Attention Energy Insight readers
Following the acquisition of FT Energy by Platts in September 2001, Platts
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Effective Jan 16, this e-mail service will be folded into the free "Platts
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Energy Insight News for Monday, January 14, 2002
Ocean carbon storage: science shows promise, problems

Scientists from the Lawrence Livermore National Laboratory recently unveiled
new research results indicating that an advanced concept for ocean storage
may be the most cost-effective means to dispose of the carbon dioxide
emitted from power plants.

Carbon storage in the ocean is a controversial concept that has been around
for some time. However, it's increasingly looking like it may prove to be a
crucial option for carbon reduction over the coming decades.

"The idea is to put carbon in the ocean directly because it's going to wind
up there anyway," said Ken Caldeira, researcher at the Department of
Energy-funded Livermore Laboratory. "The ocean can potentially store
centuries worth of fossil fuel emissions."

More than 80% of the carbon naturally released or burned on the earth ends
up in the ocean. Encouraging the ocean to absorb even more carbon by
accelerating natural processes is tantalizing.

Absent a policy that supports emissions avoidance, capture and storage
options are the only currently known options to reduce carbon dioxide
emissions. Hence, the ocean's potential as a vast carbon sink could be an
important part of a future strategy to reduce atmospheric carbon
accumulation.

The question emerges, however: just because the ocean can play the role of
carbon sink, does this mean that it should be part of a reduction strategy?

"If you take the ocean option off the table, it's going to make ensuing
reductions that much more difficult to accomplish," said Robert Kane,
sequestration issue manager for the DOE. "At this stage, all options should
be on the table." Read the entire story at http://www.energyinsight.com.
Also, catch the latest news headlines on Energy Insight Executive, updated
twice daily.
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Market Brief    Friday, January 11
Stocks  Close   Change  % Change
DJIA    9,987.53        (80.3)  -0.80%
DJ 15 Util.     290.72  (2.5)   -0.84%
NASDAQ  2,022.46        (24.78) -1.21%
S&P 500 1,145.42        (11.1)  -0.96%

Market Vols     Close   Change  % Change
AMEX (000)      126,048 (19,824.0)      -13.59%
NASDAQ (000)    1,625,751       (133,261.0)     -7.58%
NYSE (000)      1,206,339       (84,724.0)      -6.56%

Commodities     Close   Change  % Change
Crude Oil (Feb) 19.68   (0.79)  -3.86%
Heating Oil (Feb)       0.5394  (0.016) -2.93%
Nat. Gas (Henry)        2.204   (0.011) -0.50%
Propane (Feb)   29.00   0.00    0.00%
Palo Verde (Feb)        22.50   (1.00)  -4.26%
COB (Feb)       22.00   (1.00)  -4.35%
PJM (Feb)       25.25   (0.50)  -1.94%

Dollar US $     Close   Change  % Change
Australia $     1.919   0.007   0.37%
Canada $        1.60    (0.006) -0.37%
Germany Dmark   2.19    0.001   0.05%
Euro    0.8914  (0.001) -0.10%
Japan ?en       132.0   (0.500) -0.38%
Mexico NP       9.2     (0.070) -0.76%
UK Pound        0.6908  (0.0028)        -0.40%

Foreign Indices Close   Change  % Change
Arg MerVal      343.22  0.00    0.00%
Austr All Ord.  3,360.10        8.30    0.25%
Braz Bovespa    13587.49        17.31   0.13%
Can TSE 300     7701.93 (20.45) -0.26%
Germany DAX     5209.97 (18.14) -0.35%
HK HangSeng     11166.46        (89.61) -0.80%
Japan Nikkei 225        10441.59        (96.84) -0.92%
Mexico IPC      6420.15 (32.86) -0.51%
UK FTSE 100     5,198.60        7.90    0.15%

Source:  Yahoo!, TradingDay.com and NYMEX.com
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Executive News
New gas storage complex in Arizona proposed
Three gas companies on Thursday proposed a 10 Bcf storage complex in Arizona
and an associated pipeline that would carry 800 MMcf/day between Las Vegas
and Southwestern Arizona. An open season for storage and transmission
capacity will run through Feb. 8, with service coming online in stages
between 2004 and 2008. The Desert Crossing Gas Storage and Transportation
System, expected to cost between $600 million and $700 million, will be a
joint project of Allegheny Energy Supply, Sempra Energy Resources and Salt
River Project, and will be the only north-south pipeline in the region. The
storage facility and 36-inch, 300-mile pipeline will "serve the growing
needs of the southwestern United States for power and peak period gas
supplies," the companies said in a joint statement.

Baker Hughes-U.S. rig count down 27, Canada up 134
The number of rigs searching for oil and gas in the United States fell by 27
to 856 during the week ending Jan. 11, according to oil services firm Baker
Hughes. A year ago there were 1121. The number of rigs searching for oil
fell by two to 136, while the number of rigs searching for gas fell by 25 to
719. There was one miscellaneous rig, unchanged from last week.  The number
of rigs exploring for oil and gas in Canada was up 134 this week to 427
compared to 546 last year.

To subscribe to our Executive News Service, which is updated twice daily,
log on to http://www.energyinsight.com, or contact Platt's Direct Response
Team at 1-800-424-2908 (if outside the United States call 1-720-548-5700).
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