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Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE
              Wednesday, January 16 2002 No. 906
Visit: http://www.enerfax.com/ or for Oil Prices & News
http://www.enerfaxgold.com/
PHYSICAL NATURAL GAS PRICES
Gulf/Eastern Region
| Agua Dulce              | 2.20  |
| ANR SE                  | 2.31  |
| Carthage TG             | 2.25  |
| Chicago Citygate        | 2.32  |
| Columbia Gulf Onshore   | 2.35  |
| Dominion South Point    | 2.48  |
| Henry Hub               | 2.36  |
| Houston Ship Channel    | 2.33  |
| Katy Hub                | 2.27  |
| NGPL LA Pool            | 2.28  |
| NGPL - Midcontinent     | 2.18  |
| NGPL STX                | 2.22  |
| NGPL TX/OK              | 2.22  |
| NNG Demarc.             | 2.24  |
| Niagara                 | 2.54  |
| Sonat Tier 1            | 2.32  |
| TCO IPP Pool            | 2.47  |
| Tetco ELa               | 2.37  |
| Tetco M-3               | 2.81  |
| Tetco STX               | 2.23  |
| TGP Zone 0              | 2.24  |
| TGP Zone 1 (500 Leg)    | 2.32  |
| TGT Zone SL             | 2.37  |
| New York Citygate       | 2.97  |
| Transco Station 65      | 2.44  |
| Transco Zone 6 (NY)     | 2.98  |
| Trunk ELa               | 2.30  |
| Western Region
| California Border       | 2.26  |
| El Paso Keystone        | 2.14  |
| El Paso San Juan-Blanco | 2.13  |
| Waha Hub                | 2.19  |
| Canadian/Rockies Region
| Nova/Aeco (C$/gig)      | 3.00  |
| Dawn Hub/Union          | 2.36  |
| Northwest Stanfield     | 2.10  |
| Wyoming Pool            | 2.06  |
| Opal/Kern River         | 2.07  |
| PGT-Malin               | 2.20  |
| Sumas                   | 2.10  |
          Flow Date 1/16
-------------------------------------------------------------

NATURAL GAS FUTURES
Henry Hub
12 Month Strip  2.5461 +0.0116
18 Month Strip  2.6566 +0.0019
| Month | High  |  Low  | Close | Change |
| FEB   | 2.320 | 2.225 | 2.291 | +0.041 |
| MAR   | 2.306 | 2.280 | 2.273 | +0.033 |
| APR   | 2.334 | 2.310 | 2.303 | +0.026 |
| MAY   | 2.375 | 2.375 | 2.368 | +0.020 |
| JUN   | 2.450 | 2.415 | 2.428 | +0.015 |
| JUL   | 2.525 | 2.485 | 2.493 | +0.010 |
| AUG   | 2.565 | 2.530 | 2.538 | +0.010 |
| SEP   | 2.565 | 2.520 | 2.536 | +0.004 |
| OCT   | 2.580 | 2.550 | 2.558 | +0.001 |
| NOV   | 2.790 | 2.760 | 2.763 | +0.001 |
| DEC   | 2.990 | 2.955 | 2.960 | -0.007 |
| JAN   | 3.090 | 3.045 | 3.042 | -0.015 |
-------------------------------------------------------------
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Natural Gas Futures Continue Higher on Short-Covering


    Natural gas for February delivery on the NYMEX continued higher
yesterday on more short-covering, gaining $0.041 to $2.291 per MMBtu. The
March contract rose $0.033 to $2.273 per MMBtu. The market opened higher
and traded range-bound bouncing off $2.32 several times as it awaits the
AGA storage report due out this afternoon. Look for a withdrawal about 150
- 160 Bcf reported for last week. Some say that since physical prices
maintained a premium to the NYMEX could be companies buying on the spot
market to keep from pulling stored natural gas that was pumped into the
ground at higher prices. If that is the case, a lower withdrawal and
subsequent price tumble could be in the offing. Physical prices gained
slightly yesterday on nominal cold in the West. Natural gas for next day
delivery across the US and Canada was generally $0.03 - $0.07 higher
yesterday. Natural gas for next day delivery at the Henry hub gained $0.04
to $2.36 per MMBtu.
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Today's Power Bulletins
 * First Meeting of 2002 for FERC Today
 * California Senate's Select Committee Investigating Energy Markets Asks
Rules
Committee to Issue Subpoenas for Enron and Andersen
 * Calpine to Provide 2002 Earnings Outlook Today
 * PSEG Declares $0.54 per Common Share Quarterly Dividend
 * National Legal and Policy Center Asks Senator Joseph Lieberman to
Recuse Himself from Enron Probe
 * TECO Energy Completes Sale of $400 Million of Securities
 * Connecticut Light & Power, Enerwise to Partner on Enterprise Energy
Management
 * Western Spot Power Prices Rise on Weather, Natural Gas Gain
 * Warm Weather, Supply Bulge Cuts Northeast Spot Power Price
 * Mid-Continent Power Spot Prices Rise on Revised Weather Forecast
-------------------------------------------------------------
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-------------------------------------------------------------
 EPA to Continue Utility Pollution Lawsuits

     The Bush administration plans to proceed with lawsuits against
several utilities for allegedly violating a Clean Air Act provision that
requires new pollution equipment when a plant is expanded or upgraded. The
Attorney General John says the EPA has a reasonable basis for continuing
the lawsuits initiated during the Clinton administration. In November
1999, the Clinton Justice Department sued many coal fired utilities for
expanding or upgrading plants without installing modern equipment required
to control smog, acid rain and soot. It sought to strictly enforce the
Clean Air Act's new source review rules, which exempt power plants and oil
refineries built before 1977 from installing modern pollution controls
unless major modifications are made to the plants. The industry has
bitterly opposed the pollution rule. It claims the regulations prevented
more refineries and power plants from being expanded or upgraded and
limited energy supplies.
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-------------------------------------------------------------
Natural Gas NYMEX Volume
02FEB   54,794
02MAR   19,692
02APR    8,648
02MAY    5,254
02JUN    2,045
02JLY    1,386
02AUG      965
02SEP      954
02OCT    1,342
02NOV      541
02DEC    1,174
03JAN    1,856
03FEB    1,095
03MAR      981
03APR      996
03MAY      440
03JUN      395
03JLY       89
03AUG      365
03SEP      114
03OCT      515
03NOV      527
03DEC      337
04JAN        0
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LONGER TERM TRADERS SEEK BUYING OPPORTUNITIES

 "I think that $1.80 to $2.00 is rock solid support, and any long position
you want to put on you do that against $2.00," said John Beaver, president
Private Futures Group, Oklahoma City.  "I really wonder if the market is
ever going to get to $2.00, but if it does get that low I don't think it
will spend much time there. The industry will work through this storage,
the rig count is down, and all those factors. Prices will form a base down
near these levels, and once the storage is worked through, prices will
take off, but it may be July with hurricanes and heat waves," said Beaver.
 CHECK OUT THE FREE 5 WEEK TRIAL TO GASTRADER NEWSLETTER. VISIT
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-------------------------------------------------------------
PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 19.00 | 18.00 |  18.55  |
| ECAR       | 21.50 | 18.00 |  19.90  |
| ERCOT      | 18.35 | 17.15 |  17.70  |
| Entergy    | 21.50 | 18.00 |  19.80  |
| TVA        | 25.30 | 22.20 |  24.00  |
| ComEd      | 19.50 | 18.75 |  19.20  |
| Nepool     | 29.50 | 28.50 |  29.15  |
| PJM West   | 24.00 | 22.50 |  22.95  |
| Main       | 19.50 | 16.50 |  18.50  |
| MAPP       | 21.00 | 19.00 |  20.15  |
| Palo Verde | 27.25 | 24.25 |  25.90  |
| Mid C      | 21.50 | 20.00 |  20.60  |
| COB        | 24.25 | 23.00 |  23.30  |
| 4 Corners  | 25.75 | 25.25 |  25.40  |
| Mead       | 27.00 | 25.00 |  26.20  |
| NP 15      | 27.00 | 25.50 |  26.25  |
| SP 15      | 27.25 | 25.00 |  26.10  |
            Power Delivered 1/16
-------------------------------------------------------------
Andersen Fires Partner in Charge of Enron Audits


    Arthur Andersen has fired the partner in charge of Enron Corp's audits
for ordering the destruction of thousands of e-mails and documents related
to Enron. In addition to the firing of the chief Enron auditor, Andersen
said it will place 3 other partners involved in Enron's accounting on
leave and is relieving 4 other partners of their management
responsibilities. The accounting firm says they will put a new management
team in place in their Houston office. Anderson said that the destruction
of Enron documents at its Houston office was on such a scale and of such a
nature as to remove any doubt that Andersen's policies and reasonable good
judgment were violated. The SEC, Justice Department and Congress are
investigating the disposal of e-mails and documents related to Enron as
part of larger probe of Enron's meltdown. Andersen said the document
destruction ended a day after the SEC subpoenaed Andersen's records. House
Commerce Committee investigators believe the fired partner and others
involved in Enron's audit received approval to destroy documents from
Andersen's headquarters in an October 12th memo. But Anderson denied the
allegation, saying that the partner expedited efforts to destroy documents
without consulting others in the firm. Questions have been raised about
whether Enron-related litigation will exceed Andersen's liability
insurance.
-------------------------------------------------------------
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
-------------------------------------------------------------
Todays Gas Bulletins
 * Canadian Natural Sells $400 Million in Debt
 * Williams Closes Sale of Publicly Traded Units with Total Offering
Amount of $1.1 Billion
 * Powder River Basin Gas Acquires 1,400 Acres in Campbell County, Wyoming
 * Enron Common Stock Now Traded as Over-the-Counter Equity Security Under
Symbol 'ENRNQ'; Quotation Service Provided by National Quotation Bureau
'Pink Sheets'
 * Westchester County NY Plans to Fight Millennium Pipeline Project that
Would
Transport Natural Gas from Canada to the New York City
 * PetroChina Switches Growth Focus from Oil to Natural Gas
 * Federal Court Rules FERC Overstepped Authority by Requiring Companies
to
Periodically Report Certain Data Regarding Operations on Outer Continental
Shelf
 * Westcoast Energy Declares Force Majeure at McMahon Processing Plant
Near Fort St. John in British Columbia
------------------------------------------------------------
 Ziff Energy Group presents
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Redefining the Fundamentals:
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-------------------------------------------------------------
Maine PUC Selects New Standard Offer Power Provider

    The Maine PUC hopes to save standard offer electricity customers
nearly $100 million a year. The PUC said that when market prices fall, as
they have during the past year, they will pass those savings along to
business customers with standard offer service, which is the default
energy supplier for those who have not chosen another provider. The
commission accepted bids for new standard offer prices for medium and
large commercial customers in the Central Maine Power and Bangor
Hydro-Electric service areas. The new prices are 41% to 49% below current
standard offer prices, the PUC said. The new standard offer prices for
Central Maine medium and large commercial customers average about $0.042
per kWh. Bangor Hydro prices average $0.042 per kWh for medium and $0.04
per kWh for large customers. Central Maine is a unit of Energy East and
Bangor Hydro is owned by Canadian company Emera. Large and medium standard
offer customers account for about 30% of the load, or about 6.8 million
MW/h per year. The PUC said it selected a one-year contract period to
ensure standard offer prices are in line with the market while maintaining
the competitiveness of the market. The commission said it would release
the names of the provider selected in 2 weeks to allow supply arrangements
to be completed.
-------------------------------------------------------------
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Please visit our web site at http://www.rwbeck.com
-------------------------------------------------------------
Mirant Shares Continue to Tumble


    Shares of Mirant fell for a 7th consecutive day yesterday, hitting a
record low amid speculation of loss of trading business after its credit
rating was cut to junk status last month. The stock dropped $0.77, down
5.9% to $12.21 per share after earlier dipping to $11.80. It has tumbled
24% since January 4th. Mirant CEO claims the company is still doing strong
business and intends to meet with Moody's this week to discuss the
downgrade. Moody's downgraded Mirant to 'Ba1' its highest junk rating,
from lowest investment grade 'Baa2'. Moody's also says the rating outlook
remained negative. A day after the rating cut, Mirant sold stock, raising
$759 million, and said it will shed assets and cut capital spending by
40%.
-------------------------------------------------------------
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   |  19.50  | +0.00  |  20.55  | -0.75  |
| MAR   |  20.35  | +0.05  |  22.00  | -0.15  |
| APR   |  20.35  | +0.05  |  22.00  | -0.15  |
| MAY   |  23.50  | +0.00  |  25.20  | -0.30  |
| JUN   |  29.00  | -0.50  |  31.65  | -0.60  |
| JUL   |  37.75  | -0.50  |  41.70  | -0.80  |
| AUG   |  37.75  | -0.50  |  41.70  | -0.80  |
| SEP   |  22.25  | +0.50  |  22.90  | -0.10  |
| OCT   |  22.00  | -0.40  |  23.00  | -0.20  |
| NOV   |  22.00  | -0.40  |  23.00  | -0.20  |
| DEC   |  22.00  | -0.40  |  23.00  | -0.20  |
| JAN   |  24.50  | +0.00  |  26.00  | +0.00  |
-------------------------------------------------------------
Power Futures
| Month |  PJM  | Change |
| FEB   | 24.65 | -0.75  |
| MAR   | 24.75 | -0.10  |
| APR   | 24.75 | -0.10  |
| MAY   | 28.20 | -0.20  |
| JUN   | 35.25 | -0.75  |
| JUL   | 48.85 | -0.65  |
| AUG   | 48.85 | -0.65  |
| SEP   | 25.50 | +0.00  |
| OCT   | 25.25 | +0.05  |
| NOV   | 25.25 | +0.05  |
| DEC   | 25.25 | +0.05  |
| JAN   | 28.70 | -0.05  |
-------------------------------------------------------------
Details of Enron - UBS Warburg Agreement


   Enron and UBS Warburg, the investment banking group of UBS, have agreed
to a deal for Enron's North American Gas and electric trading operation
that entitles Enron to a third of the profits generated by the new 'AA+'
rated trading entity. It is a positive deal for Enron and its creditors
that confirms the substantial value of Enron's trading operation. Enron
sees it as the first step among many towards an overall plan of
reorganization and planned emergence from bankruptcy. The deal is for ten
years but allows UBS Warburg a series of options to begin buying out
Enron's royalty interest in the 3rd year of the agreement. UBS Warburg's
calls may be exercised in 3 steps, each representing a third of the
royalty stream. Following the exercise of the first call, the royalty
payment rate will drop from 33% to 22%; following the exercise of the
second call, the royalty payment rate will drop from 22% to 11%.  Upon the
exercise of the third call, the remaining 11% royalty would cease.  The
complete transaction documents is available at: www.enron.com .
-------------------------------------------------------------
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
--------------------------------------------------------------------------------------------------------------------------

Others Scarf Up Enron Market Share

    Duke, Mirant, the Intercontinental Exchange and other energy traders
are taking up the slack created by Enron's bankruptcy. Mirant, BP and
Goldman Sachs are among a consortium of businesses that own ICE, whose
energy trades have climbed by 60% since Enron's problems. ICE's owners
account for 40% of the energy market, double EnronOnline's 20% before it
halted trading. The exchange said trading through its online marketplace
for energy products and metals, jumped to $4.3 billion last week up from
December's record high daily average of $2.5 billion. Mirant has seen its
power and natural gas trades increase about 10% to 15%. Duke said its
energy trading volumes have also risen. Enron once handled about 25% of
electricity and natural gas trades and had $100 billion in revenue in
2000, mainly from energy trading. UBS, the largest Swiss bank, was chosen
to buy Enron's trading business for a share of future profits, no cash up
front and the bank will assume none of Enron's liabilities. Enron hopes
that the UBS deal will revive its trading business.
-------------------------------------------------------------
Wind Industry Sets Records in 2001

    The wind energy industry left previous records in the dust with a
blowout year in 2001, installing nearly 1,700 MW, or $1.7 billion worth of
new generating equipment in 16 states, according to the American Wind
Energy Association. The final tally of 1,694 MW was more than double the
previous record year of 1999, when 732 MW was installed, and boosted the
industry's total generating capacity by more than 60% over the amount in
place a year earlier. Current installed capacity in the US is now 4,258
MW, and there are wind turbine installations in 26 states.  However,
prospects for a repeat in 2002 have been thrown into doubt by the
expiration of a key incentive, the federal wind production tax credit,
which expired December 31st and was not renewed by Congress, due to a
partisan battle over economic stimulus legislation.  Bills to renew the
PTC had strong support in both the House of Representatives and Senate,
AWEA said, but were left unpassed when negotiations between the two
parties on the economic legislation broke down shortly before Christmas.
-------------------------------------------------------------

                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
-------------------------------------------------------------
Ex-SEC Chiefs to Testify Before Senate Banking Committee

    Next month, the Senate Banking Committee will have 5 former SEC
chairmen testify about accounting issues involving Enron and other
companies. Senate Banking Committee Chairman Sarbanes has asked the GAO to
investigate employee retirement funds' investment in company stock. He
also asked the GAO to examine the adequacy of financial reporting. The
five former SEC chairmen will testify February 12th. They are Roderick
Hills, who served from 1975 to 1977; Harold Williams, 1977-1981; David
Ruder, 1987-1989; Richard Breeden, 1989-1993; and Arthur Levitt 1993-2000.
The hearing will explore other accounting mishaps in addition to Enron.
-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 climbed 20.62 points to 7643.90
The CRB Index added 0.50 points to 193.00
The US Dollar increased 0.92 points to 117.40
The Dow advanced 32.73 points to 9924.15
The S&P 500 gained 7.78 points to 1146.19
The Nasdaq was up 10.17 points to 2000.91
February NYMEX Crude Oil rose 0.01 to 18.90
Canadian-US Exchange lost 0.0074 to 1.5897
-------------------------------------------------------------
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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
-------------------------------------------------------------
Please welcome our advertisers by visiting these websites.
http://www.e-acumen.com
http://www.kwi.com/
http://www.fea.com/
http://www.caminus.com/
http://www.progas.net/wip
http://www.ziffenergyconferences.com/
http://www.energyseminars.com
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