +0.00  |
| DEC   |  30.50  | +0.00  |  29.00  | +0.00  |
| JAN   |  30.50  | +0.00  |  29.50  | +0.00  |
| FEB   |  29.00  | +0.00  |  29.00  | +0.00  |
| Month | Entergy | Change | Cinergy | Change |
| MAR   |  20.00  | +0.00  |  21.10  | +0.00  |
| APR   |  20.00  | +0.00  |  21.60  | +0.00  |
| MAY   |  22.50  | +0.00  |  24.70  | +0.00  |
| JUN   |  27.50  | +0.00  |  30.00  | +0.00  |
| JUL   |  34.50  | +0.00  |  38.25  | +0.00  |
| AUG   |  34.50  | +0.00  |  38.25  | +0.00  |
| SEP   |  21.50  | +0.00  |  22.90  | +0.00  |
| OCT   |  21.85  | +0.00  |  22.90  | +0.00  |
| NOV   |  21.85  | +0.00  |  22.90  | +0.00  |
| DEC   |  21.85  | +0.00  |  22.90  | +0.00  |
| JAN   |  24.10  | +0.00  |  25.90  | +0.00  |
| FEB   |  24.10  | +0.00  |  25.90  | +0.00  |
------------------------------------------------------------
Power Futures     
| Month |  PJM  | Change |
| MAR   | 25.10 | +0.00  |
| APR   | 25.10 | +0.00  |
| MAY   | 28.25 | +0.00  |
| JUN   | 35.00 | +0.00  |
| JUL   | 46.15 | +0.00  |
| AUG   | 46.15 | +0.00  |
| SEP   | 27.15 | +0.00  |
| OCT   | 26.00 | +0.00  |
| NOV   | 26.00 | +0.00  |
| DEC   | 26.00 | +0.00  |
| JAN   | 30.25 | +0.00  |
| FEB   | 30.25 | +0.00  |
-------------------------------------------------------------
Williams Communications Considers Bankruptcy 


    After Williams Communications Group, which is $5.2 billion in 
debt, said it may file for bankruptcy protection, shares of its 
former parent, Williams Companies, dropped $1.46, or 9%, to $14.84 
per share. Shares of Williams Communications lost over half their 
value, tumbling $0.29 to $0.22 per share. However, Williams 
Communications stressed that filing for bankruptcy was only one 
possibility being considered to reorganize the company. The 
announcement by Williams Communications increased Williams' investors 
concern that bankruptcy could lead to a sizable shareholder dilution, 
or trigger a ratings review. Williams spun off 95% of Williams 
Communication in April 2000, but could be liable for up to $2.6 
billion if the communication group defaults on its debt. The company 
backed $1.4 billion of Williams Communications debt and a $750 
million lease by agreeing to issue shares if its former unit 
defaults. Some investors have filed lawsuits accusing Williams of 
misleading them about its liability for the communications company 
before the spin-off. After a change in the way credit agencies handle 
energy companies rating, Williams may stand to lose long-term 
contracts until it settles the Williams Communication debt due to 
credit concerns by its trading partners. A lowering of Williams debt 
rating could also trigger an immediate pay back Williams 
Communication debt.  
-------------------------------------------------------------
The LDC FORUM SERIES ? Boston & Atlanta
 
The LDC Forum is the largest energy industry meeting in each region.  
Highlights include: The Post-Enron Marketplace, Risk Management 
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CORPORATE SPONSORS FOR 2002
AEP Energy Services * AGL Resources, Inc. * Aquila * Caminus * 
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----------------------------------------------------------------------
----------------------------------------------------
Centrica to Buy NewPower Holdings

    NewPower Holdings, in which Enron holds a 23.5% stake, has agreed 
to a takeover by UK's Centrica for about $130 million. The deal is 
designed to keep the financially troubled NewPower in business. 
NewPower Holdings has just reported a 4th quarter loss of $154 
million, compared with a $57 million loss for the same period a year 
ago. It reported a net loss for 2001 of $327 million, compared with a 
loss of $170 million for 2000. Enron stake in NewPower would rise to 
43.8% when warrants to buy outstanding shares are included. Other 
major investors are investment banking firm DLJMB Partners, GE 
Capital Equity Investments, the California Public Employee's 
Retirement System and Ontario Teachers' Pension Plan Board. 
----------------------------------------------------------------------
-----------------------------------------------------
Nymex Natural Gas Option Volatility  
Supplied by "The Daily Hedger"
Http://www.energy-institution.org

	       Futures	                Implied
Month	Settlement	Days Left    
Volatility                            
Apr	 $2.348	       27       58.7%
May	 $2.414	       58	    49.9%
Jun	 $2.478	       91	    46.0%
Jul	 $2.536	      119	    45.8%
Aug	 $2.588	      150	    45.5%
Sep	 $2.598	      182	    45.4%
Oct  	 $2.633	      211	    45.3%
Nov	 $2.895	      244	    45.4%
Dec	 $3.133	      272	    46.5%
Jan	 $3.238	      303	    47.5%
-------------------------------------------------------------
Calpine Ratings Remain Stable


    Standard & Poor's has retracted an announcement that it was 
considering reducing Calpine's credit rating, saying the statement 
was based on inaccurate information. Calpine's stock and debt rallied 
after the retracted a statement that Calpine planned to secure its 
new line of credit with assets, which would make bondholders less 
secure. The company's 8.5% note due in 2011 closed at $0.67 on the 
dollar. The notes sold a year ago at $0.998 on the dollar. The stock 
price has dropped 85% in the last year. Shares fell to $6.15 from 
$6.56 following the initial announcement, but after the correction, 
the stock rose to close at $6.83 per share, down $0.28. S&P said the 
company's ratings remain at `BB+' and the outlook for the rating is 
stable. 
-------------------------------------------------------------

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-------------------------------------------------------------
Dynegy to Sell Shares in Limited Partnership


    Dynegy has filed with the SEC to sell 8.75 million common shares 
in Dynegy Energy Partners. The partnership will operate or acquire 
processing plants, storage tanks and terminals for Dynegy's natural 
gas liquids business. Dynegy Energy Partners expects to use the 
$165.2 million in projected proceeds to pay $148.3 million owed to 
Dynegy and use $13.7 million for working capital. Dynegy owns 55% of 
the partnership. In a move to improve its balance sheet, Dynegy is 
looking to raise $1.25 billion by cutting costs, selling assets and 
issuing stock. The partnership will allow Dynegy to raise capital and 
reduce debt while maintaining control of its pipeline system. 
Dynegy's natural gas liquids business had a profit of $41.5 million 
last year from $3.9 billion in sales. Since limited partnerships are 
not required to pay income tax, they retain more of their profit. 
Dynegy said it expects the partnership to have quarterly dividends of 
about $0.44 per share, or $1.76 per year. 
-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 increased 85.82 points to 7512.46
The CRB Index lost 1.80 points to 189.91
The US Dollar added 0.65 points to 119.13
The Dow advanced 177.28 points to 10145.71
The S&P 500 gained 19.59 points to 1109.43
The Nasdaq was up 45.34 points to 1769.88
April NYMEX Crude Oil fell 0.59 to 20.48
Canadian-US Exchange rose 0.0073 to 1.6016
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