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Subject: Click and go to http://www.enerfax.com if can not view  properly.htm

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																							Enerfax Daily 
																							
																							
																							
																							
																							
																							
																																									
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																															Enerfax  Daily? -? Page  ? -? November 3,  2000? -? ? Need a  Past Issue 
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																														Enerfax  Daily? -? Page  ? -? November 3, 2000  
																														
																														
																														
																														
																														
																																									
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																															back up above $5.00 maybe as early as next week. Natural gas  for next day 
delivery was up across the US and Canada yesterday as  the cash market 
followed the futures rally. Natural gas for next day  delivery at the Henry 
hub rose $0.11 to $4.47 per MMBtu. Cash prices  have fallen to a sharp 
discount to futures, as heating demand is  expected to increase in December. 
																															
																															
																															
																															
																															
																															
																																									
																																									
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																																	Columbia Pays for Imbalances
																																	
																																	
																																	Columbia Gas Transmission and Columbia  Gulf Transmission will have to pay 
$27.5 million after an  investigation by FERC into natural gas imbalance 
transactions. In  the order, FERC approved a stipulation and consent 
agreement that  directed the pipelines to compensate customers that were 
excluded  from an arrangement that allowed shippers to generate revenue  
through seasonal price fluctuations. 
																																	
																																	
																																	
																																	
																																	
																																	
																																									
																																									
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																																					Enerfax  Daily? -?  Page 5? -?  November 3, 2000
																																					
																																					
																																					
																																					
																																					
																																									
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																				NEB  Releases Energy Market? Assessment 
																				
																				? ?The National Energy Board has released its  latest in a series of Energy 
Market Assessment? reports  entitled Canadian Natural Gas Market Dynamics and 
Pricing. The  report identifies the factors that affect natural gas prices 
and  describes the current functioning of the regional gas markets in  
Canada. The Board's report concludes that Canada has become part of  an 
integrated North American natural gas market. Natural gas can be  bought from 
many supply sources and delivered to any market centre  through an extensive 
North American pipeline grid. With the  increased integration of the markets, 
regional supply and demand  forces are felt throughout the marketplace. It 
also says that a  combination of strong economic growth in North America, a 
preference  for natural gas fired electricity generation, and low natural 
gas  prices led to sustained growth in demand throughout the 1990s.  However, 
the growth in natural gas supply has lagged during the last  few 
																				
																				
																				
																				
																				
																																									
																																	
																																	
																																	
																																	
																																	
																																	
																																	
																																	years. This is primarily attributable to the low oil price  environment of 
1997/1998 which reduced cash flow for the producing  sector. In turn, 
drilling activity decreased throughout North  America. Since demand growth 
has outpaced supply growth, natural gas  prices have increased significantly 
over the last year. With oil  prices recovering sharply in 1999/2000, the 
producing sector has  responded and drilling activity is at high levels. 
Despite the  drilling activity, there is a lag between developing additional 
gas  supplies and connecting those supplies to the market. In time, there  
will be a supply and demand response and accompanying relief in  natural gas 
prices is expected. A period of market adjustment is  necessary any time the 
dynamic between supply, transportation and  demand is significantly changed. 
It is difficult, if not impossible,  to predict with certainty any movements 
in the commodity markets.  The Report found that recent increases in the 
commodity  
																																	
																																	
																																	
																																	
																																	
																																	
																																									
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																																							Enerfax  Daily? -?  Page 6? -?  November 3, 2000
																																							
																																							
																																							
																																							
																																							
																																									
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																																						Enerfax  Daily? -?  Page 7? -?  November 3, 2000 
																																						
																																						
																																						
																																						
																																						
																																									
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																																		Transco SouthCoast Expansion in Service
																																		
																																		
																																		
																																		?  ? Williams has placed its SouthCoast Expansion project into  service, 
increasing capacity on the Transco pipeline system by  204,099 dekatherms per 
day to provide additional firm transportation  capacity to serve markets in 
Alabama and Georgia. The $108 million  expansion loops 44 miles of 48, 42, 
and 24-inch pipeline in Alabama  and Georgia and adds 31,500 horsepower of 
compression at compressor  stations in Rockford, AL and Newnan, GA. The new 
facilities increase  capacity on Transco's mainline from Station 85 in 
Butler, AL to  mainline delivery points in Zone 
																																		
																																		
																																		
																																		
																																		
																																									
																																									
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																																	Financial Summary
																																	
																																	
																																	
																																	
																																	
																																									
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