Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE 
   Friday, January 25 2002 No. 920
Visit: http://www.enerfax.com  to view our web version or for Oil Prices & News http://www.enerfaxgold.com 

PHYSICAL NATURAL GAS PRICES   
Gulf/Eastern Region     
| Agua Dulce              | 2.02  |
| ANR SE                  | 2.06  |
| Carthage TG             | 2.07  |
| Chicago Citygate        | 2.13  |
| Columbia Gulf Onshore   | 2.10  |
| Dominion South Point    | 2.21  |
| Henry Hub               | 2.12  |
| Houston Ship Channel    | 2.16  |
| Katy Hub                | 2.10  |
| NGPL LA Pool            | 2.06  |
| NGPL - Midcontinent     | 2.02  |
| NGPL STX                | 2.05  |
| NGPL TX/OK              | 2.05  |
| NNG Demarc.             | 2.07  |
| Niagara                 | 2.26  |
| Sonat Tier 1            | 2.09  |
| TCO IPP Pool            | 2.21  |
| Tetco ELa               | 2.09  |
| Tetco M-3               | 2.38  |
| Tetco STX               | 2.02  |
| TGP Zone 0              | 2.02  |
| TGP Zone 1 (500 Leg)    | 2.05  |
| TGT Zone SL             | 2.10  |
| New York Citygate       | 2.41  |
| Transco Station 65      | 2.15  |
| Transco Zone 6 (NY)     | 2.42  |
| Trunk ELa               | 2.08  |
| Western Region          
| California Border       | 2.14  |
| El Paso Keystone        | 2.02  |
| El Paso San Juan-Blanco | 2.01  |
| Waha Hub                | 2.05  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 2.89  |
| Dawn Hub/Union          | 2.22  |
| Northwest Stanfield     | 2.04  |
| Wyoming Pool            | 1.92  |
| Opal                    | 1.93  |
| PGT-Malin               | 2.11  |
| Sumas                   | 2.04  |
Flow Date 1/25
-------------------------------------------------------------
NATURAL GAS FUTURES
Henry Hub 
12 Month Strip  2.4563 -0.0036       
18 Month Strip  2.6063 -0.0014    
| Month | High  |  Low  | Close | Change |
| FEB   | 2.150 | 2.025 | 2.048 | -0.028 |
| MAR   | 2.170 | 2.070 | 2.090 | +0.001 |
| APR   | 2.240 | 2.150 | 2.166 | +0.004 |
| MAY   | 2.330 | 2.259 | 2.259 | -0.001 |
| JUN   | 2.390 | 2.332 | 2.332 | +0.000 |
| JUL   | 2.470 | 2.408 | 2.408 | -0.002 |
| AUG   | 2.520 | 2.461 | 2.461 | -0.002 |
| SEP   | 2.535 | 2.473 | 2.463 | -0.012 |
| OCT   | 2.570 | 2.500 | 2.505 | -0.002 |
| NOV   | 2.810 | 2.740 | 2.742 | +0.000 |
| DEC   | 3.010 | 2.950 | 2.954 | +0.000 |
| JAN   | 3.110 | 3.035 | 3.048 | -0.001 |
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Natural Gas Futures Dip Slightly Lower 

Natural gas for February delivery on the NYMEX ended down $0.024 yesterday to $2.048 per MMBtu. The March contract gained $0.001 to $2.09 per MMBtu. The market began the day higher on early short-covering, but fell off sharply in the afternoon after an extended forecast called for mild weather across much of the nation. Last week the AGA reported 124 Bcf of natural gas was withdrawn from storage, leaving about a Tcf more still in the ground than a year ago. Look for the market to take-out the $2.00 support level soon. Natural gas for next day delivery across the US and Canada was generally flat to $0.05 higher yesterday. Natural gas for next day delivery at the Henry hub gained $0.01 to $2.12 per MMBtu. Look for cash prices to weaken ahead of the weekend, likely leading futures prices lower as well. With some cold in the Northeast and Midwest, but mild temperatures forecast for the next two weeks, traders expect to see spot prices at a discount to futures by the weekend.! Turn-back volumes could also weaken prices. By the end of January storage operators face requirements to withdraw gas out of storage, the extra volumes hitting the market could push prices further down. 
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Today's Power Bulletins
* Court to Hear Arguments Today on Whether Federal Bankruptcy Law Permits Wholesale Preemption of State Law and Regulation Necessary for PG&Es 
Reorganization Plan to Be Confirmed
* Shell WindEnergy Acquires $30 Million, 80 MW Wind Power Facility in North Texas from Cielo Wind Power 
* Virginia Electric Sells $650 Million in 5-Year Notes
* Arch Coal 4th Quarter Earnings Drop 13% on Warm Weather and Weak Demand
* PG?Says Consumer Advocacy Group, TURN, Misstating Truth, Manipulating Facts, and Ultimately Concocting Fairy Tale About Its Bankruptcy Case
* APX Exceeds 500 Million MWh in 2001 Power Transaction Processing
* GE Power Systems Completes Acquisition of Bently Nevada
* Sempra Energy Announces Record 2001 Earnings of $2.52 per Share for 2001, Up 22%  
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Enron Creditors Want Andersen Investigation

Enrons creditors committee has asked the bankruptcy judge for permission to investigate Andersen to help it prepare possible legal action against the accounting firm. The committee wants to force Andersen officials to testify and turn over documents. It was appointed last month by the US Trustee's office, an arm of the Justice Department. Creditors, which are owed $40 billion, are concerned that Enron may be worth less than they thought. Andersens CEO sent an auditing expert in his place to testify yesterday before Congress on the destruction of documents related to Enron. Another witness, David Duncan, a fired Andersen executive, invoked his 5th Amendment rights against self-incrimination and refused to testify at the hearing. 
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Natural Gas NYMEX Volume
02FEB   46,009
02MAR   22,123
02APR   10,532
02MAY    3,709
02JUN    4,779
02JLY    7,017
02AUG    2,174
02SEP    1,776
02OCT    3,932
02NOV    2,376 
02DEC    1,245
03JAN    2,075
03FEB      722
03MAR    1,623
03APR      380
03MAY      533
03JUN      283
03JLY       85
03AUG      137
03SEP      224
03OCT      354
03NOV      113
03DEC      186
04JAN      183
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Enrons Top Management Departs

As Enron struggles to survive, its top executives have been bailing out. Of the 14 executives named in the company's annual 10-K filing with the SEC last April, about half are gone. Vice Chairman Mark Frevert said that he left the company at the end of December and seems uncertain whether he quit or was fired. Greg Whalley, president and COO, will join Swiss bank UBS which has acquired Enron's trading unit. Former CEO Jeffrey Skilling and former Vice Chairman Clifford Baxter left the company last year and Chairman Kenneth Lay resigned 2 days ago, in what some see as an attempt to stave off the appointment of a bankruptcy trustee. A trustee would supersede Enron's top management and its board of directors and would likely name a new law firm to replace Enron's current bankruptcy attorneys. A coalition of creditors has petitioned a bankruptcy judge to appoint a Chapter 11 trustee to run Enron. To have a trustee appointed, creditors must prove managements actions have been ! inept or fraudulent. Document shredding and a suspected cover up of the companys true financial liabilities could be adequate grounds to name a trustee. Lays departure leaves CFO Jeff McMahon and Stan Horton, chairman and CEO of Enron Global Services in charge of the company for now. Enron plans to hire a turnaround specialist to run the company until a permanent replacement is chosen. Three consulting firms that specialize in turning around failing businesses have been mentioned as possible front-runners. They are Alvarez & Marsal, Glass & Associates and Zolfo Cooper. 
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PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 18.50 | 17.00 |  17.90  |
| ECAR       | 20.50 | 16.50 |  18.60  |
| ERCOT      | 20.00 | 17.60 |  18.10  |
| Entergy    | 17.60 | 17.20 |  17.30  |
| TVA        | 20.90 | 17.60 |  20.40  |
| ComEd      | 19.00 | 18.00 |  18.35  |
| Nepool     | 28.00 | 27.50 |  27.70  |
| PJM West   | 22.35 | 21.00 |  22.00  |
| Main       | 19.00 | 16.25 |  18.00  |
| MAPP       | 20.00 | 18.50 |  19.15  |
| Palo Verde | 22.15 | 20.25 |  21.25  |
| Mid C      | 19.50 | 18.50 |  18.80  |
| COB        | 21.25 | 20.75 |  21.00  |
| 4 Corners  | 23.00 | 20.25 |  21.65  |
| Mead       | 23.25 | 21.00 |  22.00  |
| NP 15      | 23.00 | 21.00 |  22.55  |
| SP 15      | 23.50 | 22.50 |  22.85  |
Power Delivered 1/25
-------------------------------------------------------------

Judge Halts Andersen Shredding

A federal judge has approved a plan from Enron shareholders to prevent Andersen from shredding any more documents related to Enrons audits. The judge ruled that plaintiffs lawyers can start taking depositions in 20 days from Andersen employees who were fired or suspended for the document shredding. Andersen must also file a report with the judge explaining the shredding at that time. But Andersen argues that it has not completed its own investigation into the shredding, and depositions related to the lawsuit should take a back seat to investigations by Congress, the SEC, the Justice Department and others. The judge also ruled Andersen can shred no more documents and that the firm must preserve all Enron-related documents going back to 1994 and that plaintiffs' lawyers can inspect them. Andersen attorneys assured the judge that the records are under guard and shredding has ceased. Andersen has admitted that its Houston staff shredded a significant but undetermined number ! of documents related to Enron audits last fall as federal regulators launched probes into possible accounting improprieties. The company later fired the head of the Houston office for his role in the shredding and placed several others on administrative leave. Attorneys for the plaintiffs' want to depose the former partner and five others. Shareholders have filed a lawsuit against 29 current and former Enron executives and board members for more than $1 billion they gained by selling company stock during a 3-year period prior its bankruptcy filing. Allegations have emerged that Enron employees shredded accounting and finance documents as recently as last week. A hearing on Enron shredding is scheduled for February 5th before federal bankruptcy judge. 
-------------------------------------------------------------

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 http://www.desert-crossing.com 
-------------------------------------------------------------

Todays Gas Bulletins
* Andersen May Lose Its License to Audit Texas Companies
* Shares of PanCanadian Energy and Alberta Energy Surged on Rumors They Are Headed for Multibillion Dollar Merger
*  Enron Delinquent in Paying California Tax Bill
* Nabors Earnings Up Slightly Despite Natural Gas Drilling Slowdown
* Laclede Gas Names Kenneth Neises Executive Vice President and M Pendergast 
Promoted to VP - Associate General Counsel
* Devon Energy Completes Acquisition of Mitchell Energy
* Rochester Gas and Electric Testifies New York State Energy Plan Must Support Reliability and Competitive Prices
* Many Ex-Enron Traders Having Trouble Finding New Jobs; UBS Warburg Plans to Retain About 830 Natural Gas and Power Traders
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FERC to Hold Closed Meeting to Consider Investigation

The FERC plans to hold a rare, closed-door meeting next week to discuss a several issues, including the possible initiation of an investigation. The private meeting will be held Wednesday, immediately following FERCs regularly scheduled bi-monthly meeting that is open to the public. The FERC issued a list of agency officials who will attend the closed-door discussion of the possible investigation, including Chairman Wood and the three commissioners, the office of general counsel, staff with FERC's office of market tariffs, and staff with the office of the executive director. Other items to be discussed at the closed meeting include: 1) A demand by a group of natural gas producers in the Gulf of Mexico that Williams cut its new gathering rates and other fees for transporting volumes to shore. The producers claim that Williams has boosted its rate for interruptible gathering by more than 230% since December 1st; 2) A July complaint by New Power Holdings that PJM Interconn! ection's capacity requirements and deficiency charges are unjust, discriminatory and preferential. New Power wants PJM to change its existing capacity deficiency rate of $177 per MW day; 3) A case involving a FERC order last summer that says National Fuel Gas violated the law when it operated a natural gas well and storage fields in Erie County, New York, before obtaining authorization. 
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PSEG to Upgrade Coal Fired Plants in New Jersey

PSEG has agreed to spend $300 million over 10 years to install equipment to limit air pollution at its New Jersey coal fired power plants to bring them into compliance with new source review rules that require the installation of air pollution equipment when a plant undergoes major modifications. The agreement settles a complaint brought by the Justice Department, the EPA and the New Jersey Department of Environmental Protection. The complaint alleged that PSEG failed to install necessary pollution controls at two plants. The federal air pollution rule is currently under review by the White House. Utilities with aging coal-fired plants contend that the rule requires expensive upgrades which reduces their ability to produce more energy. PSEG said it would rather resolve the issue than face protracted and costly litigation. PSEG Power has about 17,000 MW of generation capacity. In 2004, the company will start to phase-in equipment to reduce emissions of nitrogen oxides, su! lfur dioxide and mercury at 3 New Jersey coal-fired plants with a total capacity of about 1,250 MW, with all work scheduled to be complete by 2012. PSEG will install selective catalytic reduction and dry scrubber devices, which remove particulates from exhaust before it is released into the air. The new technologies will cost about $150 million each. 
-------------------------------------------------------------
POWER FUTURES  
| Month |   COB   | Change |   PV    | Change |
| FEB   |  21.25  | +0.00  |  22.80  | -0.15  |
| MAR   |  18.50  | +0.00  |  22.50  | +0.25  |
| APR   |  20.00  | +0.00  |  24.00  | +0.50  |
| MAY   |  18.25  | +0.00  |  24.75  | -0.25  |
| JUN   |  20.00  | +0.00  |  29.15  | +0.65  |
| JUL   |  29.50  | +0.00  |  38.75  | +0.75  |
| AUG   |  40.00  | +0.00  |  44.00  | +0.75  |
| SEP   |  34.00  | +0.00  |  33.30  | +0.30  |
| OCT   |  28.00  | +0.00  |  28.00  | +1.00  |
| NOV   |  27.50  | +0.00  |  27.00  | +1.00  |
| DEC   |  28.50  | +0.00  |  27.50  | +1.00  |
| JAN   |  28.50  | +0.00  |  28.25  | +0.50  |
| Month | Entergy | Change | Cinergy | Change |
| FEB   |  18.80  | +0.35  |  20.00  | +0.50  |
| MAR   |  18.75  | -0.50  |  21.00  | +0.25  |
| APR   |  18.75  | -0.50  |  21.10  | +0.35  |
| MAY   |  23.25  | +0.75  |  24.50  | +0.50  |
| JUN   |  27.15  | +0.40  |  29.70  | +0.70  |
| JUL   |  34.25  | +0.75  |  38.00  | +1.20  |
| AUG   |  34.25  | +0.75  |  38.00  | +1.20  |
| SEP   |  21.50  | +0.10  |  22.50  | +0.40  |
| OCT   |  21.75  | +0.50  |  22.10  | +0.35  |
| NOV   |  21.75  | +0.50  |  22.10  | +0.35  |
| DEC   |  21.75  | +0.50  |  22.10  | +0.35  |
| JAN   |  24.25  | +0.25  |  25.25  | +0.25  |
-------------------------------------------------------------
Power Futures     
| Month |  PJM  | Change |
| FEB   | 24.00 | +0.50  |
| MAR   | 24.25 | +0.50  |
| APR   | 24.25 | +0.50  |
| MAY   | 27.20 | +0.60  |
| JUN   | 33.50 | +0.65  |
| JUL   | 45.00 | +1.25  |
| AUG   | 45.00 | +1.25  |
| SEP   | 25.25 | +0.10  |
| OCT   | 25.10 | +0.35  |
| NOV   | 25.10 | +0.35  |
| DEC   | 25.10 | +0.35  |
| JAN   | 28.25 | +0.25  |
-------------------------------------------------------------

KeySpan Net Income Falls 42% 

KeySpan says 4th quarter net income fell 42% on lower natural gas prices and expenses related to the sale of a barge business. Net income declined to $34.4 million, or $0.25 per share, from $58.9 million, or $0.43 a year earlier. Revenue fell 14% to $1.62 billion from $1.87 billion. KeySpan has agreed to sell its Midland Enterprises barge unit to closely held Ingram Industries for $230 million in cash and $135 million in assumed debt. It had expenses last quarter of $30.4 million, or $0.22 per share, related to the sale. KeySpan also wrote off the value of its investment in natural gas reserves by $31.4 million, or $0.23, because of lower natural gas prices. KeySpan owns 68% of Houston Exploration. It had costs of $2.5 million on Roy Kay Cos, a general-contracting business it is closing. Excluding those losses, KeySpan earned $99 million, or $0.71 per share. It was expected to earn $0.75. KeySpan cut its 2002 earnings forecast by $0.20 to $2.50 - $2.65, because it expect! s less profit from exploration and production. KeySpans Vice Chairman and Chief Operating Officer Craig Matthews will retire, effective March 1st. 
-------------------------------------------------------------

Energy Seminars, Inc. Announces Key Seminar Offerings for January:
Energy Seminars will be going to Florida and Calgary in 2002!

Click to http://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
--------------------------------------------------------------------------------------------------------------------------

Cargill Halts Saltville Natural Gas Storage Expansion

An planned expansion of a Virginia natural gas storage facility planned by Duke Energy and NUI has failed to obtain FERC approval because Cargill filed a complaint. Cargill asked the FERC to issue an order halting the construction of an expanded salt cavern storage facility planned for Saltville, Virginia. Duke and NUI formed a joint venture called Saltville LLC to expand the salt cavern storage to hold 12 Bcf of working natural gas capacity over the next 3 years. The site currently stores only 1.1 Bcf. Cargill says that the companies are attempting to circumvent the jurisdiction of FERC by seeking approval only from Virginia state regulators even though the gas may be used in interstate commerce. The expanded Saltville storage site would have a deliverability of up to 550 MMcf per day. The Virginia State Corporation Commission has scheduled a February 20th hearing on the project. 
-------------------------------------------------------------
                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.
Progas Storage Services, Inc  
8610 S. Hwy 277
Abilene, TX 79606
Ph 915 698 3699
Fx 915 698 2859
-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 rose 59.14 points to 7657.59
The CRB Index fell 0.29 points to 189.04
The US Dollar increased 0.12 points to 118.58
The Dow advanced 65.11 points to 9796.07
The S?500 added 3.97 points to 1132.15
The Nasdaq was up 20.20 points to 1942.58
March NYMEX Crude Oil gained 0.20 to 19.70
Canadian-US Exchange dipped 0.0019 to 1.6020
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