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Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE
              Thursday, January 17 2002 No. 907
Visit: http://www.enerfax.com/ or for Oil Prices & News
http://www.enerfaxgold.com/
PHYSICAL NATURAL GAS PRICES
Gulf/Eastern Region
| Agua Dulce              | 2.24  |
| ANR SE                  | 2.32  |
| Carthage TG             | 2.30  |
| Chicago Citygate        | 2.38  |
| Columbia Gulf Onshore   | 2.36  |
| Dominion South Point    | 2.50  |
| Henry Hub               | 2.39  |
| Houston Ship Channel    | 2.37  |
| Katy Hub                | 2.31  |
| NGPL LA Pool            | 2.31  |
| NGPL - Midcontinent     | 2.24  |
| NGPL STX                | 2.26  |
| NGPL TX/OK              | 2.27  |
| NNG Demarc.             | 2.32  |
| Niagara                 | 2.58  |
| Sonat Tier 1            | 2.35  |
| TCO IPP Pool            | 2.49  |
| Tetco ELa               | 2.38  |
| Tetco M-3               | 2.84  |
| Tetco STX               | 2.26  |
| TGP Zone 0              | 2.27  |
| TGP Zone 1 (500 Leg)    | 2.32  |
| TGT Zone SL             | 2.37  |
| New York Citygate       | 2.98  |
| Transco Station 65      | 2.43  |
| Transco Zone 6 (NY)     | 2.99  |
| Trunk ELa               | 2.33  |
| Western Region
| California Border       | 2.29  |
| El Paso Keystone        | 2.19  |
| El Paso San Juan-Blanco | 2.18  |
| Waha Hub                | 2.24  |
| Canadian/Rockies Region
| Nova/Aeco (C$/gig)      | 3.02  |
| Dawn Hub/Union          | 2.39  |
| Northwest Stanfield     | 2.17  |
| Wyoming Pool            | 2.12  |
| Opal/Kern River         | 2.12  |
| PGT-Malin               | 2.26  |
| Sumas                   | 2.17  |
           Flow Date 1/17
-------------------------------------------------------------

NATURAL GAS FUTURES
Henry Hub
12 Month Strip  2.6170 +0.0709
18 Month Strip  2.7174 +0.0608
| Month | High  |  Low  | Close | Change |
| FEB   | 2.406 | 2.380 | 2.394 | +0.103 |
| MAR   | 2.375 | 2.356 | 2.363 | +0.090 |
| APR   | 2.383 | 2.376 | 2.383 | +0.080 |
| MAY   | 2.470 | 2.380 | 2.446 | +0.078 |
| JUN   | 2.525 | 2.420 | 2.506 | +0.078 |
| JUL   | 2.585 | 2.570 | 2.566 | +0.073 |
| AUG   | 2.615 | 2.605 | 2.606 | +0.068 |
| SEP   | 2.606 | 2.600 | 2.599 | +0.063 |
| OCT   | 2.615 | 2.565 | 2.621 | +0.063 |
| NOV   | 2.800 | 2.770 | 2.816 | +0.053 |
| DEC   | 3.015 | 2.960 | 3.011 | +0.051 |
| JAN   | 3.105 | 3.040 | 3.093 | +0.051 |
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Natural Gas Futures Rally on AGA Report

    Natural gas futures for February delivery on the NYMEX jumped $0.103
higher yesterday to $2.394 per MMBtu. The March contract gained $0.09 to
$2.363 per MMBtu. The market began the day up and pushed higher after a
137 Bcf withdrawal was reported by the AGA in the afternoon. The storage
report was about what was expected, but was 37 Bcf more than a year ago.
However, it barely dented the record amounts of inventory remain in
storage, about 2.529 Tcf, at 77% full compared to 44% full last year at
this time at 1.459 Tcf. The 5-year average is 2 Tcf. The rally broke
through the $2.36 resistance level. Funds are holding record-high short
positions and could cause a major technical rally if they ever had to
cover. But, more likely the market will head back down as the fundamentals
takeover. Support is seen at $2.36, $2.32 and $2.25 per MMBtu. A cold
front expected to move into eastern states next week and could cause the
market to rally again, but the increase will be difficult to sustain.
Natural gas for next day delivery across the US and Canada was generally
flat to $0.05 higher yesterday. Natural gas for next delivery at the hub
gained $0.03 to $2.39 per MMBtu.
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Today's Power Bulletins
 * SEC Approves National Grid  Niagara Mohawk Merger
 * AES NewEnergy Receives License to Sell Electricity in Oregon
 * Entergy Nuclear Plants Earn Top Safety Rating from OSHA
 * Fuel Cell Investor 2nd Annual Industry Summit to be Held in New York
Marriott
Marquis Hotel at Times Square, March 26  27
 * California Attorney General Seeks to Hold Enron in Contempt of Court
for Failing to Turn Over Subpoenaed Documents
 * Enron Shares Fall in Pink Sheet Trading.
FERC Chairman Wood to Meet with PJM Interconnection and Midwest ISO
Regarding Letter of Intent to Create Single Market Between Them
 * Great River Energy Research Project Could Increase Lignite
Marketability.
Western Spot Power Prices Rise Amid Curtailed Generation
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 PG&E Ads Blast California PUC Lawsuit


    PG&E has bought full-page advertisements in newspapers throughout
California blasting a giant state fraud lawsuit against the bankrupt
utility in a bid to topple the company's reorganization plan. The ads
reprinted a recent letter to the employees of Pacific Gas and Electric
from the chairman and chief executive of the parent company. He wrote that
the lawsuit by the California Attorney General contained false and
unwarranted accusations. The lawsuit charges that PG&E drained cash from
the utility during the California power emergency to fund new businesses
and drove the company into bankruptcy and seeks damages of $600 million to
$4 billion. The attorney general and the PUC are working to derail the
utilitys reorganization plan because they don't want to lose regulatory
jurisdiction over the company, the ad said. The plan would shift the
utility's power generation and energy transmission systems to new
companies formed by PG&E and beyond state jurisdiction.
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-------------------------------------------------------------
AGA Natural Gas Storage Report

            Week                                    Prev
           Ending    Prev                   Prev    Year
| Region | 1/11/02 | Week | Diff | % Full | Year | % Full|
| Prod   |  733    |  777 | -44  |  78%   |  343 |  35%  |
| East   | 1396    | 1482 | -86  |  76%   |  880 |  46%  |
| West   |  400    |  407 |  -7  |  79%   |  236 |  47%  |

| Total  | 2529    | 2666 |-137  |  77%   | 1459 |  44%  |
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Calpine Revises 2001 and 2002 Earnings Estimates

    Calpine has lowered its earnings estimates for 2001 and 2002. It now
expects profits of $1.95 per share for 2001 compared to estimates of $2.00
per share. For 2002, it expects earnings of $1.70 per share versus
estimates of $2.20 per share. Even though Calpine lowered its estimate for
2001, it will see its profits rise by 63% above 2000 earnings. Calpine
also revised its capital spending budget downward by $2 billion saying it
will complete 27 power projects, accounting for 15,200 MW, which are
currently being built. Another 34 projects in the advanced development
stage will be on hold until demand for power increases. It is also
negotiating with major equipment suppliers to adjust payment schedules and
revise delivery timing in line with its new construction schedule.
Calpine, Mirant and other power generators have delayed or canceled
billions of dollars in projects in an attempt to bolster credit ratings
and reassure investors. Last month, Moody's lowered Calpine's credit
rating to junk and said it remained on review for further possible
downgrades. Calpine has raised almost $5 billion in the last 3 months,
including a $2.6 billion bond sale. Its current generating capacity is
11,100 MW, but was scheduled to have up to 70,000 MW by the end of 2005.
It now expects to have 26,300 MW by the end of 2003. Plants with a
combined capacity of 82,000 MW have been canceled or postponed. Plants
under construction with another 200,000 MW of capacity are on the auction
block.
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-------------------------------------------------------------
PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 20.00 | 19.35 |  19.75  |
| ECAR       | 21.50 | 18.50 |  20.25  |
| ERCOT      | 21.00 | 17.55 |  19.75  |
| Entergy    | 23.00 | 20.00 |  21.40  |
| TVA        | 26.35 | 23.75 |  25.90  |
| ComEd      | 21.75 | 19.50 |  20.45  |
| Nepool     | 30.50 | 30.25 |  30.40  |
| PJM West   | 23.40 | 23.20 |  23.30  |
| Main       | 21.75 | 19.05 |  20.25  |
| MAPP       | 23.00 | 20.00 |  20.90  |
| Palo Verde | 30.50 | 28.00 |  28.65  |
| Mid C      | 22.75 | 20.50 |  21.35  |
| COB        | 25.50 | 23.75 |  24.30  |
| 4 Corners  | 27.00 | 26.00 |  26.50  |
| Mead       | 30.00 | 28.00 |  29.10  |
| NP 15      | 30.00 | 27.00 |  28.25  |
| SP 15      | 30.50 | 27.25 |  28.65  |
            Power Delivered 1/17
-------------------------------------------------------------
FERC to Create Power Market Oversight Unit

  The FERC plans to create a new market oversight unit to prevent
manipulation of wholesale electricity prices and supplies. The new Office
of Market Oversight and Investigations is designed to protect customers
through vigilant oversight of the nation's energy market, according to the
FERC. It plans to have the office operating with a staff of over 50 by
this Spring. The FERC currently has an office of Markets Tariffs and
Rates, which monitors markets in a broad way. But, the new office will be
FERC's first attempt of defining and curbing market power, either through
refund orders or courts.
-------------------------------------------------------------
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
-------------------------------------------------------------
Natural Gas NYMEX Volume
02FEB   32,364
02MAR   13,993
02APR    5,770
02MAY    1,972
02JUN    1,601
02JLY    3,826
02AUG    2,476
02SEP      609
02OCT    4,332
02NOV    1,411
02DEC    1,859
03JAN      953
03FEB      519
03MAR    2,032
03APR      482
03MAY        0
03JUN       69
03JLY       16
03AUG    1,532
03SEP        2
03OCT      592
03NOV       30
03DEC      181
04JAN        0
-------------------------------------------------------------
Todays Gas Bulletins
 * Hart Publications Launches Pipeline and Gas Technology Magazine
 * Dynegy Promotes Matt Schatzman to President and CEO of Energy
Convergence
Business
 * California Meteorologist Wins $50,000 in Aquila/AMS Forecast
Competition
 * David Duncan, Fired Former Andersen Auditor Who Shredded Enron
Documents, Now Cooperating with House Energy and Commerce Committee
Investigation
 * Southern Natural Files $200 Million Debt Offer with SEC
 * Phillips Optimistic About Alaska Natural Gas Pipeline; Favors 2100-Mile
Southern Route to Alberta, Partly Along Existing Trans-Alaska Oil Pipeline
and Partly Alaska Highway Route
 * GAO Trying to Gauge Congressional Support for Court Action Against
White House Over Refusal to Give Details of How Energy Policy was
Formulated
------------------------------------------------------------
 Ziff Energy Group presents
Gas Storage 2002
Redefining the Fundamentals:
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-------------------------------------------------------------
JP Morgan Posts 4th Quarter Loss

    JP Morgan Chase posted its first quarterly loss in 5 years after it
wrote off loans to Argentina and Enron. The bank lost $332 million, or
$0.18 per share, compared with earnings of $0.34 per share, or $708
million, in the 4th quarter of 2000. The banks decision to lend to Enron,
Argentina and others that defaulted kept it from profiting from the lowest
interest rates in 40 years. Competitors that took advantage of the low
rates are reporting increased earnings. JP Morgan took a write-off of $456
million for trading losses and loans to Enron and still has exposure of
$2.06 billion of potential losses. The lender had a complex relationship
with Enron as it traded with the company, advised it and loaned it money.
JP Morgan will attempt to recover its Enron loans, some of which were not
backed by collateral, in bankruptcy court. The bank is also suing
insurance companies for $965 million for insured oil and natural gas
contracts. In addition, JP Morgan took a charge of $351 million for loans
to Argentina, which devalued its currency and defaulted on its bonds. It
is one of 4 US lenders with large exposures in the country. The bank said
it lost $385 million in its private equity business, and also allowed $510
million to cover further possible loan defaults in response to
deteriorating market conditions.
-------------------------------------------------------------
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-------------------------------------------------------------
Marathon Announces 2 Deepwater Gulf of Mexico Dry Holes

    Marathon Oil did not encounter hydrocarbons at the company's Paris
Carver and Flathead exploratory wells in the deepwater Gulf of Mexico. The
Paris Carver and Flathead wells are located in Green Canyon Block 601 and
Walker Ridge Block 30, respectively.  Paris Carver was drilled to a total
depth of 24,120 feet in 4,572 feet of water, and Flathead was drilled to a
total depth of 28,043 feet in 6,556 feet of water.  Marathon has plugged
and abandoned the Paris Carver well.  The Flathead well has been
temporarily abandoned and, after completing additional technical studies,
Marathon is considering reentering and sidetracking options. Marathon was
operator of the Paris Carver well and holds a 50% interest in Blocks 601
and 602; and also operated the Flathead well, and holds a 100% interest in
Block 30.
-------------------------------------------------------------
POWER FUTURES
| Month |   COB   | Change |   PV    | Change |
| FEB   |  22.00  | +0.00  |  23.50  | +0.00  |
| MAR   |  20.50  | +0.00  |  23.00  | +0.00  |
| APR   |  20.90  | +0.00  |  24.25  | +0.00  |
| MAY   |  19.00  | +0.00  |  25.25  | +0.00  |
| JUN   |  20.50  | +0.00  |  30.00  | +0.00  |
| JUL   |  30.50  | +0.00  |  40.00  | +0.00  |
| AUG   |  40.50  | +0.00  |  44.25  | +0.00  |
| SEP   |  35.00  | +0.00  |  35.00  | +0.00  |
| OCT   |  27.00  | +0.00  |  27.50  | +0.00  |
| NOV   |  26.50  | +0.00  |  27.00  | +0.00  |
| DEC   |  27.50  | +0.00  |  27.50  | +0.00  |
| JAN   |  27.00  | +0.00  |  27.00  | +0.00  |
| Month | Entergy | Change | Cinergy | Change |
| FEB   |  20.15  | +0.65  |  21.20  | +0.65  |
| MAR   |  20.70  | +0.35  |  22.10  | +0.10  |
| APR   |  20.70  | +0.35  |  22.10  | +0.10  |
| MAY   |  23.75  | +0.25  |  25.35  | +0.15  |
| JUN   |  29.00  | +0.00  |  31.65  | +0.00  |
| JUL   |  38.00  | +0.25  |  41.70  | +0.00  |
| AUG   |  28.00  | +0.00  |  41.70  | +0.00  |
| SEP   |  22.25  | +0.00  |  23.15  | +0.25  |
| OCT   |  22.25  | +0.25  |  23.25  | +0.25  |
| NOV   |  22.25  | +0.25  |  23.00  | +0.00  |
| DEC   |  22.25  | +0.25  |  23.00  | +0.00  |
| JAN   |  24.75  | +0.25  |  26.00  | +0.00  |
-------------------------------------------------------------
Power Futures
| Month |  PJM  | Change |
| FEB   | 24.75 | +0.10  |
| MAR   | 24.90 | +0.15  |
| APR   | 24.90 | +0.15  |
| MAY   | 28.25 | +0.05  |
| JUN   | 35.15 | -0.10  |
| JUL   | 48.75 | -0.10  |
| AUG   | 48.75 | -0.10  |
| SEP   | 25.55 | +0.05  |
| OCT   | 25.25 | +0.00  |
| NOV   | 25.25 | +0.00  |
| DEC   | 25.25 | +0.00  |
| JAN   | 29.00 | +0.30  |
-------------------------------------------------------------
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
--------------------------------------------------------------------------------------------------------------------------

Dominion Resources Expects 4th Quarter Costs


    Dominion Resources had 4th quarter expenses of $348 million for losses
from dealings with Enron and for a restructuring. The companys 2001
earnings, excluding some items, met or exceeded forecasts of $4.15 per
share. The expenses include $97 million related to Enron, a $183 million
write-off of Dominion Capital assets and $68 million from a restructuring.
The Enron costs involve $6 million for past sales to the energy trader and
$91 million for the decline in value of forward natural gas contracts with
Enron. Dominion expects profit this year of $4.90 - $4.95 per share.
Earnings after 2002 should rise at an average annual rate of 10%, Dominion
says.  Last November, Dominion cut its senior-management team by 19
officers, or 25%. Dominion has hedged more than 60% of its 2002 natural
gas production and 40% of its 2003 natural gas volume at prices above
current market prices.
-------------------------------------------------------------
UBS to Restart EnronOnline

    Natural gas traders who did large volumes of business with Enron are
taking a wait-and-see approach toward dealing with the new market player
expected to emerge from the recent deal with Swiss bank, UBS. Some have
their doubts about UBS' potential impact on the market. The deal calls for
UBS to restart the trading business, including EnronOnline, with the help
of 830 former Enron workers. However, even if the deal does get the
court's approval, there is still some question among marketers and traders
as to whether a revitalized trading operation could recapture the dominant
market share Enron held prior to bankruptcy.
-------------------------------------------------------------

                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
-------------------------------------------------------------
President Urges Senate to Act on National Energy Plan

    In an address in New Orleans, President Bush said that it was a matter
of national security for the US to have a National Energy Package. The
president urged the Senate, where energy legislation is currently stalled,
to take immediate action to pass a National Energy Plan. The president's
remarks come prior to Congress reconvening next week after the holiday
recess. The White House, labor and business leaders support the
development of resources in ANWR to increase energy independence, national
security and create over 755,000 jobs. Opening the ANWR could double the
current domestic supply of oil and make the US far less reliant on foreign
sources for its energy needs. The US Geological Survey reports that the
1.5 million-acre tract holds upwards of 16 billion barrels of recoverable
oil, which is the energy equivalent of 17.7 billion barrels of gasoline,
enough to supply the total US gasoline demand for nearly 6 years. Arctic
Power, an Alaskan-based non-profit organization that supports the opening
of ANWR says that Congress has debated ANWR for over 14 years and now it
is the responsibility of the Senate to face up to the realities of the
present situation. The 2,000 acres of the ANWR designated for exploration
could replace Iraqi imports for the next 70 years.
-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 dropped 59.88 points to 7584.02
The CRB Index added 1.32 points to 194.32
The US Dollar increased 0.16 points to 117.56
The Dow declined 211.46 points to 9712.27
The S&P 500 lost 18.62 points to 1127.57
The Nasdaq was down 56.47 points to 1944.44
February NYMEX Crude Oil fell 0.04 to 18.86
Canadian-US Exchange rose 0.0050 to 1.5947
-------------------------------------------------------------
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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.energyseminars.com
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