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Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE
              Friday, January 18 2002 No. 908
Visit: http://www.enerfax.com/ or for Oil Prices & News
http://www.enerfaxgold.com/
PHYSICAL NATURAL GAS PRICES
Gulf/Eastern Region
| Agua Dulce              | 2.29  |
| ANR SE                  | 2.36  |
| Carthage TG             | 2.34  |
| Chicago Citygate        | 2.38  |
| Columbia Gulf Onshore   | 2.36  |
| Dominion South Point    | 2.54  |
| Henry Hub               | 2.41  |
| Houston Ship Channel    | 2.40  |
| Katy Hub                | 2.34  |
| NGPL LA Pool            | 2.35  |
| NGPL - Midcontinent     | 2.28  |
| NGPL STX                | 2.30  |
| NGPL TX/OK              | 2.32  |
| NNG Demarc.             | 2.34  |
| Niagara                 | 2.60  |
| Sonat Tier 1            | 2.36  |
| TCO IPP Pool            | 2.50  |
| Tetco ELa               | 2.40  |
| Tetco M-3               | 2.84  |
| Tetco STX               | 2.32  |
| TGP Zone 0              | 2.30  |
| TGP Zone 1 (500 Leg)    | 2.36  |
| TGT Zone SL             | 2.37  |
| New York Citygate       | 2.97  |
| Transco Station 65      | 2.42  |
| Transco Zone 6 (NY)     | 2.97  |
| Trunk ELa               | 2.34  |
| Western Region
| California Border       | 2.35  |
| El Paso Keystone        | 2.25  |
| El Paso San Juan-Blanco | 2.22  |
| Waha Hub                | 2.28  |
| Canadian/Rockies Region
| Nova/Aeco (C$/gig)      | 3.02  |
| Dawn Hub/Union          | 2.43  |
| Northwest Stanfield     | 2.20  |
| Wyoming Pool            | 2.15  |
| Opal                    | 2.15  |
| PGT-Malin               | 2.27  |
| Sumas                   | 2.21  |
           Flow Date 1/18
-------------------------------------------------------------

NATURAL GAS FUTURES
Henry Hub
12 Month Strip  2.5389 -0.0781
18 Month Strip  2.6527 -0.0647
| Month | High  |  Low  | Close | Change |
| FEB   | 2.274 | 2.245 | 2.254 | -0.140 |
| MAR   | 2.269 | 2.250 | 2.254 | -0.109 |
| APR   | 2.305 | 2.290 | 2.291 | -0.092 |
| MAY   | 2.380 | 2.380 | 2.359 | -0.087 |
| JUN   | 2.440 | 2.425 | 2.419 | -0.087 |
| JUL   | 2.500 | 2.500 | 2.489 | -0.077 |
| AUG   | 2.610 | 2.515 | 2.535 | -0.071 |
| SEP   | 2.605 | 2.520 | 2.536 | -0.063 |
| OCT   | 2.630 | 2.540 | 2.557 | -0.064 |
| NOV   | 2.815 | 2.710 | 2.767 | -0.049 |
| DEC   | 2.968 | 2.968 | 2.962 | -0.049 |
| JAN   | 3.050 | 3.050 | 3.044 | -0.049 |
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Natural Gas Futures Drop on Technicals


    Natural gas futures for February delivery on the NYMEX tumbled $0.14
yesterday to $2.254 per MMBtu after locals battled funds and lost. The
March contract lost $0.109 to $2.254 per MMBtu. There was a technical
strategy from large marketing firms to bid up the contract in an attempt
to chase funds out of their short positions, however, it blew up in their
face. The locals wound up long and had to sell-off rapidly. The market
opened strong, hitting a high of $2.405 per MMBtu on the strength of an
AGA report that lowered the year-on-year surplus, but then quickly dropped
below $2.25. Open interest increased by 9,689 contracts Wednesday to
464,452 contracts, in what by yesterday morning indicated a contrived
effort to sell up the market. Look for resistance at $2.36 and support at
$2.20, $2.125 and $2.02. Natural gas for next day delivery across the US
and Canada generally flat to up $0.05 per MMBtu yesterday. Without much
cold weather moving either market, the spread between futures and cash
stayed at $0.03 - $0.05 without much movement. Natural gas for next day
delivery at the Henry hub gained $0.03 to $2.33 per MMBtu.
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Today's Power Bulletins
 * Enerfax Daily to Be Closed Monday for Martin Luther King Jr Holiday
 * Calpine Files with SEC to Periodically Sell Up to $2.5 Billion in
Common and
Preferred Stock, Depositary Shares, Debt Securities, Contracts, Units and
Warrants
 * GE's 4th Quarter Profit Rises 9% to $3.93 Billion, or $0.39 per Share
 * TXU Creates Oncor to Separate Delivery of Electric Energy from Retail
Sales of
Electricity in Newly Deregulated Texas Power Market
 * NYPA Provided New York State with Improved Power Reliability and Lower
Utility Bills in 2001
 * ISO Merger Talks Point to Consolidation in Northeast and Midwest
 * Western Spot Power Prices Decline on Less Weekend Demand
 * Northeast Spot Power Mostly Higher as Cool Weather Returns
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 PG&E Claims California Owes It Billions


    Pacific Gas & Electric has filed a $4.1 billion damage claim against
California for allegedly breaking a regulatory contract to let it sell
power at prices set by the FERC. The claim stems from the 1996 law that
deregulated the state's power market and helped trigger California's
energy crisis. PG&E says that under the law, it agreed to divest most of
its in-state power plants to increase competition in the local electricity
market. In return, the state would allow PG&E's remaining hydroelectric
and nuclear plants to sell power at market prices overseen by the FERC.
That would end the California PUC's authority to set prices, and shifting
regulatory oversight to FERC's less stringent system of managing prices.
PG&E says the market value of its power was not less than $4.1 billion. It
also says that under an emergency energy bill passed last January, the
state broke the agreement for FERC regulation. The state board has 45 days
to reply to the claim.
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-------------------------------------------------------------
Natural Gas NYMEX Volume
02FEB   38,380
02MAR   15,442
02APR    5,245
02MAY    3,763
02JUN    1,207
02JLY    1,295
02AUG    2,853
02SEP      991
02OCT    3,519
02NOV    1,612
02DEC      687
03JAN    1,752
03FEB      812
03MAR    1,499
03APR      543
03MAY      326
03JUN      605
03JLY      500
03AUG      730
03SEP      311
03OCT      363
03NOV      545
03DEC    1,071
04JAN      338
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Westchester County, NY Battles Millennium Pipeline


    Westchester County, north of New York City, will petition the FERC to
reconsider its decision to permit Columbia Gas to build the 530-mile
Millennium pipeline from Ontario to Mount Vernon, NY. The pipeline would
transport 700,000 Mcf per day to New York City and southern parts of the
state. The county alleges that the FERC prematurely granted Columbia's
request to build the pipeline. They say that Columbia does not have the
needed state approvals to proceed with construction and that the company
did not provide crucial information about using dynamite to blast in
environmentally sensitive areas in the Hudson River. A FERC study found
that the pipeline would have limited adverse environmental impact and was
the preferred alternative to deliver natural gas to New York. The
commission has 30 days to respond to the county's petition. If denied,
Westchester can then seek a court order to block construction. The county
has asked several state regulatory departments to deny future approvals
and cancel existing permits already granted. Westchester will also refuse
to grant Columbia permits for construction on county land. Additionally,
the county is questioning whether the pipeline violates a state plan to
protect coastal areas from environmental damage. Federal law prohibits a
federal agency from granting approval for projects that affect the
coastline if a state finds it violates its own coastal plan. In addition,
county officials have asked the governor to intervene when he attends a
FERC conference later this month.
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Enron Paid Very Few Taxes


    Enron's use of Caribbean tax havens to legally shelter profits
reflects the power Washington lobbyists have in creating tax havens for
the rich and powerful. Offshore tax havens among the small islands of the
Caribbean have been used for years by individual investors, companies,
drug traffickers and money launderers to hide cash. But the disclosure
that Enron paid no income taxes in 4 of the last 5 years by using 900
subsidiaries in tax-haven countries and other techniques kept its US tax
bill a next to nothing. Enron used 881 subsidiaries abroad, including 692
in the Cayman Islands and 119 in the Turks and Caicos, and other legal
tax-avoidance techniques common to major companies to zero-out US tax
bills. The Cayman Islands, a tiny British colony of 35,000 residents just
south of Cuba, is one of the world's leading financial centers with some
600 banks and thousands of foreign corporations.
-------------------------------------------------------------
PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 22.75 | 21.25 |  22.30  |
| ECAR       | 24.25 | 20.00 |  22.90  |
| ERCOT      | 21.50 | 20.00 |  20.90  |
| Entergy    | 23.50 | 21.25 |  21.80  |
| TVA        | 27.85 | 23.75 |  25.50  |
| ComEd      | 23.00 | 22.00 |  22.55  |
| Nepool     | 30.00 | 28.75 |  29.60  |
| PJM West   | 28.40 | 25.50 |  25.70  |
| Main       | 23.00 | 21.50 |  22.35  |
| MAPP       | 23.50 | 20.00 |  21.30  |
| Palo Verde | 25.75 | 22.75 |  24.43  |
| Mid C      | 19.00 | 18.25 |  18.70  |
| COB        | 22.00 | 21.25 |  21.55  |
| 4 Corners  | 23.25 | 22.75 |  23.00  |
| Mead       | 26.00 | 23.25 |  24.65  |
| NP 15      | 25.25 | 22.50 |  24.05  |
| SP 15      | 26.50 | 22.50 |  24.30  |
            Power Delivered 1/18
-------------------------------------------------------------
Andersen Memo Details Meeting on Enron


   A February 6, 2001 Andersen memo detailing a executive meeting where
the amount of debt kept off Enron's books was discussed has surfaced.
Andersen said the meeting was just a standard annual review of Enron. The
executives discussed whether Anderson should drop Enron as a client, and
also talked about how key the off balance sheet transactions were to
understanding the energy firms finances. It has also been revealed that
Andersen was warned of trouble at Enron last summer by the same executive
who sent Kenneth Lay a memo detailing her concerns over the company's
financial practices. The Enron executive then raised those same concerns
in a conversation with an unidentified Andersen partner. Andersen was
assured by Enron that an outside law firm had been hired to look into the
allegations. The memo is likely to lead to questions about the role of
accountants and the steps they take before signing sign off on a company's
financial statements. The chairman of the SEC is expected to announce a
new accounting oversight panel to include accountants and non-accountants,
possibly similar to the Public Oversight Board.
-------------------------------------------------------------
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
 * Peoples Energy and Dominion Form Alliance to Serve Chicago Area
Residential
Energy Market
 * El Paso Energy Partners Announces Distribution Increase from $0.55 to
$0.625 per Common Unit
 * President Bush Makes Another Push for Congress to Pass National Energy
Plan; Includes Drilling in Arctic National Wildlife Refuge
 * Enron CEO Lay Put Aspen Homes Up for Sale in November for $15.5 Million
 * Kinder Morgan 4th Quarter Net Income Rises 30%
 * Enron Board Fires Andersen in All Capacities
 * ChevronTexaco to Exercise Right to Retain Proportionate 26.5% Dynegy
Common. Stock Interest;  To Purchase 10.4 Million Shares of Class B Common
Stock Totaling $205 Million
 * Petroleum Services Association of Canada Says Canadian Drilling
Expected to Plunge 26% in 2002
------------------------------------------------------------
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-------------------------------------------------------------
Recession and Mild Weather Lower Dukes Profits


    Duke says 4th quarter profits dropped 21% due to lower energy prices,
mild weather and the recession. Earnings fell to $225 million, or $0.28
per share, from $284 million, or $0.38 a year ago. Revenue was off 30% to
$10.7 billion from $15.4 billion the year before. Duke's field services
unit, which processes natural gas liquids saw its earnings tumble 34%
because of lower prices. The company's electric utilities, which provided
more than 30% of its earnings, fell 41% as moderate temperatures and a
drop in industrial demand ate into power sales. Duke's power sales slid
7.6% in the quarter for residential customers and 9.5% for industrial
customers, the company said. Natural gas prices plunged 59% from a year
earlier and wholesale power prices in Duke's service region fell by 50% to
about $25 per MWh. Duke also said that it took a charge for special items
totaling  $46 million, or $0.06 per share, to reflect accounting
adjustments at its utilities and exposure to losses from dealings with
Enron. Excluding the one-time charge, profit was $271 million, or $0.34
per share. The average of analysts estimates was $0.45 per share. The
company remains optimistic that it can achieve 10% - 15% growth this year.
Duke's revenue last year was $59.5 billion compared to $49.3 billion in
2000. More than half of its natural gas and power contracts hedged through
2004.
-------------------------------------------------------------
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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  |  24.00  | +0.50  |
| MAR   |  20.50  | +0.00  |  23.50  | +0.50  |
| APR   |  20.90  | +0.00  |  24.50  | +0.25  |
| MAY   |  19.00  | +0.00  |  25.50  | +0.25  |
| JUN   |  20.50  | +0.00  |  29.50  | -0.50  |
| JUL   |  30.50  | +0.00  |  29.50  | -10.50 |
| AUG   |  40.50  | +0.00  |  45.00  | +0.75  |
| SEP   |  35.00  | +0.00  |  35.00  | +0.00  |
| OCT   |  28.00  | +1.00  |  27.50  | +0.00  |
| NOV   |  27.50  | +1.00  |  27.00  | +0.00  |
| DEC   |  28.50  | +1.00  |  27.50  | +0.00  |
| JAN   |  28.50  | +1.50  |  28.00  | +1.00  |
| Month | Entergy | Change | Cinergy | Change |
| FEB   |  20.15  | +0.15  |  21.85  | +0.65  |
| MAR   |  21.00  | +0.30  |  22.15  | +0.05  |
| APR   |  21.00  | +0.30  |  22.15  | +0.05  |
| MAY   |  24.00  | +0.25  |  25.50  | +0.15  |
| JUN   |  29.25  | +0.25  |  31.75  | +0.10  |
| JUL   |  37.90  | -0.10  |  41.70  | +0.00  |
| AUG   |  37.90  | +9.90  |  41.70  | +0.00  |
| SEP   |  22.50  | +0.25  |  23.20  | +0.05  |
| OCT   |  22.00  | -0.25  |  23.00  | -0.25  |
| NOV   |  22.00  | -0.25  |  23.00  | +0.00  |
| DEC   |  22.00  | -0.25  |  23.00  | +0.00  |
| JAN   |  24.50  | -0.25  |  26.20  | +0.20  |
-------------------------------------------------------------
Power Futures
| Month |  PJM  | Change |
| FEB   | 25.00 | +0.25  |
| MAR   | 25.05 | +0.15  |
| APR   | 25.05 | +0.15  |
| MAY   | 28.25 | +0.00  |
| JUN   | 35.30 | +0.15  |
| JUL   | 48.75 | +0.00  |
| AUG   | 48.75 | +0.00  |
| SEP   | 25.65 | +0.10  |
| OCT   | 25.25 | +0.00  |
| NOV   | 25.25 | +0.00  |
| DEC   | 25.25 | +0.00  |
| JAN   | 29.00 | +0.30  |
-------------------------------------------------------------
ISO Merger Talks Continue in Northeast and Midwest

   Merger talks are underway in the Northeast and Midwest to consolidate
control of large parts of those grids. The New York ISO is in discussions
with ISO New England to form a regional transmission organization between
the two grid operators. The talks currently do not include the PJM
Interconnection, which last week announced that it reached a letter of
intent to create a single market with the Midwest ISO. The FERC has a
pending decision on Northeastern RTO formation, based on confidential
mediation discussions from last summer that were aimed at developing a
business plan to create a single Northeast RTO. It expects to release the
results of its own cost-benefit analysis of forming a single Northeastern
RTO next month, but has not decided on the size and numbers of RTOs in the
region. Also, former members of the Alliance RTO are in negotiations to
form an independent entity within the existing Midwest ISO. The
discussions concern a FERC rulemaking session last month that declared the
Midwest ISO to be the single RTO for the region, saying that the Alliance
did not meet its conditions.
-------------------------------------------------------------
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
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Phone: 281-362-7979
FAX: 281-296-9922
--------------------------------------------------------------------------------------------------------------------------

Accenture Now Glad Andersen Name Lost

   About a year ago consulting firm Accenture was called Andersen
Consulting, but lost a bitter fight with its sister firm, Arthur Andersen,
to retain the brand name of Andersen. Now, the name loss looks like manna
from Heaven, as the once fabled Andersen name sinks in the Enron quagmire.
Once one of the pillars of accounting, the Andersen name is now only
associated with the Enron debacle. That is very different from the
scenario that prevailed during the bitter battle between the accounting
firm and its consulting arm. A Paris mediator ruled in Andersen's favor in
August 2000. That was a seen as a huge victory for the accounting firm.
The dispute began when Andersen Consulting, which had seen its profits
soar with the booming economy, felt it was not being paid enough for its
work. Ultimately, Andersen Consulting won independence, but was forced it
to relinquish the Andersen brand name. Be careful what you ask for, you
might not really want it after all.
-------------------------------------------------------------

                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
-------------------------------------------------------------
Canadian Drilling to Drop this Year

    The Petroleum Services Association of Canada says that Western
Canadian producers expect to cut drilling by 26% this year and natural gas
will continue to dominate exploration activity. It predicts 13,386 wells
will be drilled in western Canada, down from last year's record 18,024.
Natural gas will account for 8,189, or 61%, of its forecast well
completions this year. PSAC expects 10,309 wells to be drilled in Alberta,
down 26% from 2001; 2,323 wells in Saskatchewan, a 25% drop; and 674 in
northeastern British Columbia, down 29%. There were 11,177 natural gas
completions last year in the Western Canada Sedimentary Basin, with
another 26 natural gas wells drilled in the East Coast offshore.
-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 gained 68.69 points to 7652.71
The CRB Index dropped 2.41 points to 1991.91
The US Dollar increased 0.36 points to 117.92
The Dow advanced 137.77 points to 9850.04
The S&P 500 climbed 11.31 points to 1138.88
The Nasdaq was up 41.38 points to 1985.82
February NYMEX Crude Oil fell 0.89 to 17.97
Canadian-US Exchange rose 0.0060 to 1.6107
-------------------------------------------------------------
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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
-------------------------------------------------------------
Please welcome our advertisers by visiting these websites.
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http://www.energyseminars.com
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