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Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE
              Friday, January 18 2002 No. 908
Visit: http://www.enerfax.com/ or for Oil Prices & News
http://www.enerfaxgold.com/
PHYSICAL NATURAL GAS PRICES
Gulf/Eastern Region
| Agua Dulce              | 2.29  |
| ANR SE                  | 2.36  |
| Carthage TG             | 2.34  |
| Chicago Citygate        | 2.38  |
| Columbia Gulf Onshore   | 2.36  |
| Dominion South Point    | 2.54  |
| Henry Hub               | 2.41  |
| Houston Ship Channel    | 2.40  |
| Katy Hub                | 2.34  |
| NGPL LA Pool            | 2.35  |
| NGPL - Midcontinent     | 2.28  |
| NGPL STX                | 2.30  |
| NGPL TX/OK              | 2.32  |
| NNG Demarc.             | 2.34  |
| Niagara                 | 2.60  |
| Sonat Tier 1            | 2.36  |
| TCO IPP Pool            | 2.50  |
| Tetco ELa               | 2.40  |
| Tetco M-3               | 2.84  |
| Tetco STX               | 2.32  |
| TGP Zone 0              | 2.30  |
| TGP Zone 1 (500 Leg)    | 2.36  |
| TGT Zone SL             | 2.37  |
| New York Citygate       | 2.97  |
| Transco Station 65      | 2.42  |
| Transco Zone 6 (NY)     | 2.97  |
| Trunk ELa               | 2.34  |
| Western Region
| California Border       | 2.35  |
| El Paso Keystone        | 2.25  |
| El Paso San Juan-Blanco | 2.22  |
| Waha Hub                | 2.28  |
| Canadian/Rockies Region
| Nova/Aeco (C$/gig)      | 3.02  |
| Dawn Hub/Union          | 2.43  |
| Northwest Stanfield     | 2.20  |
| Wyoming Pool            | 2.15  |
| Opal                    | 2.15  |
| PGT-Malin               | 2.27  |
| Sumas                   | 2.21  |
           Flow Date 1/18
-------------------------------------------------------------

NATURAL GAS FUTURES
Henry Hub
12 Month Strip  2.5389 -0.0781
18 Month Strip  2.6527 -0.0647
| Month | High  |  Low  | Close | Change |
| FEB   | 2.274 | 2.245 | 2.254 | -0.140 |
| MAR   | 2.269 | 2.250 | 2.254 | -0.109 |
| APR   | 2.305 | 2.290 | 2.291 | -0.092 |
| MAY   | 2.380 | 2.380 | 2.359 | -0.087 |
| JUN   | 2.440 | 2.425 | 2.419 | -0.087 |
| JUL   | 2.500 | 2.500 | 2.489 | -0.077 |
| AUG   | 2.610 | 2.515 | 2.535 | -0.071 |
| SEP   | 2.605 | 2.520 | 2.536 | -0.063 |
| OCT   | 2.630 | 2.540 | 2.557 | -0.064 |
| NOV   | 2.815 | 2.710 | 2.767 | -0.049 |
| DEC   | 2.968 | 2.968 | 2.962 | -0.049 |
| JAN   | 3.050 | 3.050 | 3.044 | -0.049 |
-------------------------------------------------------------
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Natural Gas Futures Drop on Technicals


    Natural gas futures for February delivery on the NYMEX tumbled
$0.14 yesterday to $2.254 per MMBtu after locals battled funds and
lost. The March contract lost $0.109 to $2.254 per MMBtu. There was a
technical strategy from large marketing firms to bid up the contract
in an attempt to chase funds out of their short positions, however,
it blew up in their face. The locals wound up long and had to sell-
off rapidly. The market opened strong, hitting a high of $2.405 per
MMBtu on the strength of an AGA report that lowered the year-on-year
surplus, but then quickly dropped below $2.25. Open interest
increased by 9,689 contracts Wednesday to 464,452 contracts, in what
by yesterday morning indicated a contrived effort to sell up the
market. Look for resistance at $2.36 and support at $2.20, $2.125 and
$2.02. Natural gas for next day delivery across the US and Canada
generally flat to up $0.05 per MMBtu yesterday. Without much cold
weather moving either market, the spread between futures and cash
stayed at $0.03  $0.05 without much movement. Natural gas for next
day delivery at the Henry hub gained $0.03 to $2.33 per MMBtu.
-------------------------------------------------------------
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-------------------------------------------------------------
Today's Power Bulletins
 * Enerfax Daily to Be Closed Monday for Martin Luther King Jr Holiday
 * Calpine Files with SEC to Periodically Sell Up to $2.5 Billion in
Common and
Preferred Stock, Depositary Shares, Debt Securities, Contracts, Units
and Warrants
 * GEs 4th Quarter Profit Rises 9% to $3.93 Billion, or $0.39 per
Share
 * TXU Creates Oncor to Separate Delivery of Electric Energy from
Retail Sales of
Electricity in Newly Deregulated Texas Power Market
 * NYPA Provided New York State with Improved Power Reliability and
Lower Utility Bills in 2001
 * ISO Merger Talks Point to Consolidation in Northeast and Midwest
 * Western Spot Power Prices Decline on Less Weekend Demand
 * Northeast Spot Power Mostly Higher as Cool Weather Returns
-------------------------------------------------------------
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-------------------------------------------------------------
 PG&E Claims California Owes It Billions


    Pacific Gas & Electric has filed a $4.1 billion damage claim
against California for allegedly breaking a regulatory contract to
let it sell power at prices set by the FERC. The claim stems from the
1996 law that deregulated the state's power market and helped trigger
California's energy crisis. PG&E says that under the law, it agreed
to divest most of its in-state power plants to increase competition
in the local electricity market. In return, the state would allow
PG&E's remaining hydroelectric and nuclear plants to sell power at
market prices overseen by the FERC. That would end the California
PUCs authority to set prices, and shifting regulatory oversight to
FERC's less stringent system of managing prices. PG&E says the market
value of its power was not less than $4.1 billion. It also says that
under an emergency energy bill passed last January, the state broke
the agreement for FERC regulation. The state board has 45 days to
reply to the claim.
-------------------------------------------------------------
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Visit us at www.epis.com or call (503) 722-2023.

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-------------------------------------------------------------
Natural Gas NYMEX Volume
02FEB   38,380
02MAR   15,442
02APR    5,245
02MAY    3,763
02JUN    1,207
02JLY    1,295
02AUG    2,853
02SEP      991
02OCT    3,519
02NOV    1,612
02DEC      687
03JAN    1,752
03FEB      812
03MAR    1,499
03APR      543
03MAY      326
03JUN      605
03JLY      500
03AUG      730
03SEP      311
03OCT      363
03NOV      545
03DEC    1,071
04JAN      338
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Westchester County, NY Battles Millennium Pipeline


    Westchester County, north of New York City, will petition the
FERC to reconsider its decision to permit Columbia Gas to build the
530-mile Millennium pipeline from Ontario to Mount Vernon, NY. The
pipeline would transport 700,000 Mcf per day to New York City and
southern parts of the state. The county alleges that the FERC
prematurely granted Columbias request to build the pipeline. They say
that Columbia does not have the needed state approvals to proceed
with construction and that the company did not provide crucial
information about using dynamite to blast in environmentally
sensitive areas in the Hudson River. A FERC study found that the
pipeline would have limited adverse environmental impact and was the
preferred alternative to deliver natural gas to New York. The
commission has 30 days to respond to the countys petition. If denied,
Westchester can then seek a court order to block construction. The
county has asked several state regulatory departments to deny future
approvals and cancel existing permits already granted. Westchester
will also refuse to grant Columbia permits for construction on county
land. Additionally, the county is questioning whether the pipeline
violates a state plan to protect coastal areas from environmental
damage. Federal law prohibits a federal agency from granting approval
for projects that affect the coastline if a state finds it violates
its own coastal plan. In addition, county officials have asked the
governor to intervene when he attends a FERC conference later this
month.
-------------------------------------------------------------
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-------------------------------------------------------------
Enron Paid Very Few Taxes


    Enrons use of Caribbean tax havens to legally shelter profits
reflects the power Washington lobbyists have in creating tax havens
for the rich and powerful. Offshore tax havens among the small
islands of the Caribbean have been used for years by individual
investors, companies, drug traffickers and money launderers to hide
cash. But the disclosure that Enron paid no income taxes in 4 of the
last 5 years by using 900 subsidiaries in tax-haven countries and
other techniques kept its US tax bill a next to nothing. Enron used
881 subsidiaries abroad, including 692 in the Cayman Islands and 119
in the Turks and Caicos, and other legal tax-avoidance techniques
common to major companies to zero-out US tax bills. The Cayman
Islands, a tiny British colony of 35,000 residents just south of
Cuba, is one of the world's leading financial centers with some 600
banks and thousands of foreign corporations.
-------------------------------------------------------------
PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 22.75 | 21.25 |  22.30  |
| ECAR       | 24.25 | 20.00 |  22.90  |
| ERCOT      | 21.50 | 20.00 |  20.90  |
| Entergy    | 23.50 | 21.25 |  21.80  |
| TVA        | 27.85 | 23.75 |  25.50  |
| ComEd      | 23.00 | 22.00 |  22.55  |
| Nepool     | 30.00 | 28.75 |  29.60  |
| PJM West   | 28.40 | 25.50 |  25.70  |
| Main       | 23.00 | 21.50 |  22.35  |
| MAPP       | 23.50 | 20.00 |  21.30  |
| Palo Verde | 25.75 | 22.75 |  24.43  |
| Mid C      | 19.00 | 18.25 |  18.70  |
| COB        | 22.00 | 21.25 |  21.55  |
| 4 Corners  | 23.25 | 22.75 |  23.00  |
| Mead       | 26.00 | 23.25 |  24.65  |
| NP 15      | 25.25 | 22.50 |  24.05  |
| SP 15      | 26.50 | 22.50 |  24.30  |
            Power Delivered 1/18
-------------------------------------------------------------
Andersen Memo Details Meeting on Enron


   A February 6, 2001 Andersen memo detailing a executive meeting
where the amount of debt kept off Enron's books was discussed has
surfaced. Andersen said the meeting was just a standard annual review
of Enron. The executives discussed whether Anderson should drop Enron
as a client, and also talked about how key the off balance sheet
transactions were to understanding the energy firms finances. It has
also been revealed that Andersen was warned of trouble at Enron last
summer by the same executive who sent Kenneth Lay a memo detailing 
her concerns over the companys financial practices. The Enron
executive then raised those same concerns in a conversation with an
unidentified Andersen partner. Andersen was assured by Enron that an
outside law firm had been hired to look into the allegations. The
memo is likely to lead to questions about the role of accountants and
the steps they take before signing sign off on a company's financial
statements. The chairman of the SEC is expected to announce a new
accounting oversight panel to include accountants and non-
accountants, possibly similar to the Public Oversight Board.
-------------------------------------------------------------
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
 * Peoples Energy and Dominion Form Alliance to Serve Chicago Area
Residential
Energy Market
 * El Paso Energy Partners Announces Distribution Increase from $0.55
to $0.625 per Common Unit
 * President Bush Makes Another Push for Congress to Pass National
Energy Plan; Includes Drilling in Arctic National Wildlife Refuge
 * Enron CEO Lay Put Aspen Homes Up for Sale in November for $15.5
Million
 * Kinder Morgan 4th Quarter Net Income Rises 30%
 * Enron Board Fires Andersen in All Capacities
 * ChevronTexaco to Exercise Right to Retain Proportionate 26.5%
Dynegy Common. Stock Interest;  To Purchase 10.4 Million Shares of
Class B Common Stock Totaling $205 Million
 * Petroleum Services Association of Canada Says Canadian Drilling
Expected to Plunge 26% in 2002
------------------------------------------------------------
 Ziff Energy Group presents
Gas Storage 2002
Redefining the Fundamentals:
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Register Today for this Important Conference
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Visit: www.ziffenergyconferences.com
-------------------------------------------------------------
Recession and Mild Weather Lower Dukes Profits


    Duke says 4th quarter profits dropped 21% due to lower energy
prices, mild weather and the recession. Earnings fell to $225
million, or $0.28 per share, from $284 million, or $0.38 a year ago.
Revenue was off 30% to $10.7 billion from $15.4 billion the year
before. Duke's field services unit, which processes natural gas
liquids saw its earnings tumble 34% because of lower prices. The
companys electric utilities, which provided more than 30% of its
earnings, fell 41% as moderate temperatures and a drop in industrial
demand ate into power sales. Dukes power sales slid 7.6% in the
quarter for residential customers and 9.5% for industrial customers,
the company said. Natural gas prices plunged 59% from a year earlier
and wholesale power prices in Dukes service region fell by 50% to
about $25 per MWh. Duke also said that it took a charge for special
items totaling  $46 million, or $0.06 per share, to reflect
accounting adjustments at its utilities and exposure to losses from
dealings with Enron. Excluding the one-time charge, profit was $271
million, or $0.34 per share. The average of analysts estimates was
$0.45 per share. The company remains optimistic that it can achieve
10% - 15% growth this year. Duke's revenue last year was $59.5
billion compared to $49.3 billion in 2000. More than half of its
natural gas and power contracts hedged through 2004.
-------------------------------------------------------------
R. W. Beck is an engineering and management consulting firm serving
utilities, developers, financiers and governments worldwide.  Founded
in 1942, we help our clients face energy market challenges by
providing:

Portfolio Analysis to improve diversification and risk-adjusted
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Risk Control to help reduce the probability of losses.

Asset Valuation to understand the market value and risk
characteristics of physical and financial energy assets.

Training to improve your ability to identify and manage tactical and
strategic risks.

Please visit our web site at http://www.rwbeck.com
-------------------------------------------------------------
POWER FUTURES
| Month |   COB   | Change |   PV    | Change |
| FEB   |  22.00  | +0.00  |  24.00  | +0.50  |
| MAR   |  20.50  | +0.00  |  23.50  | +0.50  |
| APR   |  20.90  | +0.00  |  24.50  | +0.25  |
| MAY   |  19.00  | +0.00  |  25.50  | +0.25  |
| JUN   |  20.50  | +0.00  |  29.50  | -0.50  |
| JUL   |  30.50  | +0.00  |  29.50  | -10.50 |
| AUG   |  40.50  | +0.00  |  45.00  | +0.75  |
| SEP   |  35.00  | +0.00  |  35.00  | +0.00  |
| OCT   |  28.00  | +1.00  |  27.50  | +0.00  |
| NOV   |  27.50  | +1.00  |  27.00  | +0.00  |
| DEC   |  28.50  | +1.00  |  27.50  | +0.00  |
| JAN   |  28.50  | +1.50  |  28.00  | +1.00  |
| Month | Entergy | Change | Cinergy | Change |
| FEB   |  20.15  | +0.15  |  21.85  | +0.65  |
| MAR   |  21.00  | +0.30  |  22.15  | +0.05  |
| APR   |  21.00  | +0.30  |  22.15  | +0.05  |
| MAY   |  24.00  | +0.25  |  25.50  | +0.15  |
| JUN   |  29.25  | +0.25  |  31.75  | +0.10  |
| JUL   |  37.90  | -0.10  |  41.70  | +0.00  |
| AUG   |  37.90  | +9.90  |  41.70  | +0.00  |
| SEP   |  22.50  | +0.25  |  23.20  | +0.05  |
| OCT   |  22.00  | -0.25  |  23.00  | -0.25  |
| NOV   |  22.00  | -0.25  |  23.00  | +0.00  |
| DEC   |  22.00  | -0.25  |  23.00  | +0.00  |
| JAN   |  24.50  | -0.25  |  26.20  | +0.20  |
-------------------------------------------------------------
Power Futures
| Month |  PJM  | Change |
| FEB   | 25.00 | +0.25  |
| MAR   | 25.05 | +0.15  |
| APR   | 25.05 | +0.15  |
| MAY   | 28.25 | +0.00  |
| JUN   | 35.30 | +0.15  |
| JUL   | 48.75 | +0.00  |
| AUG   | 48.75 | +0.00  |
| SEP   | 25.65 | +0.10  |
| OCT   | 25.25 | +0.00  |
| NOV   | 25.25 | +0.00  |
| DEC   | 25.25 | +0.00  |
| JAN   | 29.00 | +0.30  |
-------------------------------------------------------------
ISO Merger Talks Continue in Northeast and Midwest

   Merger talks are underway in the Northeast and Midwest to
consolidate control of large parts of those grids. The New York ISO
is in discussions with ISO New England to form a regional
transmission organization between the two grid operators. The talks
currently do not include the PJM Interconnection, which last week
announced that it reached a letter of intent to create a single
market with the Midwest ISO. The FERC has a pending decision on
Northeastern RTO formation, based on confidential mediation
discussions from last summer that were aimed at developing a business
plan to create a single Northeast RTO. It expects to release the
results of its own cost-benefit analysis of forming a single
Northeastern RTO next month, but has not decided on the size and
numbers of RTOs in the region. Also, former members of the Alliance
RTO are in negotiations to form an independent entity within the
existing Midwest ISO. The discussions concern a FERC rulemaking
session last month that declared the Midwest ISO to be the single RTO
for the region, saying that the Alliance did not meet its conditions.
-------------------------------------------------------------
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
----------------------------------------------------------------------
----------------------------------------------------
Accenture Now Glad Andersen Name Lost

   About a year ago consulting firm Accenture was called Andersen
Consulting, but lost a bitter fight with its sister firm, Arthur
Andersen, to retain the brand name of Andersen. Now, the name loss
looks like manna from Heaven, as the once fabled Andersen name sinks
in the Enron quagmire. Once one of the pillars of accounting, the
Andersen name is now only associated with the Enron debacle. That is
very different from the scenario that prevailed during the bitter
battle between the accounting firm and its consulting arm. A Paris
mediator ruled in Andersen's favor in August 2000. That was a seen as
a huge victory for the accounting firm. The dispute began when
Andersen Consulting, which had seen its profits soar with the booming
economy, felt it was not being paid enough for its work. Ultimately,
Andersen Consulting won independence, but was forced it to relinquish
the Andersen brand name. Be careful what you ask for, you might not
really want it after all.
-------------------------------------------------------------

                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
-------------------------------------------------------------
Canadian Drilling to Drop this Year

    The Petroleum Services Association of Canada says that Western
Canadian producers expect to cut drilling by 26% this year and
natural gas will continue to dominate exploration activity. It
predicts 13,386 wells will be drilled in western Canada, down from
last year's record 18,024. Natural gas will account for 8,189, or
61%, of its forecast well completions this year. PSAC expects 10,309
wells to be drilled in Alberta, down 26% from 2001; 2,323 wells in
Saskatchewan, a 25% drop; and 674 in northeastern British Columbia,
down 29%. There were 11,177 natural gas completions last year in the
Western Canada Sedimentary Basin, with another 26 natural gas wells
drilled in the East Coast offshore.
-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 gained 68.69 points to 7652.71
The CRB Index dropped 2.41 points to 1991.91
The US Dollar increased 0.36 points to 117.92
The Dow advanced 137.77 points to 9850.04
The S&P 500 climbed 11.31 points to 1138.88
The Nasdaq was up 41.38 points to 1985.82
February NYMEX Crude Oil fell 0.89 to 17.97
Canadian-US Exchange rose 0.0060 to 1.6107
-------------------------------------------------------------
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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
http://www.desert-crossing.com
http://www.epis.com
http://www.rwbeck.com
http://www.NewEnergyAssoc.com




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