Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE
              Thursday, January 10 2002 No. 902
Visit: http://www.enerfax.com/ or for Oil Prices & News
http://www.enerfaxgold.com/
PHYSICAL NATURAL GAS PRICES
Gulf/Eastern Region
| Agua Dulce              | 2.17  |
| ANR SE                  | 2.25  |
| Carthage TG             | 2.25  |
| Chicago Citygate        | 2.19  |
| Columbia Gulf Onshore   | 2.28  |
| Dominion South Point    | 2.38  |
| Henry Hub               | 2.31  |
| Houston Ship Channel    | 2.30  |
| Katy Hub                | 2.25  |
| NGPL LA Pool            | 2.18  |
| NGPL - Midcontinent     | 2.08  |
| NGPL STX                | 2.15  |
| NGPL TX/OK              | 2.16  |
| NNG Demarc.             | 2.12  |
| Niagara                 | 2.48  |
| Sonat Tier 1            | 2.26  |
| TCO IPP Pool            | 2.38  |
| Tetco ELa               | 2.30  |
| Tetco M-3               | 2.61  |
| Tetco STX               | 2.18  |
| TGP Zone 0              | 2.19  |
| TGP Zone 1 (500 Leg)    | 2.26  |
| TGT Zone SL             | 2.28  |
| New York Citygate       | 2.67  |
| Transco Station 65      | 2.37  |
| Transco Zone 6 (NY)     | 2.67  |
| Trunk ELa               | 2.22  |
| Western Region
| California Border       | 2.15  |
| El Paso Keystone        | 2.03  |
| El Paso San Juan-Blanco | 2.00  |
| Waha Hub                | 2.10  |
| Canadian/Rockies Region
| Nova/Aeco (C$/gig)      | 2.89  |
| Dawn Hub/Union          | 2.27  |
| Northwest Stanfield     | 2.03  |
| Wyoming Pool            | 1.92  |
| Opal/Kern River         | 1.94  |
| PGT-Malin               | 2.09  |
| Sumas                   | 2.01  |
          Flow Date 01/10
-------------------------------------------------------------

NATURAL GAS FUTURES
Henry Hub
12 Month Strip  2.5410 -0.0438
18 Month Strip  2.6860 -0.0429
| Month | High  |  Low  | Close | Change |
| FEB   | 2.270 | 2.140 | 2.228 | -0.053 |
| MAR   | 2.260 | 2.150 | 2.232 | -0.053 |
| APR   | 2.270 | 2.245 | 2.266 | -0.024 |
| MAY   | 2.360 | 2.271 | 2.332 | -0.042 |
| JUN   | 2.450 | 2.320 | 2.402 | -0.040 |
| JUL   | 2.475 | 2.410 | 2.467 | -0.038 |
| AUG   | 2.525 | 2.465 | 2.517 | -0.038 |
| SEP   | 2.580 | 2.485 | 2.531 | -0.041 |
| OCT   | 2.605 | 2.515 | 2.566 | -0.041 |
| NOV   | 2.810 | 2.750 | 2.794 | -0.043 |
| DEC   | 3.050 | 2.975 | 3.021 | -0.046 |
| JAN   | 3.150 | 3.090 | 3.136 | -0.046 |
-------------------------------------------------------------
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Natural Gas Futures Slip Lower


    Natural gas for February delivery on the NYMEX ended down $0.053
yesterday at $2.228 per MMBtu. The March contract also lost $0.053
and finished at $2.232 per MMBtu. The market opened down and
continued to slowly slide most of the day reaching a low of $2.14 per
MMBtu before the AGA released the weekly storage report data. The AGA
showed a withdrawal of 190 Bcf for last week, somewhat more than was
expected by most. The market jumped higher after the report and
finished on an up-tick. Even though the year-on-year deficit was
reduced by 23 Bcf, there is still a long way to go with 1.1 Bcf more
in storage than a year ago. There is now 2.67 Tcf in storage and it
is about 81% full. A year ago, only 1.562 Tcf was in storage. Storage
inventories are 58% above where they were a year ago and 26% above
the AGA's 5-year average of 2,124 Bcf. Look for the market to
continue higher today mainly on short-covering. Natural gas for next
day delivery across the US and Canada was general down $0.05  $0.10
yesterday. Natural gas for next day delivery at the Henry hub lost
$0.07 to $2.31 per MMBtu.
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-------------------------------------------------------------
Today's Power Bulletins
 * Duke Energy Breaks Ground on $150 Million, 165 MW Power Plant in
Guatemala
 * Caminus Strengthens Commitment to Advising Global Energy Markets
and Providing Leading Analytic Solutions to Energy Companies
 * TECO Energy Announces Sale of $400 Million of Mandatorily
Convertible Securities
 * Duke Energy Notes Rated A+ by Fitch
 * NRC to Hold Meeting Next Week on Findings of Federal Investigation
into Loss of
2 Nuclear Fuel Rods at Dominion Resources' Millstone Plant in
Waterford, Connecticut
 * PG&E Bankruptcy Judge Rules 1,250 Claims of Chromium Poisoning
Against Utility Should be Heard in California State Court
 * California PUC to Investigate Business Dealings Between State's
Utilities and Their Parent Holding Companies
 * Northeast, Mid Continent and Southeast  Power Spot Prices Slip as
Warmer Weather Returns
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-------------------------------------------------------------
AGA Natural Gas Storage Report

            Week                                    Prev
           Ending    Prev                   Prev    Year
| Region | 1/04/01 | Week | Diff | % Full | Year | % Full|
| Prod   |  777    |  837 | -60  |  82%   |  373 |  39%  |
| East   | 1482    | 1605 |-123  |  81%   |  933 |  50%  |
| West   |  407    |  414 |  -7  |  81%   |  256 |  51%  |

| Total  | 2666    | 2856 |-190  |  81%   | 1562 |  48%  |
-------------------------------------------------------------
Ex-Worker Threatens Nuclear Plant Employees

    Employees at Edison Internationals San Onofre nuclear power plant
were allegedly threatened by a former maintenance worker who was
fired last month. The nuclear plant was not in danger as the alleged
verbal threats were made at another location. The man was arrested on
charges of making deadly threats, storing weapons in the reach of a
minor, possession of a concealed weapon in a vehicle and possession
of illegal ammunition. Deputies found 42 weapons at the suspect's
home and another 250 at a storage facility. Law enforcement officials
also found 3,000 to 4,000 rounds of ammunition and 4 hand grenades at
the storage facility. While opening an ammunition container 2
deputies were exposed to a yellow gas, thought to be tear gas. Edison
owns 75% of the nuclear station, Sempra owns 20% and two California
towns own the other 5%.
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-------------------------------------------------------------
Natural Gas NYMEX Volume
02FEB   31,085
02MAR   10,038
02APR    4,248
02MAY    2,119
02JUN    1,118
02JLY    1,238
02AUG    1,668
02SEP    1,193
02OCT    1,841
02NOV      862
02DEC      892
03JAN    1,854
03FEB      602
03MAR      237
03APR       74
03MAY       22
03JUN       78
03JLY       12
03AUG        2
03SEP      233
03OCT        2
03NOV        2
03DEC      401
04JAN        3
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Government and Auto Makers to Develop Fuel Cells

    The DOE and the US Council for Automotive Research, an
organization formed by GM, Ford and DaimlerChrysler to speed up fuel
efficiency research, have agreed to fund a new program called
FreedomCar to develop hydrogen-based fuel cells for use in cars. The
agreement will require significant investment by the automobile
industry and the federal government, the council said. The new
program represents the government's commitment to devote research and
development money and future policy toward hydrogen as an eventual
replacement for gasoline, according to the DOE. FreedomCAR replaces
the Partnership for a New Generation Vehicle, whose goal was to
develop a car that gets 80 miles per gallon of fuel. PNGV was a
partnership between federal agencies, Ford, GM and DaimlerChrysler to
develop a car with 3 times the fuel efficiency of a 1994 model by
2004. The 2002 federal fiscal budget had allotted $127 million for
PNGV. The 2003 budget allotment for FreedomCAR will not be known
until the president submits his budget to Congress in a few weeks.
The program is open to all auto makers, not just domestic car
manufacturers, leaving the door open for Toyota, Honda, etc. to join
if they wish. FreedomCAR might also include suppliers from the
hydrogen production industry. Currently, fuel cells cost about $400
per kW of energy produced and last for about 3,000 hours. In order to
be competitive with combustible engines, fuel cells need to be priced
about $40 per kW and last about 5,000 hours, or about 120,000 miles.
Fuel cells can obtain hydrogen from a variety of sources, including
methanol and natural gas. Fuel cell-powered vehicles have not been
introduced because they are more expensive than gasoline-powered
vehicles and there is no commercial fuel delivery system. The US has
only 2 hydrogen-fueling stations for cars in operation, which are not
open to the public, compared to about 1,300 fueling stations for
vehicles that run on compressed natural gas and even more for those
that run on propane. The DOE secretary said that he thinks that the
nations carbon-based economy may pass from the scene to perhaps be
replaced by hydrogen. The DOE held meetings last year with auto
makers, energy suppliers, fuel cell manufacturers and educational
experts to create a plan for how a hydrogen-based economy would
operate. Currently a consensus on whether hydrogen should be shipped
through a pipe or made at the end point by electricity does not
exist. Ford, GM and DaimlerChrysler have each said they plan to have
some fuel-cell vehicles commercially available by 2004.
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-------------------------------------------------------------
PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 21.00 | 18.00 |  19.25  |
| ECAR       | 21.00 | 18.00 |  19.80  |
| ERCOT      | 19.00 | 18.00 |  18.15  |
| Entergy    | 20.00 | 18.25 |  19.10  |
| TVA        | 24.30 | 22.75 |  23.50  |
| ComEd      | 18.75 | 18.50 |  18.60  |
| Nepool     | 30.00 | 28.75 |  29.30  |
| PJM West   | 24.00 | 22.50 |  22.85  |
| Main       | 19.50 | 17.00 |  18.55  |
| MAPP       | 19.75 | 17.00 |  18.75  |
| Palo Verde | 21.25 | 19.00 |  20.25  |
| Mid C      | 19.25 | 18.00 |  18.70  |
| COB        | 20.25 | 19.50 |  19.80  |
| 4 Corners  | 20.50 | 19.00 |  19.95  |
| Mead       | 21.50 | 19.25 |  19.95  |
| NP 15      | 22.50 | 20.25 |  21.35  |
| SP 15      | 22.25 | 20.50 |  21.60  |
-------------------------------------------------------------
Skipping Stone's Texas Power Markets: Restructuring / Competition
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-------------------------------------------------------------
Todays Gas Bulletins
 * Justice Department Opens Criminal Investigation of Enron
 * Anadarko President John Seitz Succeeds Robert Allison as CEO
 * Anadarko Investor Road Show Webcast Set for January 14th
 * Venus Exploration Delisted From Nasdaq SmallCap Market; To Trade
on OTC Bulletin Board Under Symbol VENX
 * PSE&G Gas Filings Ruled on by NJ Board of Public Utilities;
Residential Natural Gas Heating Customer Bills to Decline by 3.3%
 * Qatar and Pakistan Resurrect $5 Billion Natural Gas Project to
Supply 1.6 Bcf per Day from Qatar to Pakistan by Pipeline
 * l.Enron Online Scheduled to Be Auctioned Off in New York Today
*Enron Seeks Bids for 50% Stake in South Korean Natural Gas
Distributor this Month
*Citicorp and UBS Warburg Bid for Majority Stake in Enrons Energy
Trading Operations
*Questar Market Resources Sells $200 Million in 5-Year Notes
-------------------------------------------------------------
 Ziff Energy Group presents
Gas Storage 2002
Redefining the Fundamentals:
Is Gas Still in the Storage Game?
Power Drives Storage
Will the recession affect plant and storage development?
Will record high volumes in storage further depress gas prices?
Is it possible to mitigate storage risk while dealing with year-round
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Plus
Two Important Workshops
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Hear what the Power Generator wants from the storage industry
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Learn from the expert how to mitigate storage price risk in the 2002
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February 6 & 7
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-------------------------------------------------------------
EIA Says 2002 Natural Gas Prices to Average Just $2.05

    High storage inventories are expected to keep downward pressure
on natural gas prices throughout most of the year, according to the
EIA. However, a sharp downturn in drilling activity and growing
demand should rally prices for 2003, but for 2002 pressure on
domestic wellhead prices will keep them near $2 per Mcf, the agency
in its latest short-term energy outlook. Wellhead  prices are
expected to average $2.05 per Mcf this year before jumping to $2.65
per Mcf in 2003. Both estimates reflect dramatic reductions from the
2001 average of $4.14 per Mcf. The agency's quarterly and annual
price estimates are up slightly from its December report, when EIA
pegged the 2002 gas price at $1.96 per Mcf.
-------------------------------------------------------------
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Training to improve your ability to identify and manage tactical and
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Please visit our web site at http://www.rwbeck.com
-------------------------------------------------------------
POWER FUTURES
| Month |   COB   | Change |   PV    | Change |
| FEB   |  22.00  | -1.00  |  22.50  | -1.00  |
| MAR   |  21.00  | +1.50  |  22.00  | -1.25  |
| APR   |  21.00  | +2.00  |  24.00  | -0.50  |
| MAY   |  20.00  | +1.75  |  25.00  | -0.50  |
| JUN   |  21.00  | +0.50  |  30.00  | -1.00  |
| JUL   |  29.00  | +1.00  |  40.00  | +0.00  |
| AUG   |  39.50  | +2.50  |  44.25  | -1.25  |
| SEP   |  35.00  | +5.00  |  35.00  | -0.75  |
| OCT   |  26.00  | -1.50  |  26.25  | -4.50  |
| NOV   |  27.00  | +0.00  |  26.25  | -3.75  |
| DEC   |  27.00  | -1.00  |  26.25  | -3.75  |
| JAN   |  27.00  | -1.00  |  26.00  | -4.75  |
| Month | Entergy | Change | Cinergy | Change |
| FEB   |  19.80  | +0.10  |  21.70  | -1.70  |
| MAR   |  20.60  | -0.30  |  22.60  | -0.30  |
| APR   |  20.60  | -0.30  |  22.60  | -0.30  |
| MAY   |  24.15  | -0.10  |  26.10  | -0.30  |
| JUN   |  30.25  | -0.25  |  33.50  | -0.50  |
| JUL   |  38.75  | -0.25  |  43.50  | -0.50  |
| AUG   |  38.75  | -0.25  |  43.50  | -0.50  |
| SEP   |  21.50  | -0.50  |  23.60  | -0.15  |
| OCT   |  22.50  | +0.00  |  23.25  | -0.25  |
| NOV   |  22.50  | +0.00  |  23.25  | -0.25  |
| DEC   |  22.50  | +0.00  |  23.25  | -0.25  |
| JAN   |  24.75  | +0.00  |  26.50  | +0.00  |
-------------------------------------------------------------
Power Futures
| Month |  PJM  | Change |
| FEB   | 25.25 | -0.50  |
| MAR   | 24.85 | -0.15  |
| APR   | 24.85 | -0.15  |
| MAY   | 28.60 | -0.20  |
| JUN   | 36.25 | -0.25  |
| JUL   | 49.90 | -0.35  |
| AUG   | 49.90 | -0.35  |
| SEP   | 25.20 | -0.35  |
| OCT   | 25.20 | -0.05  |
| NOV   | 25.20 | -0.05  |
| DEC   | 25.20 | -0.05  |
| JAN   | 28.90 | +0.10  |
-------------------------------------------------------------
PJM and Midwest ISO Plan Common Market

    The PJM Interconnection and the Midwest ISO plan to form a common
wholesale electric market that would cover 27 states, plus the
District of Columbia and Manitoba. The plan is still preliminary, but
the parties have released an unexecuted letter of intent, which they
will discuss with the member committees on January 16th and 17th. The
market would affect about 32 million people. It would include
Pennsylvania, New Jersey, Maryland, Delaware and Washington DC, plus
the portions of West Virginia and Ohio served by Allegheny Energy,
which will form PJM West this year, along with Duquesne Light. The
Midwest ISO includes Manitoba, Montana, North Dakota, South Dakota,
Wyoming, Minnesota, Wisconsin, part of Iowa, Nebraska, Kansas,
Missouri, Illinois, Michigan, Indiana, Kentucky and Ohio. The letter
of intent states that the market will facilitate wholesale markets,
both in areas where retail electric industry restructuring is
occurring, as well as areas where retail restructuring is still being
evaluated. The market will allow the larger region to rapidly realize
the benefits that industry restructuring at the wholesale level had
otherwise promised but not yet fully achieved. Detail are still
sketchy, they could not say how transmission might be coordinated,
nor which electric products might be included. However, PJM
emphasized that it would not be a merger of the ISOs and do not yet
have an estimated time frame for startup.
-------------------------------------------------------------
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
----------------------------------------------------------------------
----------------------------------------------------
Baker Hughes December 2001 Rig Counts

    Baker Hughes says the international rig count for December 2001
was 752, up 11 from 741 in November 2001 and up 47 from 705 in
December 2000. The international offshore rig count for December 2001
was 222 up 2 from 220 in November 2001 and up 21 from 201 in December
2000. The US rig count for December 2001 was 901 down 99 from 1,000
in November 2001 and down 196 from 1,097 in December 2000. The
Canadian rig count for December 2001 was 264 down 2 from 266 in
November 2001 and down 146 from 410 in December 2000. The worldwide
rig count for December 2001 was 1,917 down 90 from 2,007  in November
2001 and down 295 from 2,212 in December 2000.
-------------------------------------------------------------
Western Resources Sues PNM

    In a bid to salvage a $4.5 billion sale of its utilities, Western
Resources has said that PNM cannot cancel the deal while decisions by
regulators that a condition of the sale was unlawful and an ordered
rate cut is under appeal. Western Resources, which is suing to force
PNM to complete the sale, detailed its position in a letter to PNM,
which was disclosed in a SEC filing. PNM, New Mexico's largest
utility, has formally rescinded its offer to purchase Westerns KPL
and KGE units. According to PNM, Kansas regulators effectively killed
the deal last July when they rejected Western's plan to place the
utilities into a separate company, a condition of the sale, and cut
customer power rates, lowering the utilities' expected revenue. After
the regulatory decision, the companies entered into negotiations,
which broke down last August. PNM filed suit against Western in
October to end the sale and win unspecified damages. Western in turn
filed suit in November, seeking hundreds of millions of dollars in
damages from PNM for breach of contact. The purchase agreement called
for PNM to pay 55 million shares, worth $1.6 billion and assume $2.9
billion of debt. In the termination letter, PNM said Western is
unlikely to overturn the regulators' rejection of the purchase, and
the rate cut will have a materially adverse effect on the business.
PNM claims those conditions give it the right to cancel the sale
without paying a breakup fee of up to $35 million. Western Resources
says that it is working to reach a settlement with the regulators by
the merger deadline at the end of this year and that doubts about its
success does not give PNM the legal right to withdraw.
-------------------------------------------------------------

                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
-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 dipped 6.26 points to 7775.78
The CRB Index gained 0.10 points to 195.03
The US Dollar increased 0.16 points to 116.94
The Dow declined 56.46 points to 10094.09
The S&P 500 dropped 5.57 points to 1155.14
The Nasdaq was down 10.89 points to 2044.89
February NYMEX Crude Oil fell 1.07 to 20.18
Canadian-US Exchange lost 0.0029 to 1.5950
-------------------------------------------------------------
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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
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http://www.caminus.com/
http://www.progas.net/wip
http://www.ziffenergyconferences.com/
http://www.energyseminars.com
http://www.skippingstone.com
http://www.epis.com
http://www.rwbeck.com
http://www.NewEnergyAssoc.com




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