Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE 
              Thursday, January 17 2002 No. 907
Visit: http://www.enerfax.com/ or for Oil Prices & News 
http://www.enerfaxgold.com/ 
PHYSICAL NATURAL GAS PRICES ??
Gulf/Eastern Region     
| Agua Dulce              | 2.24  |
| ANR SE                  | 2.32  |
| Carthage TG             | 2.30  |
| Chicago Citygate        | 2.38  |
| Columbia Gulf Onshore   | 2.36  |
| Dominion South Point    | 2.50  |
| Henry Hub               | 2.39  |
| Houston Ship Channel    | 2.37  |
| Katy Hub                | 2.31  |
| NGPL LA Pool            | 2.31  |
| NGPL - Midcontinent     | 2.24  |
| NGPL STX                | 2.26  |
| NGPL TX/OK              | 2.27  |
| NNG Demarc.             | 2.32  |
| Niagara                 | 2.58  |
| Sonat Tier 1            | 2.35  |
| TCO IPP Pool            | 2.49  |
| Tetco ELa               | 2.38  |
| Tetco M-3               | 2.84  |
| Tetco STX               | 2.26  |
| TGP Zone 0              | 2.27  |
| TGP Zone 1 (500 Leg)    | 2.32  |
| TGT Zone SL             | 2.37  |
| New York Citygate       | 2.98  |
| Transco Station 65      | 2.43  |
| Transco Zone 6 (NY)     | 2.99  |
| Trunk ELa               | 2.33  |
| Western Region          
| California Border       | 2.29  |
| El Paso Keystone        | 2.19  |
| El Paso San Juan-Blanco | 2.18  |
| Waha Hub                | 2.24  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 3.02  |
| Dawn Hub/Union          | 2.39  |
| Northwest Stanfield     | 2.17  |
| Wyoming Pool            | 2.12  |
| Opal/Kern River         | 2.12  |
| PGT-Malin               | 2.26  |
| Sumas                   | 2.17  |
           Flow Date 1/17
-------------------------------------------------------------

NATURAL GAS FUTURES
Henry Hub 
12 Month Strip ?2.6170 +0.0709 ? ? ? 
18 Month Strip ?2.7174 +0.0608? ? 
| Month | High  |  Low  | Close | Change |
| FEB   | 2.406 | 2.380 | 2.394 | +0.103 |
| MAR   | 2.375 | 2.356 | 2.363 | +0.090 |
| APR   | 2.383 | 2.376 | 2.383 | +0.080 |
| MAY   | 2.470 | 2.380 | 2.446 | +0.078 |
| JUN   | 2.525 | 2.420 | 2.506 | +0.078 |
| JUL   | 2.585 | 2.570 | 2.566 | +0.073 |
| AUG   | 2.615 | 2.605 | 2.606 | +0.068 |
| SEP   | 2.606 | 2.600 | 2.599 | +0.063 |
| OCT   | 2.615 | 2.565 | 2.621 | +0.063 |
| NOV   | 2.800 | 2.770 | 2.816 | +0.053 |
| DEC   | 3.015 | 2.960 | 3.011 | +0.051 |
| JAN   | 3.105 | 3.040 | 3.093 | +0.051 |
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Natural Gas Futures Rally on AGA Report

    Natural gas futures for February delivery on the NYMEX jumped 
$0.103 higher yesterday to $2.394 per MMBtu. The March contract 
gained $0.09 to $2.363 per MMBtu. The market began the day up and 
pushed higher after a 137 Bcf withdrawal was reported by the AGA in 
the afternoon. The storage report was about what was expected, but 
was 37 Bcf more than a year ago. However, it barely dented the record 
amounts of inventory remain in storage, about 2.529 Tcf, at 77% full 
compared to 44% full last year at this time at 1.459 Tcf. The 5-year 
average is 2 Tcf. The rally broke through the $2.36 resistance level. 
Funds are holding record-high short positions and could cause a major 
technical rally if they ever had to cover. But, more likely the 
market will head back down as the fundamentals takeover. Support is 
seen at $2.36, $2.32 and $2.25 per MMBtu. A cold front expected to 
move into eastern states next week and could cause the market to 
rally again, but the increase will be difficult to sustain. Natural 
gas for next day delivery across the US and Canada was generally flat 
to $0.05 higher yesterday. Natural gas for next delivery at the hub 
gained $0.03 to $2.39 per MMBtu.
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Today's Power Bulletins
 * SEC Approves National Grid ? Niagara Mohawk Merger
 * AES NewEnergy Receives License to Sell Electricity in Oregon
 * Entergy Nuclear Plants Earn Top Safety Rating from OSHA
 * Fuel Cell Investor 2nd Annual Industry Summit to be Held in New 
York Marriott 
Marquis Hotel at Times Square, March 26 ? 27
 * California Attorney General Seeks to Hold Enron in Contempt of 
Court for Failing to Turn Over Subpoenaed Documents
 * Enron Shares Fall in Pink Sheet Trading.
FERC Chairman Wood to Meet with PJM Interconnection and Midwest ISO 
Regarding Letter of Intent to Create Single Market Between Them
 * Great River Energy Research Project Could Increase Lignite 
Marketability.
Western Spot Power Prices Rise Amid Curtailed Generation 
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 PG&E Ads Blast California PUC Lawsuit

  
    PG&E has bought full-page advertisements in newspapers throughout 
California blasting a giant state fraud lawsuit against the bankrupt 
utility in a bid to topple the company's reorganization plan. The ads 
reprinted a recent letter to the employees of Pacific Gas and 
Electric from the chairman and chief executive of the parent company. 
He wrote that the lawsuit by the California Attorney General 
contained false and unwarranted accusations. The lawsuit charges that 
PG&E drained cash from the utility during the California power 
emergency to fund new businesses and drove the company into 
bankruptcy and seeks damages of $600 million to $4 billion. The 
attorney general and the PUC are working to derail the utility's 
reorganization plan because they don't want to lose regulatory 
jurisdiction over the company, the ad said. The plan would shift the 
utility's power generation and energy transmission systems to new 
companies formed by PG&E and beyond state jurisdiction.  
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-------------------------------------------------------------
AGA Natural Gas Storage Report

            Week                                    Prev      
           Ending    Prev                   Prev    Year    
| Region | 1/11/02 | Week | Diff | % Full | Year | % Full| 
| Prod   |  733    |  777 | -44  |  78%   |  343 |  35%  |      
| East   | 1396    | 1482 | -86  |  76%   |  880 |  46%  |  
| West   |  400    |  407 |  -7  |  79%   |  236 |  47%  |   
       
| Total  | 2529    | 2666 |-137  |  77%   | 1459 |  44%  |  
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Calpine Revises 2001 and 2002 Earnings Estimates

    Calpine has lowered its earnings estimates for 2001 and 2002. It 
now expects profits of $1.95 per share for 2001 compared to estimates 
of $2.00 per share. For 2002, it expects earnings of $1.70 per share 
versus estimates of $2.20 per share. Even though Calpine lowered its 
estimate for 2001, it will see its profits rise by 63% above 2000 
earnings. Calpine also revised its capital spending budget downward 
by $2 billion saying it will complete 27 power projects, accounting 
for 15,200 MW, which are currently being built. Another 34 projects 
in the advanced development stage will be on hold until demand for 
power increases. It is also negotiating with major equipment 
suppliers to adjust payment schedules and revise delivery timing in 
line with its new construction schedule. Calpine, Mirant and other 
power generators have delayed or canceled billions of dollars in 
projects in an attempt to bolster credit ratings and reassure 
investors. Last month, Moody's lowered Calpine's credit rating to 
junk and said it remained on review for further possible downgrades. 
Calpine has raised almost $5 billion in the last 3 months, including 
a $2.6 billion bond sale. Its current generating capacity is 11,100 
MW, but was scheduled to have up to 70,000 MW by the end of 2005. It 
now expects to have 26,300 MW by the end of 2003. Plants with a 
combined capacity of 82,000 MW have been canceled or postponed. 
Plants under construction with another 200,000 MW of capacity are on 
the auction block.
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-------------------------------------------------------------
PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 20.00 | 19.35 |  19.75  |
| ECAR       | 21.50 | 18.50 |  20.25  |
| ERCOT      | 21.00 | 17.55 |  19.75  |
| Entergy    | 23.00 | 20.00 |  21.40  |
| TVA        | 26.35 | 23.75 |  25.90  |
| ComEd      | 21.75 | 19.50 |  20.45  |
| Nepool     | 30.50 | 30.25 |  30.40  |
| PJM West   | 23.40 | 23.20 |  23.30  |
| Main       | 21.75 | 19.05 |  20.25  |
| MAPP       | 23.00 | 20.00 |  20.90  |
| Palo Verde | 30.50 | 28.00 |  28.65  |
| Mid C      | 22.75 | 20.50 |  21.35  |
| COB        | 25.50 | 23.75 |  24.30  |
| 4 Corners  | 27.00 | 26.00 |  26.50  |
| Mead       | 30.00 | 28.00 |  29.10  |
| NP 15      | 30.00 | 27.00 |  28.25  |
| SP 15      | 30.50 | 27.25 |  28.65  |
            Power Delivered 1/17
-------------------------------------------------------------
FERC to Create Power Market Oversight Unit

  The FERC plans to create a new market oversight unit to prevent 
manipulation of wholesale electricity prices and supplies. The new 
Office of Market Oversight and Investigations is designed to protect 
customers through vigilant oversight of the nation's energy market, 
according to the FERC. It plans to have the office operating with a 
staff of over 50 by this Spring. The FERC currently has an office of 
Markets Tariffs and Rates, which monitors markets in a broad way. 
But, the new office will be FERC's first attempt of defining and 
curbing market power, either through refund orders or courts.  
-------------------------------------------------------------
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
-------------------------------------------------------------
Natural Gas NYMEX Volume
02FEB   32,364
02MAR   13,993
02APR    5,770
02MAY    1,972
02JUN    1,601
02JLY    3,826
02AUG    2,476
02SEP      609
02OCT    4,332
02NOV    1,411 
02DEC    1,859
03JAN      953
03FEB      519
03MAR    2,032
03APR      482
03MAY        0
03JUN       69
03JLY       16
03AUG    1,532
03SEP        2
03OCT      592
03NOV       30
03DEC      181
04JAN        0 
-------------------------------------------------------------
Todays Gas Bulletins
 * Hart Publications Launches Pipeline and Gas Technology Magazine
 * Dynegy Promotes Matt Schatzman to President and CEO of Energy 
Convergence 
Business
 * California Meteorologist Wins $50,000 in Aquila/AMS Forecast 
Competition
 * David Duncan, Fired Former Andersen Auditor Who Shredded Enron 
Documents, Now Cooperating with House Energy and Commerce Committee 
Investigation
 * Southern Natural Files $200 Million Debt Offer with SEC 
 * Phillips Optimistic About Alaska Natural Gas Pipeline; Favors 2100-
Mile Southern Route to Alberta, Partly Along Existing Trans-Alaska 
Oil Pipeline and Partly Alaska Highway Route
 * GAO Trying to Gauge Congressional Support for Court Action Against 
White House Over Refusal to Give Details of How Energy Policy was 
Formulated 
------------------------------------------------------------
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-------------------------------------------------------------
JP Morgan Posts 4th Quarter Loss 

    JP Morgan Chase posted its first quarterly loss in 5 years after 
it wrote off loans to Argentina and Enron. The bank lost $332 
million, or $0.18 per share, compared with earnings of $0.34 per 
share, or $708 million, in the 4th quarter of 2000. The banks 
decision to lend to Enron, Argentina and others that defaulted kept 
it from profiting from the lowest interest rates in 40 years. 
Competitors that took advantage of the low rates are reporting 
increased earnings. JP Morgan took a write-off of $456 million for 
trading losses and loans to Enron and still has exposure of $2.06 
billion of potential losses. The lender had a complex relationship 
with Enron as it traded with the company, advised it and loaned it 
money. JP Morgan will attempt to recover its Enron loans, some of 
which were not backed by collateral, in bankruptcy court. The bank is 
also suing insurance companies for $965 million for insured oil and 
natural gas contracts. In addition, JP Morgan took a charge of $351 
million for loans to Argentina, which devalued its currency and 
defaulted on its bonds. It is one of 4 US lenders with large 
exposures in the country. The bank said it lost $385 million in its 
private equity business, and also allowed $510 million to cover 
further possible loan defaults in response to deteriorating market 
conditions. 
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-------------------------------------------------------------
Marathon Announces 2 Deepwater Gulf of Mexico Dry Holes

    Marathon Oil did not encounter hydrocarbons at the company's 
Paris Carver and Flathead exploratory wells in the deepwater Gulf of 
Mexico. The Paris Carver and Flathead wells are located in Green 
Canyon Block 601 and Walker Ridge Block 30, respectively.  Paris 
Carver was drilled to a total depth of 24,120 feet in 4,572 feet of 
water, and Flathead was drilled to a total depth of 28,043 feet in 
6,556 feet of water.  Marathon has plugged and abandoned the Paris 
Carver well.  The Flathead well has been temporarily abandoned and, 
after completing additional technical studies, Marathon is 
considering reentering and sidetracking options. Marathon was 
operator of the Paris Carver well and holds a 50% interest in Blocks 
601 and 602; and also operated the Flathead well, and holds a 100% 
interest in Block 30. 
-------------------------------------------------------------
POWER FUTURES ?
| Month |   COB   | Change |   PV    | Change |
| FEB   |  22.00  | +0.00  |  23.50  | +0.00  |
| MAR   |  20.50  | +0.00  |  23.00  | +0.00  |
| APR   |  20.90  | +0.00  |  24.25  | +0.00  |
| MAY   |  19.00  | +0.00  |  25.25  | +0.00  |
| JUN   |  20.50  | +0.00  |  30.00  | +0.00  |
| JUL   |  30.50  | +0.00  |  40.00  | +0.00  |
| AUG   |  40.50  | +0.00  |  44.25  | +0.00  |
| SEP   |  35.00  | +0.00  |  35.00  | +0.00  |
| OCT   |  27.00  | +0.00  |  27.50  | +0.00  |
| NOV   |  26.50  | +0.00  |  27.00  | +0.00  |
| DEC   |  27.50  | +0.00  |  27.50  | +0.00  |
| JAN   |  27.00  | +0.00  |  27.00  | +0.00  |
| Month | Entergy | Change | Cinergy | Change |
| FEB   |  20.15  | +0.65  |  21.20  | +0.65  |
| MAR   |  20.70  | +0.35  |  22.10  | +0.10  |
| APR   |  20.70  | +0.35  |  22.10  | +0.10  |
| MAY   |  23.75  | +0.25  |  25.35  | +0.15  |
| JUN   |  29.00  | +0.00  |  31.65  | +0.00  |
| JUL   |  38.00  | +0.25  |  41.70  | +0.00  |
| AUG   |  28.00  | +0.00  |  41.70  | +0.00  |
| SEP   |  22.25  | +0.00  |  23.15  | +0.25  |
| OCT   |  22.25  | +0.25  |  23.25  | +0.25  |
| NOV   |  22.25  | +0.25  |  23.00  | +0.00  |
| DEC   |  22.25  | +0.25  |  23.00  | +0.00  |
| JAN   |  24.75  | +0.25  |  26.00  | +0.00  |
-------------------------------------------------------------
Power Futures     
| Month |  PJM  | Change |
| FEB   | 24.75 | +0.10  |
| MAR   | 24.90 | +0.15  |
| APR   | 24.90 | +0.15  |
| MAY   | 28.25 | +0.05  |
| JUN   | 35.15 | -0.10  |
| JUL   | 48.75 | -0.10  |
| AUG   | 48.75 | -0.10  |
| SEP   | 25.55 | +0.05  |
| OCT   | 25.25 | +0.00  |
| NOV   | 25.25 | +0.00  |
| DEC   | 25.25 | +0.00  |
| JAN   | 29.00 | +0.30  |
-------------------------------------------------------------
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
----------------------------------------------------------------------
----------------------------------------------------
Dominion Resources Expects 4th Quarter Costs 
    

    Dominion Resources had 4th quarter expenses of $348 million for 
losses from dealings with Enron and for a restructuring. The 
company's 2001 earnings, excluding some items, met or exceeded 
forecasts of $4.15 per share. The expenses include $97 million 
related to Enron, a $183 million write-off of Dominion Capital assets 
and $68 million from a restructuring. The Enron costs involve $6 
million for past sales to the energy trader and $91 million for the 
decline in value of forward natural gas contracts with Enron. 
Dominion expects profit this year of $4.90 - $4.95 per share. 
Earnings after 2002 should rise at an average annual rate of 10%, 
Dominion says.  Last November, Dominion cut its senior-management 
team by 19 officers, or 25%. Dominion has hedged more than 60% of its 
2002 natural gas production and 40% of its 2003 natural gas volume at 
prices above current market prices. 
-------------------------------------------------------------
UBS to Restart EnronOnline

    Natural gas traders who did large volumes of business with Enron 
are taking a wait-and-see approach toward dealing with the new market 
player expected to emerge from the recent deal with Swiss bank, UBS. 
Some have their doubts about UBS' potential impact on the market. The 
deal calls for UBS to restart the trading business, including 
EnronOnline, with the help of 830 former Enron workers. However, even 
if the deal does get the  court's approval, there is still some 
question among marketers and traders as to whether a revitalized 
trading operation could recapture the dominant market share Enron 
held prior to bankruptcy.
-------------------------------------------------------------

????????????????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
-------------------------------------------------------------
President Urges Senate to Act on National Energy Plan  

    In an address in New Orleans, President Bush said that it was a 
matter of national security for the US to have a National Energy 
Package. The president urged the Senate, where energy legislation is 
currently stalled, to take immediate action to pass a National Energy 
Plan. The president's remarks come prior to Congress reconvening next 
week after the holiday recess. The White House, labor and business 
leaders support the development of resources in ANWR to increase 
energy independence, national security and create over 755,000 jobs. 
Opening the ANWR could double the current domestic supply of oil and 
make the US far less reliant on foreign sources for its energy needs. 
The US Geological Survey reports that the 1.5 million-acre tract 
holds upwards of 16 billion barrels of recoverable oil, which is the 
energy equivalent of 17.7 billion barrels of gasoline, enough to 
supply the total US gasoline demand for nearly 6 years. Arctic Power, 
an Alaskan-based non-profit organization that supports the opening of 
ANWR says that Congress has debated ANWR for over 14 years and now it 
is the responsibility of the Senate to face up to the realities of 
the present situation. The 2,000 acres of the ANWR designated for 
exploration could replace Iraqi imports for the next 70 years. 
-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 dropped 59.88 points to 7584.02
The CRB Index added 1.32 points to 194.32
The US Dollar increased 0.16 points to 117.56
The Dow declined 211.46 points to 9712.27
The S&P 500 lost 18.62 points to 1127.57
The Nasdaq was down 56.47 points to 1944.44
February NYMEX Crude Oil fell 0.04 to 18.86
Canadian-US Exchange rose 0.0050 to 1.5947
-------------------------------------------------------------
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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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http://www.energyseminars.com
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