Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE
Friday, June 1, 2001 No. 752
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GAS FUTURES
Henry Hub
12 Month Strip  4.0668  -0.0769
18 Month Strip  4.0151  -0.0829
| Month | High  |  Low  | Close | Change |
| JUL   | 4.075 | 3.780 | 3.914 | -0.067 |
| AUG   | 4.150 | 3.860 | 3.990 | -0.065 |
| SEP   | 4.181 | 3.905 | 4.022 | -0.065 |
| OCT   | 4.205 | 3.930 | 4.048 | -0.069 |
| NOV   | 4.370 | 4.110 | 4.210 | -0.072 |
| DEC   | 4.525 | 4.270 | 4.373 | -0.074 |
| JAN   | 4.604 | 4.350 | 4.441 | -0.084 |
| FEB   | 4.440 | 4.225 | 4.324 | -0.084 |
| MAR   | 4.280 | 4.060 | 4.155 | -0.084 |
| APR   | 3.890 | 3.760 | 3.810 | -0.086 |
| MAY   | 3.800 | 3.675 | 3.735 | -0.086 |
| JUN   | 3.885 | 3.736 | 3.780 | -0.086 |


PHYSICAL GAS PRICES
| Gulf/Eastern Region              |        |
| Agua Dulce                       |  3.57  |
| ANR SE                           |  3.75  |
| Carthage TG                      |  3.70  |
| Chicago Citygate                 |  3.80  |
| Columbia Gulf Onshore            |  3.75  |
| Dominion TTT South(CNG S. Point) |  3.90  |
| Henry Hub                        |  3.77  |
| Houston Ship Channel             |  3.80  |
| Katy Hub                         |  3.78  |
| NGPL - Midcontinent              |  3.60  |
| NGPL STX                         |  3.58  |
| NGPL TX/OK                       |  3.64  |
| Niagara                          |  3.94  |
| Sonat Tier 1                     |  3.74  |
| TCO IPP Pool                     |  3.85  |
| Tetco ELa                        |  3.70  |
| Tetco M-3                        |  4.03  |
| Tetco STX                        |  3.57  |
| TGP Zone 0                       |  3.56  |
| TGP Zone 1                       |  3.73  |
| TGT Zone SL                      |  3.75  |
| New York Citygate                |  4.08  |
| Transco Station 65               |  3.80  |
| Transco Zone 6 (NY)              |  4.08  |
| Trunk ELa                        |  3.65  |
| Western Region                   |        |
| California Border                | 10.00  |
| El Paso Permian                  |  3.55  |
| El Paso San Juan                 |  3.03  |
| Waha Hub                         |  3.65  |
| Canadian/Rockies Region          |        |
| Nova/Aeco (in C$/GJ)             |  5.12  |
| Dawn Hub/Union                   |  3.94  |
| Northwest Stanfield              |  3.60  |
| Wyoming Pool                     |  2.80  |
| Opal                             |  2.86  |
| PGT-Malin                        |  4.20  |
| Sumas                            |  3.55  |


POWER FUTURES
| Month  |   COB   | Change  |   PV    | Change  |
| JUL    | 260.00  | -40.00  | 290.00  | -35.00  |
| AUG    | 300.00  | -60.00  | 325.00  | -40.00  |
| SEP    | 205.00  | -20.00  | 185.00  | -25.00  |
| OCT    | 180.00  | -25.00  | 130.00  | -25.00  |
| NOV    | 150.00  | -35.00  |  85.00  | -20.00  |
| DEC    | 170.00  | -30.00  |  90.00  | -20.00  |
| JAN    | 145.00  | -30.00  |  70.00  | -20.00  |
| FEB    | 130.00  | -30.00  |  60.00  | -20.00  |
| MAR    |  85.00  | -30.00  |  60.00  | -10.00  |
| APR    |  62.00  | -10.00  |  55.00  | -15.00  |
| MAY    |  62.00  | -10.00  |  55.00  | -15.00  |
| JUN    |  62.00  | -10.00  |  75.00  | -15.00  |
| Month  | Entergy | Change  | Cinergy | Change  |
| JUL    |  88.00  |  -2.00  |  83.00  |  -3.00  |
| AUG    |  88.00  |  -2.00  |  74.00  |  -1.00  |
| SEP    |  42.00  |  -0.50  |  36.00  |  -0.50  |
| OCT    |  36.00  |  +0.00  |  34.50  |  +0.25  |
| NOV    |  36.00  |  +0.00  |  34.50  |  +0.25  |
| DEC    |  36.00  |  +0.00  |  34.50  |  +0.25  |
| JAN    |  38.00  |  -0.50  |  37.00  |  -0.50  |
| FEB    |  38.00  |  -0.50  |  37.00  |  -0.50  |
| MAR    |  35.50  |  +0.00  |  34.50  |  +0.00  |
| APR    |  35.50  |  +0.00  |  34.50  |  +0.00  |
| MAY    |  40.00  |  +0.00  |  39.00  |  +0.00  |
| JUN    |  52.00  |  +0.00  |  49.00  |  +0.00  |


POWER FUTURES
| Month |  PJM  | Change |
| JUL   | 83.00 | -1.00  |
| AUG   | 73.00 | -1.00  |
| SEP   | 39.25 | -0.50  |
| OCT   | 36.00 | -0.25  |
| NOV   | 36.00 | -0.25  |
| DEC   | 36.00 | -0.25  |
| JAN   | 42.00 | +0.00  |
| FEB   | 42.00 | +0.00  |
| MAR   | 37.50 | +0.00  |
| APR   | 37.50 | +0.00  |
| MAY   | 40.50 | +0.00  |
| JUN   | 51.00 | +0.00  |


NATURAL GAS OPTIONS
|       | Closing | Days | Implied ATM |
| Month |  Price  | Left | Volatility  |
| JUL   |  3.914  |  27  |   58.49%    |
| AUG   |  3.990  |  57  |   57.58%    |
| SEP   |  4.022  |  90  |   57.00%    |
| OCT   |  4.048  | 118  |   57.45%    |
| NOV   |  4.210  | 149  |   58.01%    |
| DEC   |  4.373  | 181  |   58.45%    |


PHYSICAL POWER PRICES
|            |  High   |   Low   | Average |
|            |  $/MWh  |  $/MWh  |  $/MWh  |
| Cinergy    |  20.00  |  16.50  |  17.45  |
| ECAR       |  21.85  |  19.15  |  20.35  |
| ERCOT      |  37.50  |  36.00  |  36.75  |
| Entergy    |  28.00  |  26.00  |  26.70  |
| TVA        |  21.75  |  21.50  |  21.65  |
| ComEd      |  18.00  |  15.25  |  16.65  |
| PJM West   |  25.00  |  23.75  |  24.35  |
| Main       |  21.15  |  16.75  |  19.30  |
| MAPP       |  21.50  |  19.50  |  20.65  |
| Palo Verde | 225.00  | 140.00  | 152.95  |
| Mid C      | 200.00  | 145.00  | 179.40  |
| COB        | 165.00  | 165.00  | 165.00  |
| 4 Corners  | 200.00  | 165.00  | 174.30  |
| Mead       | 190.00  | 180.00  | 185.00  |
| NP 15      | 175.00  | 165.00  | 170.00  |
| SP 15      | 210.00  | 137.00  | 173.35  |
_______________________________________________

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_________________________________________________

Today's Power Bulletins
 * S&P Affirms Duke Energy  A+ Rating; Revises Outlook from Negative to
Stable
 * Fitch Rates Mirant Notes BBB
 * AES Sells $600 Million of Debt in 2 Parts
 * Plug Power Names Mark Schmitz New CFO; Stock Rebounds
 * Orion Power Announces Pricing of Public Offering of Common Stock and
Convertible Senior Notes
 * GE Power Systems Acquires A-C Compressor Group from Dover Corporation
 * Stage 2 Emergency Declared by California ISO, Need for Energy
Conservation is Critical
 * California Braces for More Rolling Blackouts as Temperatures Heat Up
 * FuelCell Energy Declares 100% Stock Dividend on Common Shares, Having
Effect of 2-for-1 Stock Split
 * Georgia Power Introduces EnergyDirect.com
 * New DTE Energy Formed with Closing of MCN Energy Group Merger
 * Mirant Closes Sale of $750 Million in Convertible Senior Debentures
 * City of Dallas Chooses AES NewEnergy to Supply Electricity During Texas
Electric Choice Pilot Program
 * Utility Partners Wraps Up 6th Annual Customer Conference in Clearwater
Beach, FL
 * Space Still Available in Texas Electric Choice Pilot Program; Up to 5% of
Customers Can Choose Retail Electric Provider

More stories with bulletins at http://www.enerfactsdaily.com
____________________________________________________

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________________________________________________

Today's Gas Bulletins
 * Brazil Announces Bolivia Natural Gas Import Rules Today
 * Western Fund Managers Back Ousting of CommunistEra Boss as Head of
Gazprom
 * Baytex Energy to Take Up and Pay for 30 Million Shares Representing 97.2%
of Shares in Triumph Energy
 * Precision Drilling Corporation Announces 30% Expansion in Snubbing Fleet
 * Williams Concludes Sale of Convenience Stores to Delek, The Israel Fuel
Corporation Ltd, for $147 Million
 * Pure Resources to Make Private Placement of $300 Million of Senior Notes
 * Abraxas Announces Sale of Non-Core Assets in Alberta for C$15.2 Million
 * Gulfstream Natural Gas System Begins Construction on $1.6 Billion, 1.1
Bcf per Day, 753-Mile Natural Gas Pipeline from Mississippi and Alabama to
Florida
 * Peoples Gas Prices Drop to September 2000 Level

More stories with bulletins at http://www.enerfactsdaily.com
__________________________________________________

North American Gas Storage Conference
Storage 2001 - 2002:
Source of Stability or Chaos?
June 22, Houston

Find the answers at Ziff Energy's natural gas storage conference.  A
blockbuster roster of industry leaders from the utility, trading, pipeline
and storage sectors in each of the North American storage regions will
present timely, relevant information you can use. This conference will
assist you in making critical decisions about your natural gas storage
strategy for peaking and the remaining seasonal base fill. The game has
changed - storage strategy has been kicked up a notch from buying for
seasonal fill to real-time risk management.

Session 1 Supply Shortage or Storage Inefficiencies: Last Winter's Saga
El Paso Corporation - Byron Wright, VP
Energy Information Administration, DOE - Jim Thompson, Industry Analyst
Keyspan Energy - David Manning, Senior VP, Corporation Affairs
Axia Energy - David Modesett, VP

Session 2 The Changing Storage Paradigm:
Dynamic Storage Service vs Seasonal Fill
AEC Storage & Hub Services Inc. - Rick Daniel, President
Williams Energy Marketing & Trading - Blake Herndon, Director, Risk
Management
NiSource Inc. - T.J. Aruffo, VP Energy Supply Services
Enron North America - Paul Bieniawski, Director
Duke Energy Gas Transmission - David Nightingale, VP MHP

Session 3 Pricing it Right and Reducing Risk:
Can We Expect Stability or Chaos in Winter 2001 - 2001?
Aquila Energy - Mark Cook, VP The Exchange Center Conoco Gas and Power
Marketing - Brad King, VP Storage
Sempra Energy Trading - Dan Guertin, Meteorologist

For more information or to register visit
http://www.ziffenergyconferences.com, call 1-800-853-6252,
or email us at gasconference@ziffenergy.com
________________________________________________

Natural Gas Futures Dip Lower

    Natural gas on the NYMEX closed lower yesterday, but the market found
support and bounced off intra-day lows. Pressure from high storage builds
and mild weather across the eastern half of the nation pushed the market
down from Wednesday's gains. Early losses were offset by fund and managed
account purchases as well as stop loss buying, but prevailing floor
sentiment prompted local and short-term traders to sell near the end of the
session. The July contract dipped $0.067 lower to $3.914 per MMBtu, after
rallying as high as $4.075 in after-hours Access trading following the
Wednesday's AGA report of a 99 Bcf injection last week. August lost $0.65 to
$3.99 per MMBtu. Total storage inventories are at 1.281 Tcf, 7 Bcf more than
a year ago, but about 27 Bcf below the 5-year average. The year-on-year
storage surplus was the first since January 2000. August futures lost $0.065
to $3.99 per MMBtu. Look for the market to open lower this morning as it
remains under pressure until hotter weatheris forecast or fear of a Gulf of
Mexico hurricane appears. Technical support is expected at $3.69 per MMBtu,
with resistance at $4.29. Morgan Stanley Research estimates new US
production will be 51.4 Bcf per day in 2001, compared with 49.6 Bcf per day
in 1999. Natural gas for next day delivery across the US and Canada was
generally $0.05  $0.15 per MMBtu higher yesterday. Western prices continued
to jump higher. Natural gas for next day delivery at the Henry hub gained
$0.11 to $3.77 per MMBtu.
________________________________________________

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_________________________________________________

Natural Gas NYMEX Volume
01JLY   50,355
01AUG    8,738
01SEP    2,719
01OCT    3,074
01NOV    1,572
01DEC    1,894
02JAN    2,055
02FEB    1,738
02MAR    1,918
02APR      594
02MAY    2,122
02JUN      277
02JLY      249
02AUG      241
02SEP      131
02OCT      617
02NOV    1,230
02DEC    2,153
03JAN       23
03FEB      267
03MAR      175
03APR      316
03MAY       18
03JUN       25
_______________________________________________

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_________________________________________________

ANR Cuts HIOS Volumes; Mainline Work Planned

    ANR Pipeline says volumes from the High Island Offshore System and West
Cameron near shore blocks have been reduced by 40 MMcf per day due to
compression outages at Grand Chenier. The reduction began Wednesday and will
remain in place until further notice. ANR is also planning to perform
pipeline maintenance on its Southeast Mainline beginning June 4th and
continuing through July 6th. The work will reduce capacity by 195 MMcf per
day from June 4th  10th, 225 MMcf per day June 11th  12th, and by 60 MMcf
per day June 13th  24th. June 25th  26th, capacity will be reduced by 140
MMcf per day and by 220 MMcf  per day from June 27th to July 3rd. The work
will cut capacity by 25 MMcf per day from July 4th  6th. ANR's system
consists of 10,600 miles of pipeline and 74 compressor stations with a
design peak capacity of about 6.6 Bcf per day.
__________________________________________________

"New Horizons Solutions for the 21st Century"

An Energy Efficiency Workshop and Exposition
Kansas City, Missouri
June 3 - June 6, 2001

For more information go to http://www.energy2001.eee.doe.gov
_________________________________________________

Guardian to Change Eminent Domain Procedures

    Guardian Pipeline has decided to change its approach to the eminent
domain procedures. Instead of using federal eminent domain statutes,
Guardian will now follow Wisconsin state procedures, a move that should help
appease  landowners. A group of landowners had contested FERC's decision to
certify the project, claiming to be misled about Guardian's plans for using
eminent domain.
_________________________________________________

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________________________________________________

Mexico Natural Gas Expansion Behind Schedule

   Mexico's natural gas expansion is behind schedule despite the foreign
companies Gas Natural, Gaz de France and Tractebel having met their
investment targets. The contractors have been unable to complete works on
time, bureaucracy has been excessive and natural gas prices have been
volatile. In mid-2000, Gas Natural bought Comercializadora Metrogas and is
now market leader committed to investing $428 million by 2004.
________________________________________________

Iroquois Recognized for Safety Record

    Iroquois Pipeline has been honored by the American Gas Association,
receiving their annual Safety Achievement Award for the 4th time. The AGA
honored 64 member companies during their Annual Operations Conference in
Dallas. "We take pride in our strong safety record, and in the emphasis each
of our employees places on personal and operational safety," said the
company president. The award honors companies who surpass the standards for
injuries and illnesses set by the OSHA. AGA members invest millions of
dollars each year to maintain an outstanding safety record and AGA honors
companies that are setting the pace in the important area of accident
prevention and workplace safety. Iroquois Gas Transmission System is the
owner of an interstate pipeline extending 375 miles from the US-Canadian
border at Waddington, NY, through the state of Connecticut to South Commack,
Long Island, NY. It has added two short lateral lines, several meter
stations and three compressor stations at Wright, Croghan, and Athens, NY.
________________________________________________
_______________________________________________

AEP Plans Trade Mission to Mexico

    Companies interested in exploring business opportunities in Mexico are
invited to participate in a trade mission that American Electric Power will
sponsor September 10th  14th. AEP, through its Going Global export
assistance program, will lead visits to Monterrey and Mexico City.
Participants will meet one-on-one and in small groups with representatives
of Mexican companies that want to do business with US firms. We have helped
nearly 70 companies develop sales in the Mexican market, says the
international development manager who heads the program. The US provides 74%
of Mexico's imports. Dozens of companies have found these trade missions a
cost-effective method to evaluate market potential and develop sales. AEP
launched Going Global in 1994 to help small to medium-sized businesses
develop and increase export sales of their products and services. The
registration deadline for the Mexico trade mission is July 17th.
_______________________________________________

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; 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
_____________________________________________

Experts Say Build More California Power
Plants and Ensure Competition

    As the Bush Administration continues to face harsh criticism in
California over perceived inaction regarding the energy crisis, industry
executives appear to be lining up behind Bush's assertion that enhancing the
availability and reliability of the nation's energy supply is the long-term
solution. And they consider creating more supply while maintaining the
transition to a deregulated marketplace crucial, reports the May issue of
Energy Competition Strategy Report, published by Atlanta-based NHI
Publications. One leading utility executive says the solution to the
nation's long-term supply problem is inescapable. "We need to build new
power plants. And those new plants will be built only if we allow the
competitive market to do its job," says William Hecht, chairman, president,
and CEO of Allentown, PA-based PPL Corp. Price caps - which California is
pushing for and Bush opposes - "reduce the incentive to invest in new
production and unnecessarily prolong and exacerbate the current supply and
demand mismatch," Hecht adds. PPL is aggressively developing new power
plants in Connecticut, New York, Pennsylvania, Washington, and Arizona that
will add more than 4,000 MW of supply. Other members of the Washington,
DC-based Electric Power Supply Association, such as ABB Energy Ventures of
Switzerland and Zeigler Coal Holding of Ashland, KY, are building new,
unregulated merchant power plants. Meanwhile, EPSA is asking Congress to
enact legislation that would allow federal eminent domain for transmission
siting and establish a standardized interconnection policy to make it easier
for generation companies to "get onto the grid." Other highlights of this
month's Energy Competition Strategy Report include: A new energy market
study finds that despite several major setbacks, including California's
ongoing crisis, the energy industry still has its sights set on achieving
full competition. Retail Energy Markets, produced annually by Xenergy, a
Burlington, MA, research firm, is featured in the report and includes a
wealth of data suggesting that, despite restructuring problems, the shift to
competition continues. - Get a detailed look at PowerSolution, a core
technology platform that helps energy companies manage their data by
integrating business applications, external trading partners, and legacy
systems. - Regional utilities are forging loyalties with big commercial and
industrial chains through National Accounts programs that provide
value-added, one-stop customer service. Award-winning Southern Co shares its
secrets to success. - Can fuel cells meet the growing demands for
electricity? A large energy company plans to build, operate, and maintain an
electric generation plant that will use six fuel cells to generate primary
electric supplies. - Evaluate opportunities for investment. Use this process
to assess whether any of 700 technologies spanning the energy value chain
are appropriate investments. Free 3-month trial subscriptions to Energy
Competition Strategy Report are available by sending an e-mail with your
full mailing address to nhi@nhionline.net.
______________________________________________


FINANCIAL SUMMARY
The TSE 300 climbed 60.46 points to 8161.87
The CRB Index fell 0.77 points to 209.00
The US Dollar increased 0.93 points to 119.15
The Dow gained 39.30 points to 10911.94
The S&P 500 rose 7.74 points to 1255.82
The Nasdaq was up 25.99 points to 2110.49
July NYMEX Crude Oil slipped 0.18 to 28.37
Canadian-US Exchange fell .0003 to 1.5457
_______________________________________________

CAMINUS
ENERGY SOFTWARE
SHOWCASE 2001
HOUSTON, TEXAS

You're Invited
To a four hour exposition of software and services that will set the new
standard for the energy trading, scheduling, and risk management. Join us
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Thursday, June 14, 2001. 3p.m. to 7p.m.
Houston Petroleum Club
800 Bell Avenue, 43rd Floor

For more information or to register on-line, visit http://www.caminus.com.
You may invite up to two qualified colleagues to join you.

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___________________________________________________

EnerfactsDaily Job Center at http://www.enerfactsdaily.com

New Job Postings Include:
 * Sales-Business Development
 * Operations Specialist
 * Account Director -Marketing/Transportation
_____________________________________________________

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