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Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE
Tuesday, October 2, 2001 No. 837
Visit our website at: <http://www.enerfax.com/> 
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PHYSICAL NATURAL GAS PRICES   
Gulf/Eastern Region     
| Agua Dulce              | 1.61  |
| ANR SE                  | 1.68  |
| Carthage TG             | 1.64  |
| Chicago Citygate        | 1.76  |
| Columbia Gulf Onshore   | 1.70  |
| Dominion South Point    | 1.92  |
| Henry Hub               | 1.77  |
| Houston Ship Channel    | 1.71  |
| Katy Hub                | 1.66  |
| NGPL LA Pool            | 1.70  |
| NGPL - Midcontinent     | 1.59  |
| NGPL STX                | 1.66  |
| NGPL TX/OK              | 1.67  |
| NNG Demarc.             | 1.63  |
| Niagara                 | 1.84  |
| TCO IPP Pool            | 1.93  |
| Tetco ELa               | 1.71  |
| Tetco M-3               | 2.00  |
| Tetco STX               | 1.65  |
| TGP Zone 0              | 1.64  |
| TGP Zone 1 500 Leg      | 1.72  |
| TGT Zone SL             | 1.73  |
| New York Citygate       | 2.00  |
| Transco Station 65      | 1.79  |
| Transco Zone 6 (NY)     | 2.01  |
| Trunk ELa               | 1.66  |
| Western Region          
| California Border       | 1.88  |
| El Paso Permian         | 1.56  |
| El Paso San Juan        | 1.49  |
| Waha Hub                | 1.60  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 1.88  |
| Dawn Hub/Union          | 1.85  |
| Northwest Stanfield     | 1.41  |
| Wyoming Pool            | 1.38  |
| Opal/Kern River         | 1.39  |
| PGT-Malin               | 1.58  |
| Sumas                   | 1.34  |
       Flow Date 10/02
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NATURAL GAS FUTURES
Henry Hub 
12 Month Strip  2.7658  -0.0074       
18 Month Strip  2.9331  +0.0095       
| Month | High  |  Low  | Close | Change |
| NOV   | 2.215 | 2.140 | 2.208 | -0.036 |
| DEC   | 2.600 | 2.535 | 2.602 | -0.020 |
| JAN   | 2.825 | 2.755 | 2.824 | -0.008 |
| FEB   | 2.810 | 2.755 | 2.827 | -0.005 |
| MAR   | 2.790 | 2.720 | 2.797 | -0.005 |
| APR   | 2.730 | 2.670 | 2.735 | -0.007 |
| MAY   | 2.745 | 2.720 | 2.768 | -0.004 |
| JUN   | 2.805 | 2.770 | 2.818 | -0.004 |
| JUL   | 2.855 | 2.810 | 2.868 | -0.001 |
| AUG   | 2.910 | 2.855 | 2.906 | -0.001 |
| SEP   | 2.890 | 2.850 | 2.906 | -0.001 |
| OCT   | 2.915 | 2.850 | 2.931 | +0.004 |
-------------------------------------------------------------


Natural Gas Futures Continue Downward Spiral




    Natural gas for November delivery on the NYMEX continued decline yesterday, dropping $0.036 to $2.208 after hitting a new contract low of $2.14. The December contract dipped $0.02 to $2.602 per MMBtu. Prices opened sharply lower, but managed to stage an erratic rally to finish near the highs of the day. The mild weather and diminishing storage availability continue to pressure a weak cash market which in turns is dragging down futures prices. As storage becomes less available more expensive, the differential between cash and futures could continue to widen. Early injection estimates for tomorrows weekly AGA storage report range between 75 Bcf to 85 Bcf. For the same week last year, stocks rose 78 Bcf, and on average over the last 5 years, stocks have gained about 70 Bcf. The National Oceanic and Atmospheric Administration reports last week's tally of 39 Heating Degree Days was 11 above normal, but 5 less than forecast and 5 below the same week a year ago. NOAA said it expected 44 HDDs this week, or 6 above normal. In terms of cooling degree days, NOAA said last week's tally of 18 was 13 less than the previous week, 7 below normal and 2 less than the same week a year ago. NOAA has forecast 13 CDDs this week, which is 6 below normal. The latest NWS forecast calls for normal temperatures for most of the nation, except for parts of the Midwest, Northeast and South Texas which will be below normal. Manufacturing activity, which consumes about 45% of all natural gas use, contracted for a 14th straight month in September but showed signs of improvement. The National Association of Purchasing Management monthly index dipped only slightly in September, slipping to 47.0 in its worst slump since the 1990-1991 recession. A reading under 50 indicates that manufacturing activity, about one-sixth of the overall economy, is declining. The NAPM index has now held below that level since August 2000, but has been steadily improving from January's 10-year low of 41.2. Natural gas for next day delivery across the US and Canada was generally off $0.05 $0.10 yesterday. Natural gas for next day delivery at the Henry hub lost $0.05 to $1.77 per MMBtu.
-------------------------------------------------------------


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---------------------------------------------------------
POWER FUTURES  
| Month |   COB   | Change |   PV    | Change |
| 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  |
| OCT   |  34.00  | +0.00  |  34.00  | +0.00  |
| Month | Entergy | Change | Cinergy | Change |
| 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  |
| OCT   |  27.25  | +0.00  |  29.00  | +0.00  |
-----------------------------------------------------------
POWER FUTURES
| Month |  PJM  | Change |
| 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  |
| OCT   | 32.00 | +0.00  |
------------------------------------------------------------
Natural Gas NYMEX Volume
01NOV   12,870
01DEC    5,270
02JAN    4,089
02FEB    1,931 
02MAR    2,655
02APR    1,205
02MAY    1,359
02JUN      655
02JLY    1,216
02AUG      705
02SEP      237
02OCT      832
02NOV      411
02DEC    1,175
03JAN      889
03FEB       38
03MAR       52
03APR       55  
03MAY       15
03JUN      461
03JLY      417
03AUG        2 
03SEP        2
03OCT        2
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Natural Gas Options 
|       | Closing | Days | Implied ATM |
| Month |  Price  | Left | Volatility  |
| NOV   |  2.244  |  29  |   74.06%    |
| DEC   |  2.622  |  61  |   65.79%    |
-----------------------------------------------------------



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PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 23.55 | 20.50 |  22.90  |
| ECAR       | 23.95 | 21.95 |  23.05  |
| ERCOT      | 18.50 | 17.50 |  18.25  |
| Entergy    | 18.70 | 15.50 |  18.05  |
| TVA        | 24.30 | 21.45 |  22.80  |
| ComEd      | 22.00 | 20.50 |  21.55  |
| Nepool     | 37.00 | 36.25 |  36.50  |
| PJM West   | 26.40 | 25.40 |  26.20  |
| Main       | 23.25 | 21.75 |  22.55  |
| MAPP       | 22.00 | 18.50 |  19.65  |
| Palo Verde | 32.00 | 27.75 |  29.60  |
| Mid C      | 31.00 | 22.00 |  25.15  |
| COB        | 29.00 | 26.75 |  27.80  |
| 4 Corners  | 30.00 | 27.00 |  28.50  |
| Mead       | 32.00 | 30.50 |  31.00  |
| NP 15      | 32.00 | 27.25 |  29.05  |
| SP 15      | 32.00 | 27.50 |  29.10  |
---------------------------------------------
       Two California WindPower Projects Commence Operating

    SeaWest WindPower and PG&E National Energy Group have announced that the 44.4 MW Mountain View Power Partners I and the 22.2 MW Mountain View Power Partners II wind energy projects near Palm Springs, California have begun commercial operation. The projects are located near the San Gorgonio Pass.  PG&E NEG has contracted with SeaWest for the operation and maintenance of the wind units. The Mountain View I & II projects utilize 111 Mitsubishi Heavy Industries MHI MWT 600 kW wind turbines. The turbines are mounted on 50 and 60-meter tubular towers. The California Department of Water Resources will purchase the entire output of the two wind projects, under a long-term contract. In addition to the Mountain View projects, PG&E NEG owns the Madison Windpower Project in Madison, NY.  
---------------------------------------------------------------------------------------------------------------------            


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-------------------------------------------------------
Today's Power Bulletins
* Enron Shares Rise 4% on India Stake Sale Talk
* S&P Assigns Arizona Public Service BBB Rating
* S&P Rates Detroit Edison Bonds A-
* Sempra Energy Files Shelf for $2 Billion in Debt and Equity
* PanCanadian and Fording to Buy Back Shares
* Reliant Begins Building 800 MW Power Plant in Choctaw County, Mississippi
* Moody's May Still Raise FirstEnergy Units Ratings
* Siemens Signs Memorandum of Understanding with Nextek Power Systems
* Consumers Energy Customers Can Now Sign Up for Green Power Pilot Program
* Spire Corporation Installs 150 kW of Solar Power Systems on 3 Chicago Museums as Part of Public-Private Partnership
* California Retailers Association Supports PG&E Reorganization Plan
* Reliant Energy Minnegasco Announces No Surprise Bill Pilot Program for Residential Customers
* ComEd Rates Drop $135 Million October 1st
-------------------------------------------------------


Tata Power and Enron Negotiating Dabhol Sale



    Tata Power Company, India's largest private utility, is in preliminary talks with Enron to buy its stake in the troubled $2.9 billion Dabhol Power project. Tata Power plans to begin final negotiations with Enron after consultants have submitted a value report. But, Tata Power is already demanding Enron reduce its asking price. Indian financial institutions, which have lent around $1.4 billion to the project, are coordinating the efforts to find a buyer. Enron has a 65% stake in the project, Indian state utility Maharashtra State Electricity Board owns 15%and General Electric and Bechtel each own 10%. 
--------------------------------------------------------


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Todays Gas Bulletins
* e-Acumen Launches WeatherBook, Breakthrough Weather Risk Management Platform with Industry-Leading Analytics
* Southern California Gas Files $350 Million Shelf Offering
* Falcon Gas Storage and Emera Form Greyhawk Gas Storage Company
* EEX Indefinitely Shelves Bond Sale, Blames Market
* Republicans Trying to Attach Energy Legislation to Defense Spending Bill While Democrats Opposing Move Use Control of Senate to Fight It
* Abraxas Closes Successful Offer for Grey Wolf Exploration
* Samson Completes $80 Million Acquisitions in East Texas from Clayton Williams Energy
* Northern Border Pipeline Completes Project 2000
-----------------------------------------------------



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--------------------------------------------------------


Restart of Dabhol Power Project Proposed



    A panel established by the Indian state of Maharashtra has suggested that if all parties involved are willing to absorb the costs, the 2,184 MW Dabhol power project could be re-started. The panel suggested that if all the shareholders were willing to absorb the costs, the tariff on Dabhol's power could be reduced. The panel has also proposed that Enron, GE and Bechtel absorb a huge loss on their investment in the project. After a acrimonious dispute with the local utility, Enron had said it would like to abandon the project. The Maharashtra State Electricity Board, which had initially contracted to purchase all the power from Dabhol plant, subsequently defaulted on payments because it didn't need that much power and claimed it was too expensive. Enron claimed the utility was in violation of its contractual obligations. Dabhol took the dispute to the International Court of Arbitration in London, but Enron has said it would settle out of court if it could recover its costs. 
--------------------------------------------------------


Ziff Energy Group presents the





 North American Gas Strategies Conference





November 5 7  Calgary 



The Future of Western Canada's
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Join us for frank, in-depth discussion on the future of the Western Canada Sedimentary Basin. Top Canadian & U.S. gas industry leaders will address urgent concerns. 

Day 1:  Gas Outlook 2002: Supply, Pipelines, Markets, Price Outlook
Day 2:  Western Canadian Gas Supply Featuring speakers such as:
Ed Weber, Chairman, Reliability Assessment,  ERC Don Albon, Senior Vice President Aquila Capital & Trade
Ken Vollman, Chairman & CEO National Energy Board
Terry Schmidtke, GM Great Plains Business Unit PanCanadian 
Ted Bogle, VP Exploration Talisman Energy
Ken Sinclair, Chair Coalbed Methane Association
Graeme Phipps, VP Exploration - Petro-Canada
Nellie Cournoyea, Chair & CEO Inuvialuit Regional Corporation

Executive Roundtable 6 CEOs from Canada & US discuss the outlook for the
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--------------------------------------------------------


Congress to Hold Hearing on Alaska Natural Gas Pipeline




    Congress plans to consider a multi-billion dollar pipeline project to transport natural gas from Alaska today. A consortium of oil companies last week released a gloomy report on the project's economics. BP, Phillips Petroleum and Exxon Mobil unveiled a preliminary study on the project last week that showed smaller investment returns than previously estimated. The project is uneconomical at this point, but despite the study the project has not been shelved. The consortium will likely make a decision on the project by the and of the year. Depending on the route, it may cost between $15 billion and $17 billion. The 2000-mile southern route parallels the TAPS to Fairbanks, then turns to follow the Alaska Highway through the Yukon Territory and British Columbia, connecting with existing pipelines in Alberta. The 1,650-mile northern route runs east from the North Slope to the Mackenzie River delta, then south along the Mackenzie valley into Alberta. It would be cheaper, but would have to cross the Alaska National Wildlife Refuge. The Senate Committee on Energy and Natural Resources will hold a hearing today on legislation that may be needed to move pipeline construction forward. The hearing will  focus on ways the federal government can help improve project economics. The consortium has requested fast-track approval of FERC permits, but no direct federal subsidies for construction costs. The Bush administration says the project must be independently feasible and not rely on subsidies. Natural gas from Alaska could make up 10% of nations energy supplies by 2015, according to a study from the Interstate Natural Gas Supply Association of America. 
--------------------------------------------------------


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----------------------------------------------------------


California Has a Plan in Case Bond Sale Delayed




    Californias controller says that the state is on solid economic ground and is not facing a fiscal emergency, even if a proposed bond sale is postponed. The state is attempting to issue $12.5 billion in bonds to repay the general fund for $6.1 billion spent on buying power for Pacific Gas & Electric and Southern California Edison. The bond sale is being held up because state regulators have not approved the designation of a portion of the utilities rates to repay the bonds. Last month, the state sold $5.7 billion in revenue anticipation notes to boost the general fund and provide a buffer until the bonds can be sold. Since revenue anticipation notes must be repaid by the end of the fiscal year, California could issue revenue anticipation warrants to repay the notes if the bonds are not issued before. The state treasurer has warned that the states budget deficit could rise to $9.3 billion by the beginning of fiscal year 2003 if the bonds are not issued by then and state lawmakers would have to consider raising taxes or cutting spending.  
--------------------------------------------------------
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-------------------------------------------------------


Duke to Discuss Westcoast Energy Acquisition 



     Fred Fowler, president of Duke Energy Gas Transmission Group, and David Hauser, senior vice president and for Duke Energy Corporation will lead a discussion and answer analysts' questions at 4 PM EDT regarding the acquisition Westcoast Energy  Webcast may be accessed in the investors' section of the company's Website. Also, one may listen to the conference by calling 800/967-7184 and using confirmation code 686310.  International callers should use 719/457-2633.  
-----------------------------------------------------





                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
--------------------------------------------------------


Kinder Morgan Earnings




    Kinder Morgan says earnings are on track for the 3rd quarter and the year. Wall Street analysts expect KMI's 3rd-quarter earnings per share to range from $0.40 $0.50 per share. For the year, KM is expected to earn between $1.85 - $2.00 per share with an average of $1.89. Shares of KM were down $0.72, or 1.5% to $48.49. 
-------------------------------------------------------
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--------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 dropped 39.55 points to 6799.01
The CRB Index decreased 1.10 points to 189.39
The US Dollar declined 0.10 points to 113.08
The Dow slipped 10.73 points to 8836.83
The S&P 500 dipped 2.39 points to 1038.55
The Nasdaq was down 18.34 points to 1480.46
November NYMEX Crude Oil lost 0.15 to 23.28
Canadian-US Exchange slipped .0001 to 1.5789
-------------------------------------------------------
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<http://www.ziffenergyconferences.com/>
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