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Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE
Wednesday, September 26, 2001 No. 833
Visit our website at: <http://www.enerfax.com/> 
For Oil Prices & News write enerfaxgold-subscribe@egroups.com <http://enerfaxgold-subscribe@egroups.com/>
or go to <http://www.enerfaxgold.com/>




PHYSICAL NATURAL GAS PRICES   
Gulf/Eastern Region     
| Agua Dulce              | 1.86  |
| ANR SE                  | 1.91  |
| Carthage TG             | 1.90  |
| Chicago Citygate        | 1.97  |
| Columbia Gulf Onshore   | 1.92  |
| Dominion South Point    | 2.22  |
| Henry Hub               | 1.95  |
| Houston Ship Channel    | 1.97  |
| Katy Hub                | 1.92  |
| NGPL - Midcontinent     | 1.82  |
| NGPL STX                | 1.88  |
| NGPL TX/OK              | 1.89  |
| NNG Demarc.             | 1.88  |
| Niagara                 | 2.19  |
| Sonat Tier 1            | 1.92  |
| TCO IPP Pool            | 2.23  |
| Tetco ELa               | 1.98  |
| Tetco M-3               | 2.30  |
| Tetco STX               | 1.94  |
| TGP Zone 0              | 1.90  |
| TGP Zone 1 500 Leg      | 2.00  |
| TGT Zone SL             | 1.94  |
| New York Citygate       | 2.31  |
| Transco Station 65      | 2.06  |
| Transco Zone 6 (NY)     | 2.32  |
| Trunk ELa               | 1.87  |
| Western Region         
| California Border       | 1.80  |
| El Paso Permian         | 1.71  |
| El Paso San Juan        | 1.30  |
| Waha Hub                | 1.78  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 2.55  |
| Dawn Hub/Union          | 2.16  |
| Northwest Stanfield     | 1.30  |
| Wyoming Pool            | 1.22  |
| Opal/Kern River         | 1.19  |
| PGT-Malin               | 1.45  |
| Sumas                   | 1.29  |
        Flow Date 09/26 
---------------------------------------------


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--------------------------------------------
NATURAL GAS FUTURES
Henry Hub 
12 Month Strip  2.7447  +0.0504       
18 Month Strip  2.9106  +0.0583       
| Month | High  |  Low  | Close | Change |
| OCT   | 1.970 | 1.880 | 1.925 | +0.015 |
| NOV   | 2.350 | 2.260 | 2.300 | +0.010 |
| DEC   | 2.730 | 2.650 | 2.690 | +0.030 |
| JAN   | 2.930 | 2.855 | 2.895 | +0.042 |
| FEB   | 2.925 | 2.860 | 2.893 | +0.048 |
| MAR   | 2.885 | 2.820 | 2.860 | +0.057 |
| APR   | 2.820 | 2.760 | 2.803 | +0.063 |
| MAY   | 2.850 | 2.810 | 2.828 | +0.063 |
| JUN   | 2.890 | 2.850 | 2.880 | +0.065 |
| JUL   | 2.940 | 2.890 | 2.926 | +0.067 |
| AUG   | 2.975 | 2.930 | 2.968 | +0.067 |
| SEP   | 2.980 | 2.930 | 2.968 | +0.063 |
-------------------------------------------------------------


Natural Gas Futures Up Slightly on Short-Covering 




    Natural gas for October delivery on the NYMEX ended the day up $0.015 to $1.915 as the market awaits the AGA storage data due out today. The November contract gained $0.025 to $2.30 per MMBtu. The market managed to recover partially from Monday's sell-off in active pre expiration trading. Much of the gain was due to a late session short-covering rally, and short term traders expect a nominally higher open today. The locals are still wanting to push prices lower to a target of $1.80. There is just a negative bias to natural gas, as well as all the energies right now. There is just no demand, and the long term weather forecasts are not promising. The October contract expires today and has lost 25% over the past 6 sessions. NYMEX continues to hold abbreviated floor trading sessions this week. The natural gas open outcry sessions runs from 10:30 AM to 1:45 PM EDT, except today when the close will be extended until 2:45 PM to allow trading after the release of AGA storage data about 2:00 PM. Look for and an injection of  70 - 80 Bcf to be reported for last week. A year ago inventories rose 77 Bcf, and on average over the last 5 years, stocks have gained about 72 Bcf this week. Total inventories of 2.757 Tcf are 432 Bcf, or 19% higher than a year ago, and 248 Bcf above the 5-year average. NOAA expects 25 CDDs for this week, which would be 7 below normal and 9 below a year ago, and could mean another large build in next week's AGA report relative to the year-ago figure, particularly with spreads to winter still encouraging injections. However, storage is about 87% full and will soon begin filling up. The latest National Weather Service forecast for early next month calls for below normal weather along the East Coast, extending into East Texas, and above normal from eastern California into the upper Plains. Natural gas for next day delivery across the US and Canada was generally flat to down $0.05 per MMBtu yesterday. Natural gas for next day delivery at the Henry hub dipped $0.05 to a new 22-month low of $1.94 per MMBtu. 
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---------------------------------------------------------
POWER FUTURES  
| Month |   COB   | Change |   PV    | Change |
| OCT   |  33.00  | +0.00  |  31.50  | +0.00  |
| NOV   |  31.50  | +0.00  |  34.00  | +0.00  |
| DEC   |  33.50  | +0.00  |  38.00  | +0.00  |
| JAN   |  32.50  | +0.00  |  37.50  | +0.00  |
| FEB   |  31.50  | +0.00  |  35.00  | +0.00  |
| MAR   |  31.00  | +0.00  |  33.00  | +0.00  |
| APR   |  32.00  | +0.00  |  33.50  | +0.00  |
| MAY   |  36.00  | +0.00  |  33.50  | +0.00  |
| JUN   |  42.00  | +0.00  |  33.50  | +0.00  |
| JUL   |  52.00  | +0.00  |  44.00  | +0.00  |
| AUG   |  57.00  | +0.00  |  44.00  | +0.00  |
| SEP   |  44.50  | +0.00  |  44.00  | +0.00  |
| Month | Entergy | Change | Cinergy | Change |
| OCT   |  24.15  | +0.00  |  25.85  | +0.00  |
| NOV   |  24.20  | +0.00  |  26.10  | +0.00  |
| DEC   |  25.90  | +0.00  |  27.50  | +0.00  |
| JAN   |  27.50  | +0.00  |  29.50  | +0.00  |
| FEB   |  27.50  | +0.00  |  29.50  | +0.00  |
| MAR   |  27.25  | +0.00  |  27.75  | +0.00  |
| APR   |  27.25  | +0.00  |  27.75  | +0.00  |
| MAY   |  29.75  | +0.00  |  31.25  | +0.00  |
| JUN   |  39.00  | +0.00  |  41.25  | +0.00  |
| JUL   |  50.00  | +0.00  |  54.75  | +0.00  |
| AUG   |  50.00  | +0.00  |  54.75  | +0.00  |
| SEP   |  26.00  | +0.00  |  28.15  | +0.00  |
-----------------------------------------------------------
POWER FUTURES
| Month |  PJM  | Change |
| OCT   | 29.70 | +0.00  |
| NOV   | 28.90 | +0.00  |
| DEC   | 32.00 | +0.00  |
| JAN   | 36.00 | +0.00  |
| FEB   | 36.00 | +0.00  |
| MAR   | 32.50 | +0.00  |
| APR   | 32.50 | +0.00  |
| MAY   | 33.75 | +0.00  |
| JUN   | 44.25 | +0.00  |
| JUL   | 59.75 | +0.00  |
| AUG   | 59.75 | +0.00  |
| SEP   | 32.00 | +0.00  |
------------------------------------------------------------


FERC ALJ Postpones California Deadline



    A FERC ALJ has postponed until March 8th the deadline for issuing a report on whether California is entitled to refunds of $9 billion for wholesale power purchases when prices soared in the past year. The judge abandoned his earlier plan to issue a final report in November. The report's recommendations will be considered by FERC commissioners for any further action. Last July, the commissioners ordered a 45-day mediation period for California and the power suppliers to negotiate a compromise. But the clock will not start ticking for that 45-day period on December 7th, when all evidence has been submitted by the California ISO and the California PX, the judge said. He extended the deadline for finishing the case after agreeing to give the California ISO, and the now-defunct California PX more time to analyze market prices during the disputed refund period. The extension is needed by the California ISO to use a sophisticated computer model to analyze and calculate wholesale power prices from October 2000 through January 2001. 
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--------------------------------------------------------------
Natural Gas Options 
|       | Closing | Days | Implied ATM |
| Month |  Price  | Left | Volatility  |
| NOV   |  2.300  |  32  |   70.45%    |
| DEC   |  2.690  |  64  |   63.66%    |
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PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 17.90 | 16.00 |  17.70  |
| ECAR       | 20.30 | 18.95 |  19.80  |
| ERCOT      | 19.00 | 17.75 |  18.00  |
| Entergy    | 17.40 | 15.50 |  16.95  |
| TVA        | 21.70 | 20.15 |  21.10  |
| ComEd      | 19.00 | 17.60 |  18.10  |
| Nepool     | 41.50 | 40.75 |  41.25  |
| PJM West   | 25.30 | 25.00 |  25.15  |
| Main       | 18.50 | 17.40 |  17.95  |
| MAPP       | 17.25 | 15.50 |  16.75  |
| Palo Verde | 29.50 | 25.50 |  26.90  |
| Mid C      | 20.00 | 18.50 |  19.25  |
| COB        | 21.50 | 19.75 |  20.55  |
| 4 Corners  | 27.00 | 26.00 |  26.50  |
| Mead       | 28.50 | 26.00 |  27.10  |
| NP 15      | 27.50 | 23.00 |  24.30  |
| SP 15      | 27.50 | 23.50 |  25.05  |
----------------------------------------------
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-------------------------------------------------------
Today's Power Bulletins
* Jim Walter Resources Says 13 Dead in Alabama Mine Blast
* FERC ALJ Says Pacific Northwest Municipal Utilities and Wholesale Power Buyers Not Entitled to Any Refunds for Sharp Jump in Wholesale Electricity Prices Earlier this Year
* Brazil Nuclear Plant Accident Discovered by Media
* S&P Assigns 'A-' Debt Rating to TECO Energy's $200 Million Senior Unsecured Notes
* Federal Reserve to Reduce Interest Rates for 9th Time this Year When It Meets Next Week
* Pepco Restores Power to Thousands After Maryland Tornado Wreaks Havoc
* Calpine Breaks Ground on 550 MW Columbia Energy Center in Calhoun County, SC
* Hybrid Electric Vehicle Battery Market Charged for Rapid Growth Reports New Study
* PNM and Sempra Energy Join Industry-Wide Scholarship Fund for Children Of Attack Victims
* ANP Marketing Company Licenses Allegro Applications
-------------------------------------------------------


TransCanada Says It Is Not Target



    TransCanada Pipelines says it is unlikely that Duke will launch a take-over bid for it after buying Westcoast for $8.5 billion last week. TransCanada contends that it is worth almost 3 times as much as Westcoast, and due to its size, could command a premium. With the Westcoast acquisition, Duke will own stakes in pipelines delivering about 30% of the US natural gas imported from Canada. TransCanada has more than 23,000 miles of pipelines transporting Western Canadian volumes to Ontario and the Northeast. Pipelines are considered to be key assets because it has become more difficult gain regulatory approval and the expense and time associated with their constru
--------------------------------------------------------
Today's Gas Bulletins
* New FERC Chairman Pat Wood to Run 1st Hearing as Head of Commission Today
* Senate Energy and Natural Resources Committee Focuses on Securing Nation's Energy Infrastructure
* TradeSpark  Resumes Normal Electronic Trading of All Energy Commodities
* TransCanada Says It Is Not Takeover Target
* Canadian Rigs Drilling Down 13 in Past Week
* Federal Court Dismisses Southern Union Claims for Lost Profits Against Southwest Gas; Summary Judgment Ruling Favors ONEOK
* New Stuart Energy President & CEO Outlines Mission to Create, Develop and Market Hydrogen Solutions Throughout World
* Williams Says Firm Transportation Rates to Drop Up to 36.5% for All Original Shippers on Kern River Effective October 1st
--------------------------------------------------------


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Devon, Mitchell Deal Questionable




   The recent drop in Devon Energy's share price could place an obstacle in the path of its planned acquisition of Mitchell Energy. Last month, Devon agreed to acquire Mitchell for $31 per share in cash and 0.585 of its own shares for each Mitchell share, in a deal then valued at about $3.1 billion. The companies agreed that the deal should be tax-free for Mitchell stockholders. But, to qualify for tax-free status, the cash component cannot exceed 60% of the total offer. Yesterday, Devon's stock fell $0.17 to $32.93 per share, down from about $50 just before the Mitchell deal was struck. Mitchell's shares were also down yesterday, dipping $1.88 to $47.07, while Devon's offer for Mitchell was worth $50.26 per share, with the cash component now making up about 62% of the value. Both companies remain committed to the deal, but realize that it could face problems unless Devon's stock price increases by the 4th quarter when the deal is expected to close. 
--------------------------------------------------------


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Ken Vollman, Chairman & CEO - National Energy Board
Terry Schmidtke, GM Great Plains Business Unit - PanCanadian 
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Ken Sinclair, Chair - Coalbed Methane Association
Graeme Phipps, VP Exploration - Petro-Canada
Nellie Cournoyea, Chair & CEO - Inuvialuit Regional Corporation

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United Kingdom Offshore Wind Farm Development 




  The Crown Estate, landowner of the UK territorial seabed, is granting approval for 13 offshore wind farm sites to interested private companies. Bidding for licenses to build on the sites started in May and has had a large response, as most energy companies are trying to produce environmentally friendly power in response to tighter environmental controls worldwide. If all the offshore wind sites are developed as planned, the power generated over the next 4 years would be between 1,000 MW and 1,500 MW. Each offshore site will be 3 - 5 miles offshore and is required to have at least thirty 2  - 3 MW wind turbine generators with 200 to 250-foot tall steel towers. 
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FERC ALJ Recommends Denial of Pacific Northwest  Power Refunds
  
    A FERC Administrative Law Judge has recommended that the full commission deny the $1.9 billion in refunds requested by Pacific Northwest municipal utilities and wholesale electricity buyers for power purchases last spring when prices jumped sharply higher. The ALJ pointed out that the Pacific Northwest market is very different than the California market, because California state law prohibited utilities from passing higher power costs on to customers, while the market worked properly in the Pacific Northwest when supplies were tight. The Northwestern states rely heavily on hydroelectric power and suffered a draught situation which coincided with a shortage of electricity supplies throughout the Western US. The ALJ contends that the Pacific Northwest experienced a sudden and acute drop in available supply, and in that situation prices rose dramatically, as should be normal. Of the total $1.9 billion sought in refunds, California has laid claim to almost $1.5 billion.  
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-------------------------------------------------------


Governor Expected to Order Lawmakers Back 




    In attempt to prevent the bankruptcy of Southern California Edison, the governor is poised to order lawmakers to return to Sacramento, after they adjourned last week without voting on a rescue plan for the utility. The governor is in the process of developing a proposal and is consulting with state senators and Assembly members to find an acceptable compromise between the two legislative houses. The new plan will probably allow SCE to sell between $2.5 and $2.9 billion in bonds which would be secured by existing charges to about 20% of its biggest commercial consumers. California's Senate has approved a version of the bill, voting for $2.5 billion in bond sales, but secured by the rates of 4,000 of SCE's largest customers. In addition, the state would have the option to purchase the utility's transmission lines at book value. SCE argues that the plan would not prevent its bankruptcy. The Assembly version increased the bond sale to $2.9 billion and spread the costs over 136,000 business customers. In addition, the lawmakers gave the state the option to buy the transmission grid at double the book value or at market value, whichever is less, and a provision to reinstate the retail power market. However, when the Senate received the amended bill, it declined to vote on the measure, adjourning for the year instead. The governor is expected to limit the topics under discussion by the legislature when they return, in order to prevent lawmakers from discussing bills unrelated to the rescue plan.
-----------------------------------------------------


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--------------------------------------------------------
                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 <http://gastorage@aol.com/>; web site currently under construction at: <http://www.progas.net/wip>.

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.

Progas Storage Services, Inc  
8610 S. Hwy 277
Abilene, TX 79606

Ph 915 698 3699
Fx 915 698 2859
--------------------------------------------------------
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--------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 gained 40.04 points to 6702.01
The CRB Index decreased 1.53 points to 189.10
The US Dollar declined 0.71 points to 112.13
The Dow rose 56.11 points to 8659.97
The S&P 500 climbed 8.82 points to 1012.27
The Nasdaq was up 2.24 points to 1501.64
September NYMEX Crude Oil fell 0.20 to 21.80
Canadian-US Exchange rose .0020 to 1.5712
-------------------------------------------------------
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