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Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE
              Tuesday, January 15 2002 No. 905
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                   | 2.25  |
| Carthage TG              | 2.20  |
| Chicago Citygate         | 2.25  |
| Columbia Gulf Onshore    | 2.30  |
| Dominion South Point     | 2.40  |
| Henry Hub                | 2.32  |
| Houston Ship Channel     | 2.28  |
| Katy Hub                 | 2.22  |
| NGPL LA Pool             | 2.21  |
| NGPL - Midcontinent      | 2.18  |
| NGPL STX                 | 2.16  |
| NGPL TX/OK               | 2.18  |
| NNG Demarc.              | 2.19  |
| Niagara                  | 2.47  |
| Sonat Tier 1             | 2.25  |
| TCO IPP Pool             | 2.39  |
| Tetco ELa                | 2.30  |
| Tetco M-3                | 2.70  |
| Tetco STX                | 2.17  |
| TGP Zone 0               | 2.18  |
| TGP Zone 1 (500 Leg)     | 2.25  |
| TGT Zone SL              | 2.31  |
| New York Citygate        | 2.71  |
| Transco Station 65       | 2.40  |
| Transco Zone 6 (NY)      | 2.72  |
| Trunk ELa                | 2.24  |
| Western Region
| California Border        | 2.16  |
| El Paso Keystone         | 2.05  |
| El Paso San Juan-Blanco  | 2.05  |
| Waha Hub                 | 2.12  |
| Canadian/Rockies Region
| Nova/Aeco (C$/gig)       | 2.86  |
| Dawn Hub/Union           | 2.32  |
| Northwest Stanfield      | 2.04  |
| Wyoming Pool             | 1.97  |
| Opal/Kern River          | 1.97  |
| PGT-Malin                | 2.12  |
| Sumas                    | 2.04  |
           Flow Date 1/15
-------------------------------------------------------------

NATURAL GAS FUTURES
Henry Hub
12 Month Strip  2.5345 +0.0247
18 Month Strip  2.6547 +0.0205
| Month | High  |  Low  | Close | Change |
| FEB   | 2.325 | 2.200 | 2.250 | +0.046 |
| MAR   | 2.300 | 2.190 | 2.240 | +0.037 |
| APR   | 2.330 | 2.230 | 2.277 | +0.027 |
| MAY   | 2.390 | 2.290 | 2.348 | +0.026 |
| JUN   | 2.450 | 2.380 | 2.413 | +0.023 |
| JUL   | 2.525 | 2.460 | 2.483 | +0.023 |
| AUG   | 2.570 | 2.510 | 2.528 | +0.023 |
| SEP   | 2.570 | 2.510 | 2.532 | +0.022 |
| OCT   | 2.585 | 2.525 | 2.557 | +0.022 |
| NOV   | 2.785 | 2.735 | 2.762 | +0.017 |
| DEC   | 3.000 | 2.925 | 2.967 | +0.017 |
| JAN   | 3.080 | 3.020 | 3.057 | +0.013 |
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Natural Gas Futures End Up on Short-Covering

    Natural gas futures for February delivery on the NYMEX  settled up
$0.046 yesterday at $2.25 per MMBtu on funds short covering. The March
contract gained $0.037 to $2.24 per MMBtu. Funds held an all-time high
number of net short positions, 47,104 on January 8th, according to the
CFTC report. Mild weather and huge levels of natural gas in storage
battled with short-covering rallies to keep the market trading in a $0.15
range over the past week, a trend likely to continue until fundamentals
change. Support has been constant at $2.14 per MMBtu, a level that has
been tested in October, the end of November and last week. Expect
resistance to be tested tosday at $2.38 and maybe $2.48 with technical
support at $2.23, $2.14 and then $1.88. In the longer term, declining rig
counts point to natural gas production levels dropping and supply
tightening as the storage excess is worked off this summer. Last week, the
total rig count was 856 compared with 1,121 a year ago. A 25% reduction in
exploration and development programs is expected this
year as companies cut back capital budgets in response to the lower
prices. Natural gas for next day delivery across the US and Canada was
generally flat to up $0.05 Friday. Natural gas for next day delivery at
the Henry hub gained $0.02 to $2.32 per MMBtu.
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Today's Power Bulletins
 * Judge Says PG&E Not Provided Enough Information About Environmental
Impact of Transferring Hydroelectric System Assets to Parent Corporation
 * Enron Attorney Bennett Decries Washington Scandal Mindset
 * Arch Coal Prep Plant Recognized for Safety Excellence
 * Acumentrics and NiSource Reach Agreement for Stock Investment,
Exclusive Distribution and Purchase of Fuel Cells
 * Allegheny Energy Announces Exchange Offer for 7.8% Notes Due 2011
 * MidAmerican Energy Achieves 3 Billion kWh  in Illinois Retail Sales
 * S&P Says Record $115.4 Billion in Corporate Defaults in 2001
 * Former Enron Senior Executives Launch New Company, Celeren Corporation
 * West Spot Power Prices Rise on Weather and Generation Curtailments
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-------------------------------------------------------------
 Lawmaker Accuses Enron Executives of Insider Trading

    Rep John Dingell of Michigan, the top Democrat on the House Energy and
Commerce Committee, claims to have pretty strong evidence of insider
trading as well as false accounting in the collapse of Enron. He also says
that there is clear evidence of failure to file honest and correct annual
reports required by the SEC. Dingell says that false accounting appears to
be a very major problem, and it appears that both Enron and Andersen were
involved. Andersen, Enron's accounting firm, has admitted that it
destroyed a number of documents. Some Enron shareholders have filed a
lawsuit accusing Enron executives and directors of unlawful insider
trading and misleading the investing public. The Justice Department is
also investigating. Dingell is one of 188 House of Representative members
who received campaign contributions from Enron.
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-------------------------------------------------------------
Natural Gas NYMEX Volume
02FEB   25,267
02MAR   14,388
02APR   12,274
02MAY    4,922
02JUN    1,828
02JLY    2,212
02AUG      810
02SEP    1,533
02OCT    2,759
02NOV    1,151
02DEC      721
03JAN    2,188
03FEB      751
03MAR    1,148
03APR      574
03MAY      267
03JUN      579
03JLY      322
03AUG      293
03SEP      242
03OCT      468
03NOV      151
03DEC      151
04JAN       61
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Aquila and NiSource Form Alliance

    Aquila and NiSource have formed alliance to capitalize on market
opportunities and deliver comprehensive energy solutions by leveraging
their combined capabilities and knowledge. NiSource says the alliance will
allow both companies to focus on their individual core businesses and
combine their complementary expertise to leverage the value of NiSource's
asset base and Aquila's merchant capabilities to create greater value,
with less associated risk, than either company could achieve on its own.
NiSource's operations are focused in the high-demand energy corridor that
stretches from the Gulf of Mexico to New England. This region represents
30% of the nation's population and accounts for 40% of the its energy
consumption. NiSource is the 3rd-largest natural gas distributor in North
America, the 2nd-largest holder of natural gas storage and the largest
nataural gas producer in the Appalachian basin. The company also owns and
operates 16,500 of interstate pipeline and electric generation assets in
northern Indiana.
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-------------------------------------------------------------
PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 18.50 | 16.50 |  17.10  |
| ECAR       | 22.00 | 16.50 |  18.45  |
| ERCOT      | 17.50 | 17.25 |  17.30  |
| Entergy    | 19.00 | 18.05 |  18.35  |
| TVA        | 23.75 | 21.70 |  22.30  |
| ComEd      | 19.60 | 18.00 |  18.50  |
| Nepool     | 30.50 | 29.75 |  30.05  |
| PJM West   | 23.50 | 22.00 |  23.25  |
| Main       | 19.60 | 18.05 |  18.35  |
| MAPP       | 20.50 | 18.00 |  19.10  |
| Palo Verde | 26.00 | 22.00 |  23.90  |
| Mid C      | 21.25 | 18.75 |  20.00  |
| COB        | 22.50 | 22.00 |  22.25  |
| 4 Corners  | 23.00 | 22.50 |  22.75  |
| Mead       | 25.75 | 22.75 |  23.70  |
| NP 15      | 25.75 | 22.50 |  23.95  |
| SP 15      | 26.25 | 23.00 |  24.50  |
            Power Delivered 1/15
-------------------------------------------------------------
Employees Letter Warns of Enron's Collapse


    An unidentified employee sent a letter to Enron Chairman Kenneth Lay
last summer that alleged the company would implode in a wave of accounting
scandals unless the it changed its accounting practices. The employee also
met with Lay to provide proof. Two congressmen have demanded all records
relating to a review of the employee's allegations, made by outside
attorneys. The employee said that a veil of secrecy surrounded Enron's
partnerships, which moved large amounts of debt off the company's balance
sheets. According to the letter, several senior Enron employees
consistently questioned the company's accounting practices to senior Enron
officials, including CEO Skilling. Enron has hired an outside law firm to
review the charges, but allegedly told the attorneys not to second-guess
accounting advice and not to analyze the questioned transactions in
detail. The law firms review concluded that the questions raised by the
employee did not merit further investigation by independent counsel and
auditors, according to the congressmen. But the review noted that there
was a serious risk of adverse publicity and litigation from the
partnership transactions.
-------------------------------------------------------------
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
 * Enron Has Retained About 800 Trading and Marketing Staff, Including
Paying 75 Traders $50 Million to Stay on Board
 * Proponents of Multibillion Dollar Natural Gas Pipeline to Alberta, from
Alaska's Prudhoe Bay via Beaufort Sea, to File Plan for Project this Week
 * KPMG Censored by SEC for Auditing Conflict
 * Anadarko Says 4th Quarter Earnings to Fall Short of Wall Street
Estimates
 * Senator Joseph Lieberman Says Andersen Could Face Criminal Indictment
 * Royce Ramsay Named Vice President of Williams' Western Natural Gas
Pipelines
 * OGE Energy 4th Quarter 2001 Earnings Release Conference Call Scheduled
for
January 29th at 8 AM CST
 * Strategic Research Institute to Host 3rd Annual Coalbed and Coal Mine
Methane
Conference March 25th & 26th at Marriott Denver Southeast
------------------------------------------------------------
 Ziff Energy Group presents
Gas Storage 2002
Redefining the Fundamentals:
Is Gas Still in the Storage Game?
Power Drives Storage
Will the recession affect plant and storage development?
Will record high volumes in storage further depress gas prices?
Is it possible to mitigate storage risk while dealing with year-round
price
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Two Important Workshops
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Hear what the Power Generator wants from the storage industry
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Learn from the expert how to mitigate storage price risk in the 2002 gas
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February 6 & 7
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Register Today for this Important Conference
Call 1-800-853-6252

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Visit: www.ziffenergyconferences.com

-------------------------------------------------------------
Oil Majors Seeking Foothold in Power and Natural Gas Sector

    Oil majors like ExxonMobil and ChevronTexaco are looking to expand
their power assets in developing countries and create a stronger presence
in the deregulated North American power market. But, antitrust regulations
could present a road block to more consolidation. Shell and BP have
already entered the growing natural gas and power markets, as backers of
Intercontinental Exchange. Among the majors, Shell has made the most
inroads into the power market with its 68% share of Intergen, a joint
venture with Bechtel. However, Shell has the smallest presence in the
natural gas market of any of the big integrated oil companies. Shell says
it is interested in strengthening its exploration and extraction
activities, and especially its natural gas business, which could also
include acquisitions. In the past 3 years, Shell has only made $6 billion
worth of acquisitions, far less than some competitors. Concerns over
antitrust regulations in the US has led big oil companies to increase
their power assets in developing countries, where demand growth will be
the strongest. ExxonMobil has 6000 MW of power generation capabilities in
China, and is considering other projects in Europe, Asia, Africa and
Central America. An expected switch from oil to cleaner burning fuels has
also provided an incentive for big oil to invest in wind and solar power.
BP is the biggest solar power producer in the world and Shell is actively
involved in the sector. BP Solar has manufacturing plants in the US,
Spain, Australia and India and a 20% market share worldwide. Shell
launched its first commercial US wind power station last year and has
committed to spend up to $1 billion by 2006 on renewables.
-------------------------------------------------------------
 R. W. Beck is an engineering and management consulting firm serving
utilities, developers, financiers and governments worldwide.  Founded in
1942, we help our clients face energy market challenges by providing:
Portfolio Analysis to improve diversification and risk-adjusted
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of energy assets.
Risk Control services to help reduce the probability of losses.
Systems and Facilities services to identify, design and implement
effective
risk management systems.
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  |  23.00  | +0.50  |
| MAR   |  20.50  |  -0.50  |  23.00  | +1.00  |
| APR   |  20.90  |  -0.10  |  24.25  | +0.25  |
| MAY   |  19.00  |  -1.00  |  25.25  | +0.25  |
| JUN   |  20.50  |  -0.50  |  30.00  | +0.00  |
| JUL   |  30.50  |  +1.50  |  40.00  | +0.00  |
| AUG   |  10.50  |  +1.00  |  44.25  | +0.00  |
| SEP   |  35.00  |  +0.00  |  35.00  | +0.00  |
| OCT   |  27.00  |  +1.00  |  27.50  | +1.25  |
| NOV   |  26.50  |  +1.50  |  27.00  | +0.75  |
| DEC   |  27.50  |  +0.50  |  27.50  | +1.25  |
| JAN   |  27.00  |  +0.00  |  27.00  | +1.00  |
| Month | Entergy | Change  | Cinergy | Change |
| FEB   |  19.50  |  +0.00  |  21.30  | +0.00  |
| MAR   |  20.30  |  +0.00  |  22.15  | +0.00  |
| APR   |  20.30  |  +0.00  |  22.15  | +0.00  |
| MAY   |  23.50  |  +0.00  |  25.50  | +0.00  |
| JUN   |  29.50  |  +0.00  |  32.25  | +0.00  |
| JUL   |  38.25  |  +0.00  |  42.50  | +0.00  |
| AUG   |  38.25  |  +0.00  |  42.50  | +0.00  |
| SEP   |  21.75  |  +0.00  |  23.00  | +0.00  |
| OCT   |  22.40  |  +0.65  |  23.20  | +0.00  |
| NOV   |  22.40  |  +0.00  |  23.20  | +0.00  |
| DEC   |  22.40  |  +0.00  |  23.20  | +0.00  |
| JAN   |  24.50  |  +0.00  |  26.00  | +0.00  |
-------------------------------------------------------------
Power Futures
| Month |  PJM  | Change |
| FEB   | 25.40 | +0.00  |
| MAR   | 24.85 | +0.00  |
| APR   | 24.85 | +0.00  |
| MAY   | 28.40 | +0.00  |
| JUN   | 36.00 | +0.00  |
| JUL   | 49.50 | +0.00  |
| AUG   | 49.50 | +0.00  |
| SEP   | 25.50 | +0.00  |
| OCT   | 25.20 | +0.00  |
| NOV   | 25.20 | +0.00  |
| DEC   | 25.20 | +0.00  |
| JAN   | 28.75 | +0.00  |
-------------------------------------------------------------
Brownell Says FERC Should End El Paso Case

   The FERC should expeditiously wrap up its investigation into whether El
Paso manipulated the California natural gas market last winter to inflate
prices by billions of dollars, according to FERC Commissioner Brownell.
The California PUC, PG&E, and Southern California Edison claim El Paso
withheld capacity on pipelines into the state from November 2000 through
March 2001. El Paso has maintained it is innocent of any wrongdoing.
Brownell says that if there are violations of rules, the rule breakers
should be punished. But, barring such violations, those firms should be
exonerated, she said in a filing with the ALJ overseeing the El Paso case.
The ALJ ruled last October that El Paso did not drive up natural gas
prices on its pipeline into California at a time when the state was
struggling with an energy crisis. But FERC reopened the El Paso
investigation in December, saying the issue needed to be reexamined to
ensure consumers were protected.
-------------------------------------------------------------
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
--------------------------------------------------------------------------------------------------------------------------

Memo Directs Anderson Employees to Destroy Enron Documents


    A memo directing Andersen employees to destroy everything except basic
work papers related to its Enron audits, just 4 days before Enron revealed
a $618 million loss, has caused many to question whether an obstruction of
justice occurred. Thousands of e-mails and other files that might have
shed some light on the events leading up to Enron's bankruptcy were lost,
according to reports. Andersen said that some employees destroyed the
Enron files before the SEC began its investigation. A Senate panel has
issued subpoenas for documents from Enron, Andersen and 49 current and
former officers and directors. Andersen is the subject of a Congressional
investigation, a federal criminal inquiry and lawsuits from shareholders
that may cost it billions of dollars. There has been speculation that
Andersen is considering a merger with another member of the Big 5
accounting firms to prevent its collapse. According to reports, Andersen
supervisors repeatedly reminded employees of the memo prior to the
issuance of subpoenas by the SEC. Enron paid Andersen $25 million last
year for its audit and $27 million for consulting fees and other matters.
In addition, Enron's chief accounting officer and its CFO previously
worked for Andersen. Last year Andersen settled a lawsuit over its
accounting work, which was brought by shareholders of Sunbeam, for $110
million. It also agreed to a $20 million settlement in a class-action
lawsuit stemming from its audit of trash company Waste Management.
-------------------------------------------------------------
                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
-------------------------------------------------------------
Enron Plummets Off PFC 50 Ranking as Russian Majors Move Up

    Other than the September 11th disaster, Enron's collapse is the
biggest story in the capital markets in 2001 and within the PFC 50. Enron,
once ranked as high as 5th among global energy companies, left the natural
gas and power landscape dramatically changed. However, in the midst of the
turmoil in US energy markets, the Russian energy majors clearly emerged as
winners in 2001, surpassing all of the PFC 50 companies in market returns.
Among the Russian companies in the PFC 50, Yukos entered the rankings at
number 38. Gazprom moved up 6 spots to 35. Lukoil and Surgutneftegaz were
at spots 44 and 33 respectively. Conoco and Phillips were the 2 of the
most active players in M&A in the PFC 50 in 2001. Their recent plans to
merge, coupled with the acquisitions of Tosco and Gulf Canada in 2001,
signals the continuing importance of consolidation in the energy sector.
Also, the swap agreement between E.On and BP reinforces the trend of
convergence within industry consolidation. Pending regulatory approval, E
On will increase its share in Ruhrgas to over 32%, and BP will acquire a
51% stake in Veba Oel. From a convergence standpoint, the swap will give E
On added strength in its efforts to expand its natural gas business in
Europe. As a result of Enron's fallout, credit quality for Enron's peers
has been re-assessed and downgraded in some cases. In response to credit
reassessments and poor market performance, companies such as El Paso,
Dynegy, Williams and have initiated capital restructuring programs to
reassure investors, creditors, and rating agencies. Given the credit
watches and budget cutbacks, the PFC 50 report examines which of the
merchant energy companies and utilities are best suited to capture some of
Enron's lost market share. The PFC 50 serves as a reference guide for
international energy companies competing in a changing and converging
landscape. The PFC 50 report is updated quarterly and covers top
performers, M&A, strategies, and business models. Visit www.pfcenergy.com
for full details.
-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 dipped 78.65 points to 7623.28
The CRB Index slid 1.89 points to 192.50
The US Dollar decreased 0.16 points to 116.48
The Dow declined 96.11 points to 9891.42
The S&P 500 dropped 7.19 points to 1138.41
The Nasdaq was down 31.72 points to 1990.74
February NYMEX Crude Oil fell 0.79 to 18.89
Canadian-US Exchange lost 0.0001 to 1.5971
-------------------------------------------------------------
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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
-------------------------------------------------------------
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