Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE 
              Thursday, February 28 2002 No. 951
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              | 2.38  |
| ANR SE                  | 2.44  |
| Carthage Tailgate       | 2.44  |
| Chicago Citygate        | 2.50  |
| Columbia Gulf Onshore   | 2.47  |
| Dominion South Point    | 2.76  |
| Henry Hub               | 2.48  |
| Houston Ship Channel    | 2.48  |
| Katy Tailgate/Exxon     | 2.45  |
| NGPL LA Pool            | 2.44  |
| NGPL - Midcontinent     | 2.36  |
| NGPL STX                | 2.39  |
| NGPL TX/OK              | 2.41  |
| NNG Demarc.             | 2.46  |
| Niagara                 | 2.62  |
| Sonat Tier 1            | 2.44  |
| TCO IPP Pool            | 2.60  |
| Tetco ELa               | 2.46  |
| Tetco M-3               | 2.91  |
| Tetco STX               | 2.42  |
| TGP Zone 0              | 2.42  |
| TGP Zone 1 (500 Leg)    | 2.49  |
| TGT Zone SL             | 2.47  |
| New York Citygate       | 3.67  |
| Transco Station 65      | 2.50  |
| Transco Zone 6 (NY)     | 3.67  |
| Trunk ELa               | 2.43  |
| Western Region         
| California Border       | 2.34  |
| El Paso Keystone        | 2.28  |
| El Paso San Juan-Blanco | 2.19  |
| Waha Hub                | 2.39  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 3.28  |
| Dawn Hub/Union          | 2.51  |
| Northwest Stanfield     | 2.25  |
| Wyoming Pool            | 2.05  |
| Opal                    | 2.04  |
| PGT-Malin               | 2.31  |
| Sumas                   | 2.24  |
         Flow Date 2/28
-------------------------------------------------------------
OPEN SEASON

SG Resources Mississippi, L.L.C., a wholly owned subsidiary of SGR 
Holdings, L.L.C., is conducting an open season for firm storage 
services at its new high-deliverability, salt cavern, natural gas 
storage facility, known as the Southern Pines Energy Center. The open 
season will begin at 9:00 a.m. CDT on February 4, 2002, and will 
continue until 5:00 p.m. CDT on March 4, 2002. The project is located 
at the border of Mississippi and Alabama with access to the major 
pipelines serving the Mid-Atlantic and the Southeastern United 
States. The facility is ideally located to serve as a transportation 
and storage hub for shippers on any one of nine major pipelines that 
will be interconnected directly or indirectly to the project. 
Information on the facility and the Open Season is available on our 
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or contact us at 713-914-8188.
--------------------------------------------------------------
NATURAL GAS FUTURES
Henry Hub 
12 Month Strip ?2.8278 ? ? ? 
18 Month Strip ?2.9299? ? 
| Month | High  |  Low  | Close | Change |
| APR   | 2.435 | 2.330 | 2.427 | +0.038 |
| MAY   | 2.480 | 2.400 | 2.479 | +0.030 |
| JUN   | 2.540 | 2.470 | 2.536 | +0.027 |
| JUL   | 2.595 | 2.545 | 2.591 | +0.027 |
| AUG   | 2.645 | 2.595 | 2.641 | +0.027 |
| SEP   | 2.635 | 2.600 | 2.652 | +0.028 |
| OCT   | 2.675 | 2.640 | 2.691 | +0.032 |
| NOV   | 2.940 | 2.910 | 2.953 | +0.032 |
| DEC   | 3.175 | 3.150 | 3.205 | +0.044 |
| JAN   | 3.310 | 3.270 | 3.319 | +0.053 |
| FEB   | 3.280 | 3.210 | 3.265 | +0.054 |
| MAR   | 3.190 | 3.120 | 3.175 | +0.059 |
-------------------------------------------------------------

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Natural Gas Futures Higher Despite Lower AGA 


    Natural gas futures for April delivery on the NYMEX continued 
higher yesterday, gaining $0.038 to $2.427 per MMBtu, despite a lower 
than expected AGA withdrawal. The May contract rose $0.03 to $2.479 
per MMBtu. The AGA reported only 64 Bcf was withdrawn from storage 
last week. However, as has been the case for the last several weeks, 
technicals have trumped storage data as the market driver. But the 
bearishness has been canned, to be drug out in a couple days as a 
reason for the market to fall. The fundamentals are known and the AGA 
doesn't really matter now because it does not materially affect the 
fundamentals on a short term basis. Storage inventories now stands at 
1.88 Tcf, compared with the 5-year average of 1.25 Tcf. Estimated 
volume was about 50,000 contracts, most of which were spreads. 
Natural gas for next day delivery across the US and Canada was 
generally flat to plus or minus $0.05. Natural gas for next day 
delivery at the Henry hub gained $0.02 to $2.48 per MMBtu.
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Today's Power Bulletins
 * Reliant Resources Suspends 2 Executives After Internal Review of 
Accounting Errors that Led to Postponement of 4th Quarter Earnings 
Report and 14% Drop in Stock Price
 * Georgia Power Faces New Discrimination Lawsuit
 * PG&E Bankruptcy Judge Rules California PUC May Submit Own 
Reorganization Plan 
 * Marce Fuller, CEO of Mirant, to Speak at Morgan Stanley's `Global 
Electricity and 
Energy Conference' at 7:30 AM EST March 5th; Available Through Link 
from 
www.mirant.com
 * Pepco-Conectiv Merger Settlement Agreement Reached in District of 
Columbia
 * Bankruptcy Court Allows PG&E to Pay $333 Million Mortgage Bond 
Maturity
 * Edison Electric Institute's Alliance of Energy Suppliers 
Introduces `Siting Power Plants: A Guide to the Permitting Process' 
to Help Developers Gain State Approval for Permitting Fossil Fuel 
Power Plants in 9 States
 * Severed Enron Employees Coalition Gains Seat On Class Action 
Steering Committee 
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AGA Natural Gas Storage Report

            Week                                    Prev      
           Ending    Prev                   Prev    Year    
| Region |2/22/02  | Week | Diff | % Full | Year | % Full| 
| Prod   |  598    |  608 | -10  |  63%   |  242 |  25%  |      
| East   |  979    | 1033 | -54  |  53%   |  456 |  25%  |  
| West   |  303    |  303 |   0  |  60%   |  161 |  33%  |   
       
| Total  | 1880    | 1944 | -64  |  57%   |  859 |  26%  
-------------------------------------------------------------
 Canadian Naturals 4th Quarter Earnings Plunge

  
Canadian Natural Resources has reported that 4th quarter profit fell 
76% because of lower oil and natural gas prices and a C$19 million 
after tax loss on the sale of Gulf of Mexico properties it acquired 
in its takeover of Ranger Oil. Canadian Natural earned C$52 million, 
or C$0.43 per share, compared to C$223 million, or C$1.77 per share 
in the 4th quarter of 2000. Analysts' average estimate was C$0.65. 
Cash flow dropped 41% to C$328 million, or C$2.63 per share, from 
C$555 million, or C$4.39. Sales fell from C$838 million to C$578 
million. In the 4th quarter, Canadian Natural received an average of 
C$21.28 per barrel for its oil, down 16% from the year before. In 
December, it shut down some heavy crude production and delayed 
drilling until the spread between heavy and light oil prices 
narrowed. Its average natural gas price was C$2.94 per Mcf for the 
quarter, 60% lower than the previous year. Oil production averaged 
198,000 bpd, slightly below the 4th quarter of 2000. Natural gas 
production climbed 22% to over 1 Bcf per day partially due to 
drilling success at Ladyfern in northeastern British Columbia. 
Canadian Natural expects to produce 379,000 to 393,000 barrels of oil 
equivalent per day in 2002, up 7% from 2001. That would include 1.08 
to 1.1 Bcf of natural gas and up to 210,000 barrels of oil and gas 
liquids per day. 
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-------------------------------------------------------------
Natural Gas NYMEX Volume
02MAR   66,955
02APR   33,847
02MAY    5,169
02JUN    3,394
02JLY    2,378
02AUG    4,018
02SEP      912
02OCT    2,525
02NOV    2,368
02DEC    2,451
03JAN    3,468
03FEB      442
03MAR      450
03APR      150
03MAY       87
03JUN       20
03JLY       30
03AUG      209
03SEP      156
03OCT      382
03NOV       12
03DEC      937
04JAN      330
04FEB        0
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Analysts Testify Before Congress on Enron Rating Debacle


    Wall Street analysts, whose firms sold most of the $25 billion in 
stock and bonds issued by Enron, testified before Congress yesterday 
that they were not influenced by their companies dealings with Enron, 
and were misled about Enron's financial condition. As late as 
November 8th, 11 of the 16 analysts whose job it was to follow Enron 
still rated the company as `buy' or `strong buy'. Enron has been 
involved in 69 acquisitions, valued about $40 billion and held 62 
bond and note sales since 1985. Salomon Smith Barney was the biggest 
adviser on Enron mergers, with about $5 billion in transactions, 
followed by Credit Suisse with $4.45 billion. Credit Suisse served as 
the sole lead manager for $1.75 billion in secondary stock sales by 
Enron over the last 10 years, generating about $52.5 million in fees. 
Chase Manhattan arranged more than $7 billion in financing for Enron. 
Even though the analysts' may not have directly benefited from their 
stock recommendations, senators pointed to a potential conflict of 
interest because their firms' have business ties with companies the 
analysts follow. And, analysts can receive bonuses based on overall 
profits of their firms, which in turn can depend on the companies the 
analysts follow. The 4 analysts testifying at the hearing said they 
get bonuses on that basis. Some have proposed new regulations to 
increase barriers between investment bankers and analysts within a 
security firm. Analysts would have to disclose whether they 
personally hold any stock of a company they recommend and if their 
firm has business ties to that company. The analysts that testified 
yesterday represent Credit Suisse, JP Morgan Chase, Lehman and 
Citigroups Salomon Smith Barney. 
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-------------------------------------------------------------
PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 32.50 | 30.00 |  31.25  |
| ECAR       | 37.00 | 28.00 |  32.55  |
| ERCOT      | 28.25 | 19.75 |  22.80  |
| Entergy    | 31.00 | 28.00 |  30.00  |
| TVA        | 42.30 | 37.20 |  40.55  |
| ComEd      | 29.00 | 27.00 |  27.95  |
| Nepool     | 33.50 | 31.50 |  32.45  |
| PJM West   | 30.75 | 30.00 |  30.35  |
| Main       | 34.00 | 27.00 |  29.75  |
| MAPP       | 32.00 | 28.00 |  29.65  |
| Palo Verde | 25.40 | 24.00 |  24.80  |
| Mid C      | 23.50 | 22.50 |  23.05  |
| COB        | 25.00 | 24.50 |  24.80  |
| 4 Corners  | 24.50 | 23.50 |  24.00  |
| Mead       | 26.50 | 25.00 |  25.50  |
| NP 15      | 26.75 | 26.00 |  26.50  |
| SP 15      | 26.75 | 25.75 |  26.25  |
            Power Delivered 2/28
-------------------------------------------------------------
FERC Approves Duke Purchase of Westcoast


    The FERC has approved Duke Energy's $8.5 billion acquisition of 
Westcoast Energy. The action cleared the way for Duke to take over 
ownership of Engage America and a power generation project operated 
by Frederickson Power, both subsidiaries of Westcoast. The new 
company will have natural gas related assets, including about 18,900 
miles of transmission pipeline, 241 Bcf of natural gas storage, 
58,700 miles of gathering pipeline, 84 processing facilities and 
16,500 miles of distribution pipeline. The acquisition has already 
been approved by Canadian regulators but must still be reviewed by 
the Investment Canada board. The deal must also be approved by the 
FTC and the SEC, which is not expected to be a problem. 
--------------------------------------------------------------
Todays Gas Bulletins
 * Canadian Oil and Natural Gas Stocks Jump to Record High; TSE Oil 
and Gas Sub-Index Up 1.4% to New High of 9810.24
 * S&P Says Amerada Hess Rating Unaffected by Sale Pursuit
 * Federal Judge Delays Ruling on Request from JP Morgan Chase for 
Immediate Payment of $965 Million from Group of Insurers for Energy 
Enron Failed to Deliver
Federal Judge Orders DOE to Give Documents to Natural Resources 
Defense 
Council Seeking to Learn If Enron Influence Administration's Energy 
Policy
* AltaCanada Energy Shareholders Approve Acquisition of Control of 
74% of Outstanding Securities of Alberta Selecta
 * Moody's and S&P Affirm Williams' Progress to Resolve Financial 
Issues Related to Williams Communications; But Moody's Changes 
Outlook to `Negative' from `Stable'
 * NUI Corporation Offers 1.5 Million Shares of Common Stock in 
Public Offering for 
$23.09 per Share
 * Astros to Give Enron $2.1 Million and Its Name Back
-------------------------------------------------------------
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-------------------------------------------------------------
POWER FUTURES ?
| Month |   COB   | Change |   PV    | Change |
| MAR   |  20.00  | +0.00  |  22.50  | +0.00  |
| APR   |  20.25  | +0.00  |  24.00  | +0.00  |
| MAY   |  19.75  | +0.00  |  25.00  | +0.00  |
| JUN   |  21.00  | +0.00  |  28.50  | +0.00  |
| JUL   |  28.75  | +0.50  |  39.75  | +0.00  |
| AUG   |  37.50  | +0.00  |  45.25  | +0.00  |
| SEP   |  33.50  | +0.00  |  34.50  | +0.00  |
| OCT   |  29.50  | +0.00  |  29.50  | +0.00  |
| NOV   |  29.00  | +0.00  |  28.50  | +0.00  |
| DEC   |  30.50  | +0.00  |  29.00  | +0.00  |
| JAN   |  30.50  | +0.00  |  29.50  | +0.00  |
| FEB   |  29.00  | +0.00  |  29.00  | +0.00  |
| Month | Entergy | Change | Cinergy | Change |
| MAR   |  20.00  | +0.00  |  21.10  | +0.00  |
| APR   |  20.00  | +0.00  |  21.60  | +0.00  |
| MAY   |  22.50  | +0.00  |  24.70  | +0.00  |
| JUN   |  27.50  | +0.00  |  30.00  | +0.00  |
| JUL   |  34.50  | +0.00  |  38.25  | +0.00  |
| AUG   |  34.50  | +0.00  |  38.25  | +0.00  |
| SEP   |  21.50  | +0.00  |  22.90  | +0.00  |
| OCT   |  21.85  | +0.00  |  22.90  | +0.00  |
| NOV   |  21.85  | +0.00  |  22.90  | +0.00  |
| DEC   |  21.85  | +0.00  |  22.90  | +0.00  |
| JAN   |  24.10  | +0.00  |  25.90  | +0.00  |
| FEB   |  24.10  | +0.00  |  25.90  | +0.00  |
------------------------------------------------------------
Power Futures     
| Month |  PJM  | Change |
| MAR   | 25.10 | +0.00  |
| APR   | 25.10 | +0.00  |
| MAY   | 28.25 | +0.00  |
| JUN   | 35.00 | +0.00  |
| JUL   | 46.15 | +0.00  |
| AUG   | 46.15 | +0.00  |
| SEP   | 27.15 | +0.00  |
| OCT   | 26.00 | +0.00  |
| NOV   | 26.00 | +0.00  |
| DEC   | 26.00 | +0.00  |
| JAN   | 30.25 | +0.00  |
| FEB   | 30.25 | +0.00  |
-------------------------------------------------------------
Platts Says Power Prices Down 85% Nationwide from Year Ago 

     Wholesale day-ahead power prices are down 85% from year-ago 
levels, according to Platts. The average of benchmark prices across 
the nation fell $121.75 to $22.01 per MWh from mid-February 2001. The 
national average slipped only $0.16 from January to February. The 
greatest year-on-year declines remain in the West, where the region's 
power crisis sent prices to record levels last year. However, prices 
east of the continental divide also saw a significant drop. Day-ahead 
prices for Mid-Columbia fell 95% from $452.89 per MWh in mid-February 
2001. In the last month, prices rose 6% to an average of $21.43 per 
MWh. At Palo Verde, the most active Western hub, day-ahead prices 
slipped 94% to $23.82 per MWh from $397.63 per MWh in mid-February 
2001. Palo Verde spot prices have gained $0.67 in the last month. 
Northern and Southern California spot prices were each down 94% year-
on-year from an average of $433.11 per MWh and $452 per MWh, 
respectively. NP15, which corresponds to the California ISO's 
congestion zone for the Northern portion of the state, saw prices 
rise 7% to $25.67 per MWh from January to February. Prices for SP15, 
which corresponds to the Southern portion of the state, climbed 7% to 
$25.66 per MWh during the month. Spot power prices in the Northeast 
and Mid-Atlantic states saw declines both year-on-year and month-on-
month. New England day-ahead prices fell 43% to $27.42 per MWh from 
$47.77 per MWh in mid-February 2001 when strong natural gas prices 
buoyed prices. PJM West saw prices drop 24% to $21.98 per MWh from 
$28.99 per MWh February 2001. Prices in PJM are down $1.54 from last 
month. Into Cinergy day-ahead prices fell 51% to $18.58 per MWh from 
$38.64 per MWh year-on-year. Prices have moved up $1.54 since last 
month. Price for delivery to ERCOT, the grid operator for Texas, were 
$18.47 per MWh in mid-February, a 58% drop from the same time last 
year. The day-ahead prices have climbed $1.07. 
-------------------------------------------------------------
The LDC FORUM SERIES ? Boston & Atlanta
 
The LDC Forum is the largest energy industry meeting in each region.  
Highlights include: The Post-Enron Marketplace, Risk Management 
Techniques, New Projects and Pipelines in the Country, LNG & Gas 
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CORPORATE SPONSORS FOR 2002
AEP Energy Services * AGL Resources, Inc. * Aquila * Caminus * 
Columbia Gas Transmission * Columbia Gulf Transmission * Conoco Gas 
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----------------------------------------------------------------------
----------------------------------------------------
Nymex Natural Gas Option Volatility  
Supplied by "The Daily Hedger"
Http://www.energy-institution.org

	
Futures	                         Implied
Month	Settlement	  Days Left     
Volatility                            Apr	$2.427	          25
	      76.6%
May	$2.479	          56	      75.0%
Jun	$2.536	          89	      45.1%
Jul	$2.591	         117	      45.0%
Aug	$2.641	         148	      45.0%
Sep	$2.652	         180	      44.9%
Oct	$2.691	         209	      45.2%
Nov	$2.953	         242	      42.2%
Dec	$3.205	         270	      46.1%
Jan	$3.319	         301	      47.4%
-------------------------------------------------------------
PRICES AT KEY LEVEL

Since late January, natural gas futures have made an impressive 
advance of over 30 cents under fundamental conditions that appear to 
be unsupportive of increasing prices. Although students of the laws 
of supply and demand would require a shift in production, 
consumption, or other economic variables to revise their assessments 
of natural gas prices, market technicians see the situation from the 
standpoint of only analyzing price behavior or variables derived from 
price movements.  "I look at a number of different tools, but there 
is a beautiful (down) trend-line (that projects lower prices)," says 
an Oklahoma City analyst.  "The big debate as prices move up is that 
although there are overlapping technical patterns, the current rise 
may be the fourth (wave higher) of a five wave pattern down and there 
is one more new price low coming. The counter to that argument is 
that if prices reach and hold above $2.50, prices will not make that 
final (fifth wave) down, and that there is a bigger rally coming. A 
close over $2.50 per MMBtu, not just a trade over $2.50 is one issue 
that we are studying carefully," he said.  Prices maybe at a pivotal 
point.  "It will be key to see how prices handle themselves in the 
mid $2.40's. There's a very good chance that prices will retreat to 
the low $2.20's  I am in a negative mode on this market. But if we 
close above the trend-line at $2.50 then I will take a neutral to 
positive stance on this market. 
CHECK OUT FREE TRIAL OF 
GASTRADER NEWSLETTER AT GASTRADER.NET
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-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 increased 79.42 points to 7646.89
The CRB Index gained 0.19 points to 191.44
The US Dollar dropped 0.26 points to 119.57
The Dow advanced 12.32 points to 10127.58
The S&P 500 rose 0.51 points to 1109.89
The Nasdaq was down 14.98 points to 1751.88
April NYMEX Crude Oil lost 0.12 to 21.29
Canadian-US Exchange fell 0.0027 to 1.6083
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