Title: A Moving Supply and Demand Picture
URL(s):

http://www.cera.com/eprofile?u=35&m=2958;


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US WEST HYDRO ON THE RISE, DEMAND LOW

Shifting 2002 electricity demand drivers and improvement of hydroelectric
conditions in the US West continue to change the outlook for 2002 and beyond.
Although 2002 demand will still contract from 2001 levels, CERA's updated
outlook calls for modestly stronger demand than previously forecasted. The weak
January fundamentals that have dragged down Henry Hub and western regional gas
prices should continue through February.

*  The level of voluntary and price-responsive electricity conservation in
California appears to be falling as the supply crisis abates.

*  Gas prices have been kept at bay by the lack of evidence of the expected
decline in US supply and weak national economic trends that point to further
delay in the rebound of industrial and power generation demand.

*  The abundant western snowpacks that will be shown to the world during the
winter Olympics are having an impact on regional energy markets.

**end**

Follow above URL for complete Monthly Briefing (10 printed pages).


E-mail Category: Monthly Briefing
CERA Knowledge Area(s): Western Energy



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