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		 Insights@CERA   Issue 2, January  2002    Featured This Month:  Upcoming Events    New Products and Services    New Research    Multimedia Highlights    CERA in the News     UPCOMING EVENTS  CERAWEEK 2002  "The New Face of Risk: Energy  Strategies for a Changed World", February 11-15, 2002 in Houston, Texas. -  The premier international gathering of senior energy decision makers. How  will global uncertainty impact strategic investment decisions? How will it  reshape infrastructure strategies and the relationship between the public  and private sectors? How should business respond to the changing nature of  risk and need? CERAWeek will offer a framework for understanding and  navigating these complicated issues.    NEW  PRODUCTS AND SERVICES  CERAWEEK ONLINE PREMIUM  SERVICE  CERAWeek Online will deliver a comprehensive online  experience of the CERAWeek proceedings, featuring daily highlights and  interviews with speakers, live simulcasts of keynote and plenary sessions,  on-demand access to a wide variety of sessions, and online briefings by  CERA experts delivered via the web in an easy-to-use format.  THE HUB OF COMPETITION:  THE FUTURE OF THE GERMAN GAS MARKET  This new major multiclient  study assesses the key issues in the German gas market on both a strategic  and an operational level. The study provides a framework for thinking  about such issues as industry structure, strategy, and market  development.  NEW REALITIES, NEW RISKS:  NORTH AMERICAN POWER AND GAS THROUGH 2020  An authoritative CERA  multiclient study that provides analysis and scenario-based insight into  the future of the North American power and gas industries, including  detailed long-term regionally specific market and price outlooks through  2020.   NEW  RESEARCH  INDIA-PAKISTAN WAR?  RISKS AND IMPLICATIONS Prospects are growing that a short, sharp war  could occur between India and Pakistan over the next several weeks. It is  not inevitable; diplomacy could still pull the two parties  back.  OPEC TILTS TO MARKET SHARE With demand growth evaporating,  OPEC's efforts to gain non-OPEC participation in production restraint  reflect its growing concern about market share now that prices are no  longer rising enough to offset cuts in production. During 2001 OPEC lost  market share by cutting its quota a total of 3.5 million barrels per day  (mbd) while non-OPEC production increased nearly 600,000 barrels per  day.  NATURAL GAS WATCH: A SHORTAGE OF DEMAND Since January,  natural gas prices have fluctuated between $2.00 per MMBtu at the Henry  Hub and $10.00, a result of weather, fuel switching, and increasing  supplies. Loss of demand due to economic weakness is exacerbated by the  impact of the tragedy of September 11. Lower prices have already slowed  drilling activity. Although ample storage levels will guard against last  year's peaks, gas prices will likely to continue to oscillate in the near  term.  TWENTY YEARS LATER--A NEW SPIN ON WIND Energy security and  environmental quality considerations continue to increase the level of  interest in renewable energy. Wind power is and will likely remain a  leading beneficiary of the demand for more diversified and "greener"  power. However, when considering future market prospects, the competitive  advantages of wind must be balanced with certain realities.  SPANISH  GAS AUCTION: A PRECEDENT FOR EUROPE? The recent auction of contract gas  in Spain represents an early initiative both to release gas from  preexisting long-term contracts and to make it available to aspiring  market entrants. As such, CERA believes it could provide a precedent for  other European markets (and for their regulators) where release gas  programs have not so far been on the public agenda.  RECESSION  DEEPENS DOWN PHASE IN POWER MARKETS The US power generation business is  entering the bust phase of a boom/bust cycle. Most regions have recently  crossed an inflection point from tightness in the past to surplus over the  next few years.  For more details on any of these reports, go to: http://www.cera.com/news/highlights .   MULTIMEDIA HIGHLIGHTS  BEYOND THE CRISIS:  NEAR-TERM GLOBAL ENERGY FUTURES  CERA President and CEO Joseph A.  Stanislaw answers clients' questions on CERA's new global energy scenario  initiative.  NEW REALITIES, NEW  RISKS  CERA Senior Director Lawrence J. Makovich highlights the key  themes of CERA's new multiclient study, New Realities, New Risks: North  American Power and Gas Through 2020.  INFORMATION TECHNOLOGIES AND  ELECTRIC POWER  CERA Director Steven Taub discusses CERA's new  Information Technologies and Electric Power multiclient study.  EUROPEAN  GAS ISSUES  (Clients Only) CERA Director Simon Blakey sat down  recently with CERA's New Media team to discuss some of the critical issues  currently facing the industry and the short-term research focus of the  European Natural Gas service.   CERA  IN THE NEWS  CERA and Sun Microsystems announce the  release of GLOBAL OIL TRENDS 2002  The global oil industry is beset  by turmoil in the pricing of its basic commodity--crude oil. How does an  industry so important to the world's economic system survive in an  environment of such extreme price volatility for its commodity? Global Oil  Trends highlights key developments--What are the trends in oil demand and  supply? Which countries are seeing increases in reserves and what is  refining capacity globally? For more information, please visit http://www.cera.com/trends .  E-Business Is Central to the  Strategies of Energy Enterprises  CERA Director Brian Costello's  comentary on the role of e-business and digital technology innovation in  on-line energy trading in Line 56 magazine's November issue.      COMMENTS? FEEDBACK? Please take a moment to  review this issue of Insights@CERA and let  us know your thoughts  by sending an email to insights@cera.com .    	


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