Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE 
              Wednesday, February 20 2002 No. 937
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              | 2.20  |
| ANR SE                  | 2.26  |
| Carthage TG             | 2.26  |
| Chicago Citygate        | 2.32  |
| Columbia Gulf Onshore   | 2.28  |
| Dominion South Point    | 2.51  |
| Henry Hub               | 2.32  |
| Houston Ship Channel    | 2.32  |
| Katy Hub                | 2.28  |
| NGPL LA Pool            | 2.25  |
| NGPL - Midcontinent     | 2.20  |
| NGPL STX                | 2.23  |
| NGPL TX/OK              | 2.25  |
| NNG Demarc.             | 2.24  |
| Niagara                 | 2.46  |
| Sonat Tier 1            | 2.27  |
| TCO IPP Pool            | 2.39  |
| Tetco ELa               | 2.26  |
| Tetco M-3               | 2.57  |
| Tetco STX               | 2.21  |
| TGP Zone 0              | 2.23  |
| TGP Zone 1 (500 Leg)    | 2.27  |
| TGT Zone SL             | 2.29  |
| New York Citygate       | 2.58  |
| Transco Station 65      | 2.30  |
| Transco Zone 6 (NY)     | 2.57  |
| Trunk ELa               | 2.24  |
| Western Region          
| California Border       | 2.30  |
| El Paso Keystone        | 2.17  |
| El Paso San Juan-Blanco | 2.17  |
| Waha Hub                | 2.21  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 3.03  |
| Dawn Hub/Union          | 2.39  |
| Northwest Stanfield     | 2.13  |
| Wyoming Pool            | 2.06  |
| Opal                    | 2.06  |
| PGT-Malin               | 2.19  |
| Sumas                   | 2.07  |
          Flow Date 2/20
-------------------------------------------------------------
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 ?2.7519  +0.1334 ? ? ? 
18 Month Strip ?2.8435  +0.1220? ? 
| Month | High  |  Low  | Close | Change |
| MAR   | 2.405 | 2.270 | 2.397 | +0.191 |
| APR   | 2.435 | 2.310 | 2.427 | +0.170 |
| MAY   | 2.500 | 2.385 | 2.492 | +0.155 |
| JUN   | 2.557 | 2.450 | 2.557 | +0.143 |
| JUL   | 2.625 | 2.530 | 2.622 | +0.134 |
| AUG   | 2.675 | 2.600 | 2.670 | +0.127 |
| SEP   | 2.674 | 2.595 | 2.674 | +0.125 |
| OCT   | 2.700 | 2.640 | 2.700 | +0.119 |
| NOV   | 2.925 | 2.855 | 2.925 | +0.110 |
| DEC   | 3.143 | 3.100 | 3.143 | +0.110 |
| JAN   | 3.238 | 3.195 | 3.238 | +0.110 |
| FEB   | 3.180 | 3.150 | 3.178 | +0.107 |
-------------------------------------------------------------

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Natural Gas Futures Rally Driven by Fund Buying  


    Natural gas futures for March delivery on the NYMEX, driven by a 
fund buying rally, jumped well above key resistance levels and 
settled up $0.191 at $2.397 per MMBtu. The April contract gained 
$0.17 to $2.427 per MMBtu. The market opened up at $2.28 and 
continued to run higher as fund buying hit buy-stops for March at 
$2.345, jumped up to $2.38 and bounced between $2.38-$2.40 until the 
close. Look for the market to continue higher this morning ahead of 
the AGA storage report, perhaps into the $2.50s. A new bullish, below-
normal weather forecast for next week was enough to trigger the 
additional fund buying. Expectations are for a withdrawal of about 
110 ? 120 Bcf. A year ago, the AGA reported a 81 Bcf draw. Estimated 
volume yesterday was about 111,000 contracts, with 45,000 of those 
spreads. The market continues to carry a very high $0.92 forward 
difference between March and January 2003. Natural gas for next day 
delivery across the US and Canada was generally  $0.05 ? $0.15 higher 
yesterday. Natural gas for next day delivery at the Henry hub gained 
$0.13 to $2.32 per MMBtu.
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Today's Power Bulletins
 * Caminus Files with SEC to offer 3.37 Million Common Shares
 * Caminus Announces New Software License Deals Across All Major 
Product Lines and Wholesale Energy Customer Segments
 * Cinergy Sells 6.5 Million Shares of Common Stock  for About $200 
Million to 
Reduce Short-Term Debt
 * Council for Citizens Against Government Waste Applauded President 
Bush's Decision to Dispose of 70,000 Tons of Nuclear Waste Under 
Yucca Mountain
 * Ameren to Sell $500 Million of Common Stock and Equity Security 
Units
 * Williams Awarded Bid to Serve 2,000 MW in New Jersey
 * Ballard Signs Joint Development Agreement with Ford Power Products 
for 
Engine Generators
 * Detroit Edison to Host Electric Choice Workshop March 21st
 * Northeast Spot Power Prices Slump as Mild Forecast Cuts Demand 
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 JP Morgan Chase Sued Over Enron Exposure 

JP Morgan Chase was sued by shareholders who accuse the bank of 
failing to disclose the amount of money at stake because of exposure 
to Enron. A law firm has filed a class action suit on behalf of 
shareholders who purchased JP Morgan Chase shares between November 
28th and January 28th. Shares of JP Morgan Chase fell 8.5% during 
that time. The suit alleges that the bank was reckless when it issued 
a public statement on November 28th that did not fully disclose its 
exposure to Enron. JP Morgan Chase listed its total exposure to Enron 
at $900 million, then raised it to $2.6 billion, the attorneys said. 
JP Morgan Chase says that the action is without merit. It has been 
reported that the SEC is looking at JP Morgan Chase's disclosures 
about Enron exposure, and whether they were stated in a timely 
manner. JP Morgan Chases CEO has said that the bank assumed too many 
risks in dealings with Enron. It wrote off $456 million of trading 
losses and loans to Enron in the 4th quarter and has exposure to 
potential losses of $2.06 billion. 
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-------------------------------------------------------------
Natural Gas NYMEX Volume
02MAR   23,180
02APR   11,688
02MAY    3,051
02JUN    2,601
02JLY    3,131
02AUG    3,106
02SEP    1,436
02OCT    1,582
02NOV      942
02DEC    1,187
03JAN    1,513
03FEB      698
03MAR      292
03APR      129
03MAY        4
03JUN      419
03JLY       77
03AUG      137
03SEP        1
03OCT        0
03NOV      168
03DEC        0
04JAN      289
04FEB       14
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El Paso Energy Partners to Buy Texas Natural Gas Assets


    In a move to boost its balance sheet, El Paso Corp plans to sell 
10,677 miles of natural gas pipelines and gathering systems in Texas, 
and its share of a natural gas plant in New Mexico for $750 million 
to its partner El Paso Energy Partners. El Paso Energy will pay $560 
million in cash and transfer $190 million in assets to El Paso Corp, 
including a production platform in the Gulf of Mexico. The 
transaction is expected to close this quarter. El Paso Corp announced 
plans to sell $2.25 billion in assets after Moody's warned that it 
must reduce debt or face credit downgrades. Moody's has moved El Paso 
Energy Partners' credit outlook from positive to stable. El Paso 
Energy Partners' plan to pay for the deal by borrowing money and 
issuing shares will raise its debt by more than 50%, Moody's said. El 
Paso Energy Partners said the acquisition will raise its dividend 
this year by $0.10 per share to $2.60, the 4th increase in the past 
year. Including these purchases, El Paso Energy Partners has said it 
plans to spend about $1 billion this year on capital projects. El 
Paso Energy Partners plans to build and operate the 380-mile Cameron 
Highway Oil Pipeline System in the Gulf of Mexico and is looking for 
partners for up to a 50% share in the $450 million project. El Paso 
Corp owns 27% of El Paso Energy Partners, which was formed in 1998 to 
allow investors to buy shares in its natural gas storage, gathering 
and transportation businesses. El Paso has sold $416 million in 
pipelines and plants to El Paso Energy in the past year, not 
including their most recent deal. Late last year, El Paso said it 
would move $2 billion in debt held by affiliated partnerships onto 
its balance sheet and sell as much as $860 million in stock to 
reassure investors. 
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-------------------------------------------------------------
PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 18.25 | 16.50 |  17.25  |
| ECAR       | 20.50 | 18.50 |  18.75  |
| ERCOT      | 16.25 | 14.00 |  15.85  |
| Entergy    | 19.50 | 19.00 |  19.10  |
| TVA        | 21.75 | 19.45 |  21.45  |
| ComEd      | 20.00 | 18.00 |  18.75  |
| Nepool     | 27.60 | 26.00 |  26.90  |
| PJM West   | 22.00 | 21.50 |  21.75  |
| Main       | 20.00 | 17.00 |  18.40  |
| MAPP       | 19.00 | 17.00 |  18.00  |
| Palo Verde | 24.75 | 23.75 |  24.25  |
| Mid C      | 22.00 | 21.00 |  21.40  |
| COB        | 23.25 | 22.75 |  23.15  |
| 4 Corners  | 24.25 | 24.00 |  24.15  |
| Mead       | 25.75 | 24.25 |  24.95  |
| NP 15      | 26.50 | 25.00 |  25.90  |
| SP 15      | 26.50 | 25.25 |  26.00  |
               Power Delivered 2/20
-------------------------------------------------------------
AES to Sell $1.5 Billion of Assets 
  
    AES, whose stock price plunged by 50% in just the last 2 
sessions, has said it would sell assets to raise between $1-$1.5 
billion, including some merchant and trading operations in New York, 
California and the UK. Shares of AES closed at $4.75, down $2.25, or 
over 32% yesterday. AES shares closed at $9.50 on Thursday. AES said 
that maintaining its cash flow cushion is the most significant 
priority at the moment. It also said it would reduce its exposure to 
Latin American markets. AES plans to sell Illinois utility Cilcorp; a 
minority stake in the Ipalco utility in Indiana; interests in Itabo, 
a coal-fired power plant in the Dominican Republic; and other 
unspecified AES plants. Fitch has downgraded AES debt and convertible 
securities because of tight liquidity, and put its debt on a negative 
outlook. S&P has put AES on credit watch with negative implications. 
There are questions about how much AES assets will fetch in a market 
already inundated with assets of other power producers attempting to 
shore up their balance sheets. Weak demand could also have an impact 
on sales. AES said it will cut capital spending by $490 million from 
a planned $1.2 billion, mostly from projects under construction. AES 
said it had $110 million cash on hand and another $155 million 
through a revolving loan credit, giving it a total liquidity of $265 
million. AES, whose Venezuelan unit Electricidad de Caracas was 
expected to generate about 10% of the companys total cash flow this 
year, was hurt by the devaluation of the bolivar, which fell by more 
than 10% after Venezuela began allowing the currency to float last 
week. AES has also said that because of the recent drop in its stock 
price, margin calls in connection with personal loans have led 3 
officers to sell shares. 
-------------------------------------------------------------
Todays Gas Bulletins
 * Gary Cardone Resigns as President of Dynegy Europe
 * Enron Expected to Appear in California Superior Court Today to 
Explain Why It Failed to Supply Documents Subpoenaed by State 
Attorney General
 * St Mary Land & Exploration 4th Quarter Earnings Fell 94%
 * Cabot Oil & Gas Chairman and CEO Ray Seegmiller to Retire May 2nd; 
To Be Replaced by Company's President, Dan Dinges
 * Anadarko Sells $650 Million in 5-Year Notes
 * Cascade Natural Gas Signs Its 200,000th Customer
 * Williams Companies Sued for Allegedly Not Disclosing Liabilities 
to Investors
 * Fitch Ratings' Oil & Gas Group to Host Teleconference Thursday to 
Discuss Rating Implications for Oil and Natural Gas Sector
 * Compressed Natural Gas Service for Houston and Gulf Coast Region 
Planned by 
Marlin Gas Transport
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-------------------------------------------------------------
Enron Problems Not from Mark-to-Market 


    Enron's accounting problems were not due to aggressive use of 
mark-to-market techniques but rather were the result of a lack of 
consistent, clear financial disclosure, according to a Dynegy senior 
executive at the Edison Electric Institute International Financial 
Conference in London. Increased financial disclosure is the critical 
issue for the industry, not mark-to-market itself. Accrual accounting 
for energy trading contracts, which has been replaced by mark-to-
market in most circumstances, provides more opportunities for fraud, 
manipulation and deception. 
--------------------------------------------------------------
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  |
-------------------------------------------------------------
Marketers Say Derivative Bill Goes to Far 


    A bill that would provide greater regulatory oversight of 
derivatives, including those traded on electronic platforms, is an 
overreaction to Enron's collapse and could create more problems than 
it solves, according to the National Energy Marketers Association. 
The energy marketers say that the markets have already identified and 
punished companies that have problems similar to Enron. The bill is 
sponsored by Senator Dianne Feinstein of California. It would remove 
existing exemptions and put the Commodity Futures Trading Commission 
in charge of overseeing all energy derivative transactions conducted 
on multilateral markets and electronic trading platforms to ensure 
that such transactions are transparent. All bilateral transactions 
not regulated by the CFTC would fall under the FERC's jurisdiction. 
Also, the CFTC would ensure that entities running online trading 
forums maintain sufficient capital to carry out their operations and 
maintain open books and records for investigation and enforcement 
purposes. 
-------------------------------------------------------------
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 * 
Columbia Gas Transmission * Columbia Gulf Transmission * Conoco Gas 
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----------------------------------------------------------------------
----------------------------------------------------
Platt's Study Says Data Center Power Problems Never Happened


    Two years ago, utilities feared a surge of new data center 
development would overwhelm the electric power supply, but those 
fears were never realized. Now, utilities are preparing for the next 
wave of development of these facilities that house computers used to 
process and store digital information for the Internet, according to 
the latest in a series of E Source reports from Platt's. A series of 
studies titled, "Delivering Energy Services to Internet Hotels and 
Other High-Density Electronic Loads," explains why those anticipated 
electric loads never materialized. Many of the data centers that were 
planned for were never built. Those built and operating are running 
at low occupancy rates. Now, utilities are preparing for a future 
wave of data center development as the economy improves and demand 
for Internet-based services increase accordingly. The amount of power 
drawn by microprocessor chips continues to rise, and so the computers 
installed in future data centers may demand much more power than 
those installed today. However, a future power crunch is unlikely as 
utilities are already preparing for the next wave of expansion. 
Utilities are instituting infrastructure charges that shift risk from 
the utility industry to the data center developers. They are also 
encouraging their data center customers to use new, more efficient 
electronic technologies that only recently came onto the market. 
----------------------------------------------------------------------
-----------------------------------------------------
Nymex Natural Gas Option Volatility  
Supplied by "The Daily Hedger"
Http://www.energy-institution.org

	      Futures	                    Implied
Month	Settlement	Days Left    
Volatility                            
Mar	$2.397	   6	    81.2%
Apr	$2.427	  34	    58.9%
May	$2.492	  65	    50.8%
Jun	$2.557	  98	    47.4%
Jul	$2.622	 126	    45.9%
Aug	$2.670	 157	    45.3%
Sep	$2.674	 189	    45.4%
Oct	$2.700	 218	    45.2%
Nov	$2.925	 251	    43.0%
Dec	$3.143	 279	    46.1%
-------------------------------------------------------------
MISO, PJM and SPP Announce Next SMDF Meeting


    The Midwest Independent Transmission System Operator, PJM 
Interconnection and Southwest Power Pool plan to hold the 2nd meeting 
of the Single Market Design Forum from 10:00 AM ? 3:00 PM March 13th 
at the Hilton Greater Cincinnati Airport. To register, go to www.miso-
pjm-spp.com - click Working Groups>Single Market Design Forum>Meeting 
Notices>March 13. Last month, MISO, PJM and SPP unveiled a vision to 
achieve a common single wholesale market with a `one-stop shop' that 
meets the needs of all stakeholders using the electric power grid in 
the areas served by them.  The organizations executed a Letter of 
Intent to develop a joint and common wholesale energy market for 
electricity producers and consumers in all or parts of 26 states, the 
District of Columbia and the Canadian province of Manitoba. To meet 
the needs of all market participants, the SMDF is using a consensus-
based approach throughout the market-design process.  All interested 
parties are welcome to attend the SMDF meetings, which are held 
regularly and facilitated by MISO, PJM and SPP staff. The goal of the 
SMDF is to identify the needs of market participants and promote 
efficiency in electricity markets.  
-------------------------------------------------------------

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-------------------------------------------------------------
TECHNICAL TRADERS OPTIMISTIC 

Market technicians are taking a close look at their charts to see if 
today's jump in prices will give way to bearish fundamentals.  "The 
earlier gap on the price charts should be a good reference point for 
price support," says John Beaver, President Private Futures Group, 
Oklahoma City.  Before today's trading a gap was left on the March 
daily bar chart by the trading that took place between January 18 and 
January 22, an extended holiday weekend. The low price for the March 
contract on January 18 was $2.21, but the high price on January 22, 
was $2.175 thus a 3.5 cent "gap" or area where no trading took place 
was left on the chart.  Today's trading also left a gap between the 
low, $2.27 and Friday's high of $2.21. The significance of the gaps 
is that typically buying demand is so great or selling pressure so 
heavy that the market will "gap" higher or lower with the next day's 
trading opening well above the previous day's high or substantially 
lower than the low of the day before.  "The gap on the (March) daily 
chart from 2.21 should be a good reference point for support. A gap 
was also left in today's trading. The area between $2.15 to $2.27 is 
good intermediate support. These gaps are significant in that they 
are holding," said Beaver.  Other traders aren't such strong 
believers.  "Gaps are almost always filled if for no other reason 
than markets go up and down. You wait long enough and they will be 
filled, the question is when," said a Houston trader.  "I look at 
them but they are overrated. Statistically they are extremely 
overrated, and traders put way too much emphasis on them but because 
people do that you have to pay attention to them," said a trader with 
Coquest, Dallas.  "Locals use more of an opening range than the 
gap, 'Let's say we've got a gap between $3.10 and $3.20. Are you 
buying 20's or 10's?  Where do you buy? Often the gap doesn't mean 
too much anyway'," he said.  "I look at them buy I wouldn't risk my 
reputation on them." Beaver is not deterred.  "I wouldn't mind seeing 
the AGA come out and push prices to $2.15 to $2.20 so i could buy 
some more. I think we could visit those support numbers very easily. 
If there were sell-offs, I would want to write some $2.00 put 
options. This last push down to $1.96 was a gift for writing out 
options," he declared.

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-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 dropped 87.65 points to 7470.98
The CRB Index slipped 1.43 points to 190.15
The US Dollar decreased 0.27 points to 118.33
The Dow declined 157.90 points to 9745.14
The S&P 500 fell 20.84 points to 1083.34
The Nasdaq was down 54.59 points to 1750.61
March NYMEX Crude Oil dipped 0.62 to 20.88
Canadian-US Exchange lost 0.0027 to 1.5885
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