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Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE 
              Friday, June 21 2002 No. 1014
http://www.enerfax.com/


PHYSICAL NATURAL GAS PRICES   
Gulf/Eastern Region        
| Agua Dulce                 | 3.15  |
| ANR SE                     | 3.25  |
| Carthage (E.Tex)           | 3.25  |
| Chicago Citygate           | 3.29  |
| Columbia Gulf Onshore      | 3.28  |
| Dominion South Point       | 3.54  |
| Henry Hub                  | 3.29  |
| Houston Ship Channel       | 3.30  |
| Katy /Exxon                | 3.28  |
| NGPL LA Pool               | 3.24  |
| NGPL - Midcontinent        | 3.00  |
| NGPL STX                   | 3.17  |
| NGPL TX/OK (E.)            | 3.23  |
| NNG Demarc.                | 2.98  |
| Niagara                    | 3.34  |
| PEPL                       | 3.04  |
| Sonat Tier 1               | 3.25  |
| TCO IPP Pool               | 3.50  |
| Tetco ELa                  | 3.26  |
| Tetco M-3                  | 3.63  |
| Tetco STX                  | 3.15  |
| TGP Zone 0                 | 3.18  |
| TGP Zone 1 (500 Leg)       | 3.24  |
| TGT Zone SL                | 3.26  |
| New York Citygate          | 3.67  |
| Transco Station 65         | 3.33  |
| Transco Zone 6 (NY)        | 3.67  |
| Trunk E.La                 | 3.19  |
| Western Region             
| California Border          | 3.24  |
| El Paso Keystone (Permian) | 3.05  |
| El Paso Blanco (San Juan)  | 2.64  |
| Waha Hub                   | 3.12  |
| Canadian/Rockies Region    
| Nova/Aeco (C$/gig)         | 3.22  |
| Dawn Hub/Union             | 3.25  |
| Northwest Stanfield        | 2.36  |
| Wyoming Pool               | 1.28  |
| Opal                       | 1.27  |
| PGT-Malin                  | 2.62  |
| Sumas                      | 2.07  |
           Flow Date 6/21 

Looking for free daily natural gas basis and oil prices? Click here to
subscribe
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NATURAL GAS FUTURES
12 Month Strip 3.6505  -0.0728
18 Month Strip 3.7553  -0.0566
| Month | High  |  Low  | Close | Change |
| JUL   | 3.375 | 3.165 | 3.216 | -0.098 |
| AUG   | 3.440 | 3.230 | 3.276 | -0.111 |
| SEP   | 3.465 | 3.275 | 3.307 | -0.110 |
| OCT   | 3.505 | 3.300 | 3.349 | -0.108 |
| NOV   | 3.780 | 3.610 | 3.644 | -0.093 |
| DEC   | 4.035 | 3.860 | 3.904 | -0.080 |
| JAN   | 4.120 | 3.970 | 4.004 | -0.070 |
| FEB   | 4.070 | 3.920 | 3.951 | -0.059 |
| MAR   | 3.980 | 3.850 | 3.871 | -0.053 |
| APR   | 3.860 | 3.730 | 3.761 | -0.035 |
| MAY   | 3.835 | 3.730 | 3.744 | -0.030 |
| JUN   | 3.875 | 3.750 | 3.779 | -0.026 |
-------------------------------------------------------------
Natural Gas Futures Drop Sharply After EIA Revisions 

    Natural gas for July delivery on the NYMEX lost 3% yesterday, settling
down $0.098 at $3.216 per MMBtu. The August contract lost $0.111 to $3.276
per MMBtu. The market opened higher but had a $0.19 sell-off after the EIA
reported this week's storage injection of 81 Bcf, about what was expected.
But the EIA also revised storage numbers back to November of last year. It
added 41 Bcf to last week's total, bringing the sellers out in droves.
Look for more selling today. Locals have $3.08 per MMBtu in their sights,
and will likely hit it today. Trading houses will be scale-down buyers,
and with fund selling, locals will continue to push the market downward.
Spreads also will dominate the market the closer the contract gets to next
week's expiration. Estimated volume was 111,500 contracts, with 48,900 as
spreads. The NYMEX crude oil contract expires today.  Natural gas for next
day delivery across the US and Canada was generally $0.05 to $0.15 higher
yesterday. Natural gas for next day delivery at the Henry hub gained $0.06
to $3.29 per MMBtu.
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-------------------------------------------------------------
Today's Power Bulletins
 * DTE to Sell 5.5 Million Shares of Common Stock at $43.25 per Share and
6 Million Equity Units at Public Offering Price of $25 per Unit
 * Puget Sound Energy Electric-Rate Plan Approved by WUTC; Collaborative
Process Results in One of the Lowest Rate Hikes in Northwest
 * Calpine Calls 2002 Profit Forecast 'A Challenge'
 * Tractebel Faces Peru Bribe Allegation Probe
 * Pacific Gas and Electric Company Responds to State Senate Committee;
Says It Did Not Have Any Business Relationships with Perot Systems
 * NIPSCO Agrees to Credit $55 Million Each Year to Electric Customers for
4 Years
 * El Paso Electric Signs Energy Agreement with Mexico's CFE
 * Northwest Power Plunges to 7-Year Low on Excessive Hydro and
Transmission Problems
 * New England Peak Power Prices Rise on Heat, Unit Outages
 * Mid-Continent Power Prices Slip as Demand Thins
 * Virginia-Carolinas Power Prices Dip on Cooler Weather and More Supply
-------------------------------------------------------------
Natural Gas NYMEX Volume
02JLY   47,622
02AUG   11,675
02SEP    6,754
02OCT    4,014
02NOV    1,769
03DEC    2,431
03JAN    2,137 
03FEB      818
03MAR    3,058
03APR    2,690
03MAY      762
03JUN      327
03JLY      842
03AUG      322
03SEP      48
03OCT    3,030
03NOV      227
03DEC    2,287
04JAN      397
04FEB      245
04MAR    1,769
04APR    1,521 
04MAY       32
04JUN      211
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-------------------------------------------------------------
Pemex to Offer Multiple Service Contracts for Natural Gas Production

    Pemex plans to open a data room in November for companies interested
in up to 8 politically contested multiple service contracts to produce
natural gas in the Burgos basin along the Texas border. Pemex says the
contracts would be finalized and the development blocks defined in
October. Pemex will offer the much debated multiple service contracts
individually in quick succession in November. The contracts would then be
evaluated by February and signed in March of 2003. The data room will
provide detailed seismic information about the blocks of land to be
developed, each of which is 200-650 square miles. Pemex and the government
are inviting private participation in order to double non-associated
natural gas production at Burgos to about 2 Bcf per day in order to meet
growing demand by 2006. The contracts have garnered more interest than
expected, with about 75 companies from around the world seeking more
information. Under the Mexican constitution, Pemex is not allowed to offer
a  percentage of the commodity produced as payment to companies,  because
all natural resources must remain in the hands of a government agency. The
contracts are seen as a chance to gain a foothold in Mexico's closed
hydrocarbon industry. The new contracts will be renewable for up to 20
years instead of only 1 or 2 years. Opponents say they are a means of
privatizing the country's oil and natural gas industry, which was
nationalized in 1938 and is widely regarded by citizens as a symbol of
Mexican sovereignty and economic independence. Pemex will be examining the
companies solvency, experience and execution capacity before awarding the
contracts.
-------------------------------------------------------------
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-------------------------------------------------------------
SEC Launches Formal Investigation into Reliant 

    Reliant Resources has been advised by the SEC that it has issued a
formal order in connection with its investigation of certain financial
reporting by the company.  The investigation will focus on round trip
trades and on the transactions that led to a restatement of the 2001
financial results earlier this year.  These matters were previously the
subject of an informal investigation. Reliant Resources has pledged to
continue cooperating fully with the SEC staff.  A formal order of
investigation authorizes the SEC staff to compel testimony and production
of
documents, including from individuals who are not or are no longer
affiliated with Reliant Resources or Reliant Energy. The order addresses
Reliant Resources' 2001 financial statements.  In addition, the order,
which is also directed to Reliant Energy, addresses Reliant Energy's
financial statements for 1999 and 2000, when the businesses that are now
part of Reliant Resources were held by Reliant Energy. Reliant Energy also
continues to work with the SEC regarding the proposed restructuring of
Reliant Energy and the spin-off of Reliant Resources.
-------------------------------------------------------------
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PHYSICAL POWER PRICES
|            |  High  |  Low   | Average  |
|            | $/MWh  | $/MWh  |  $/MWh   |
| Cinergy    | 31.00  | 28.00  |  29.35   |
| ECAR       | 33.50  | 28.00  |  30.50   |
| ERCOT(SC)  | 28.05  | 24.00  |  27.55   |
| Entergy    | 33.10  | 31.00  |  32.45   |
| TVA        | 39.95  | 34.30  |  36.35   |
| ComEd      | 28.50  | 27.25  |  27.90   |
| Nepool     | 38.00  | 36.75  |  37.30   |
| PJM West   | 37.00  | 34.00  |  34.55   |
| Main       | 36.00  | 27.00  |  30.20   |
| MAPP       | 32.00  | 27.00  |  29.50   |
| Palo Verde | 36.50  | 32.50  |  35.10   |
| Mid C      |  5.00  |  3.00  |   3.95   |
| COB        | 20.25  | 19.75  |  19.90   |
| 4 Corners  | 36.50  | 35.00  |  35.15   |
| Mead       | 39.25  | 35.50  |  37.60   |
| NP 15      | 31.00  | 26.50  |  27.90   |
| SP 15      | 34.00  | 31.50  |  33.05   |
                 Power Delivered 6/21
-------------------------------------------------------------
Todays Gas Bulletins
 * FERC Chairman Pat Wood Featured Speaker Today at National Energy
Marketers Association's Annual Meeting in Washington
 * Lehman Brothers Raises Rating of Amerada Hess to 'Strong Buy' from
'Market Perform' Citing Prospects for Production Growth and Its Stock
Price
 * EIA Posts 3rd. and Largest Data Revision; Increases Stocks 41 Bcf
 * South Korea Must Sign New LNG Contracts Soon
 * Waste Management to Supply Landfill Gas from South Carolina Palmetto
Landfill to BMW's Manufacturing Facility
 * Class Action Lawsuit Filed Against Dominion and VEPCO to Recover for
Property Taken Without Compensation
 * Epic Oil and Gas Signs Definitive Agreement to Purchase Blue Parrot
Resources
 * AGA Gas Continues E-Business Momentum with HAHT Commerce
 * TradeSpark Relocates Headquarters to Houston
 * Aquila to Pull Out of British, European Energy Trading 
-------------------------------------------------------------
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-------------------------------------------------------------
PHYSICAL POWER PRICES (Cont)
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| NY Zone A  | 35.00 | 31.00 |  31.10  |
| NY Zone G  | 40.00 | 38.00 |  38.25  |
| NY Zone J  | 57.50 | 56.50 |  57.20  |
| Fla-Ga Bdr | 35.00 | 32.00 |  33.70  |
| FRCC       | 45.00 | 27.00 |  35.00  |
| Va Power   | 34.00 | 31.00 |  32.50  |
| VACAR      | 34.00 | 31.00 |  32.50  |
| SERC       | 40.00 | 25.00 |  32.65  |
| SPP        | 37.00 | 28.00 |  30.50  |
| Houston    | 35.50 | 34.50 |  34.95  |
                Power Delivered 6/21
-------------------------------------------------------------
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TXU Settles with Texas PUC

    TXU has reached a settlement with the Texas PUC over disputed
transmission and distribution rates and other issues related to the
state's $16 billion power market, which was deregulated on January 1st.
The settlement involves TXU units Oncor and TXU Energy, and will permit
TXU to sell $1.3 billion in bonds. The deal also calls for TXU to repay
customers $350 million over a 2-year period. TXU filed a plan to comply
with the Texas Electric Choice Act with the PUC in December after lengthy
negotiations with the commission and consumer groups. The $350 million
payment resolves disputes about money from excess earnings kept by TXU to
cover generating costs it did not expect to recoup once deregulation was
under way. The PUC had ordered TXU to refund almost $1.7 billion to
customers. TXU disagreed with the ruling, arguing that the PUC could not
legally order the refund.
-------------------------------------------------------------
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Coal Industry Lays Off Thousands

    A sharp increase in coal industry layoffs are the results of months of
mild weather and a stagnating economy have led to falling demand and
sizable surpluses. Coal jobs in West Virginia dropped over 6% this year,
from 18,700 in January to less than 17,500 now. That drop does not include
another 700 miners at Consol Energy's Robinson Run, Blacksville and
Humphrey mines in north-central West Virginia. Miners there are idled this
week, on paid vacation the next two and uncertain after that. Massey
Energy is cutting 800 of its 5,000 workers in southern West Virginia.
Anker Coal Group laid off 190 miners this spring in Barbour and Upshur
counties. Peabody Energy laid off nearly 200 in Boone County. Last week,
American Electric Power's Kentucky Coal laid off 57 miners across eastern
Kentucky, while Coastal Coal laid off 123 miners in Kentucky's Letcher
County. Consol plans to idle its Shoemaker mine in Moundsville this month.
It previously idled the McElroy mine in the same city, with 650 jobs on
hold between the two operations. Also, market uncertainty has led Anker to
delay reopening the Sentinel Mine in Barbour County from June until fall
at the earliest.
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-------------------------------------------------------------
PPL Issues Rebuttal of PJM Capacity Market Manipulation

    PPL Corp has issued a rebuttal to allegations made by Pennsylvania PUC
 that it unfairly manipulated power prices. After reviewing PPL's actions
in the PJM capacity market, the PUC released a report last week accusing
the company's subsidiary, PPL EnergyPlus, of manipulating wholesale power
markets when prices suddenly jumped from $5.00 per MWh to $177.00 per MWh
in January of 2001. PPL says that there was no independent fact-finding,
no interviews of witnesses, and no review of documents and records, other
than various filings and materials provided by PJM, before the commission
released its report. The PUC report accused PPL of deliberately
withholding power from the capacity market on the PJM grid in order to
create an artificial shortage and drive prices up. PPL contends that all
of its transactions in the capacity market were legal and ethical, and in
compliance with applicable laws and regulations. PPL argues that PJM's
market rules did not prohibit its actions at the time. But, by April 2001,
when PJM changed its rules with FERC, capacity prices fell sharply and
returned to normal price patterns, the PUC said. PPL also pointed out that
the FERC had approved the design and operation of the PJM capacity market,
and after 2 investigations, did not take any action against the company.
Separately, PPL has said it would eliminate 600 jobs, or 7% of its work
force to cut costs. In addition it will reduce capital spending on new
power plants by $1.3 billion.
------------------------------------------------------------
5th Annual Electric Market Forecasting Conference, 
Sept. 12 & 13, 2002 

Portland, OR USA, Skamania Lodge (45 minutes East of Portland
International Airport)

Navigating Future Energy Markets presentations on emerging resource
development options, transmission considerations, fuel strategies and
approaches to managing uncertainty in volatile energy markets.  Speakers
from General Electric Power Systems, Gas Technology Institute, NREL, UBS
Warburg, Coral Energy, FPL Energy, Williams Energy Marketing and Trade,
Siemens Power Transmission & Distribution, TransAlta, and Capstone Global
Energy and more.  Sponsored by EPIS, Inc., developers of the AURORA
electric market model.For more information, go to
http://www.epis.com/epis_events/events.htm
or call 503-722-2023. 
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-------------------------------------------------------------
Dynegydirect Shutdown Until Market Stabilizes

    Dynegy sent an e-mail to customers of DynegyDirect on Wednesday night,
notifying them that the online trading system was being shutdown due to
market developments and the poor credit environment in the energy
industry. Dynegy characterized the closure as a discontinuation of
activities not a termination of the Dynegydirect portal. The company said
that DynegyDirect would be reactivated when the market stabilizes and when
energy demand justifies the use of the site. Dynegy said it will continue
to trade with customers in North America and the UK by telephone and that
it would honor any online trades executed through June 19th. DynegyDirect
provided its 2,300 users with real-time information on over 750 products
and services including power, natural gas, natural gas liquids and coal.
Dynegy was a counter-party to each trade made on Dynegydirect, similar to
the way EnronOnline operated. Traders said users were forced to limit
their exposure amid growing doubts about the company's liquidity.
EnronOnline was shutdown just days before the company filed for
bankruptcy, leading some to speculate that the same fate may be in store
for Dynegy. However, others in the industry point out that the closure is
consistent with Dynegy's recent reorganization efforts. The company has
announced a number of steps it intends to take to improve its balance
sheet and liquidity in hopes of reassuring investors and credit rating
agencies. On Wednesday, Dynegy cut about 6% of its workforce, including
about 50 members of its trading unit, and announced the replacement of its
chief financial officer. ChevronTexaco owns 26.5% of Dynegy and has pumped
billions of dollars into the company. Many are now watching ChevronTexaco
to see what role it intends to play in Dynegy's future.
-------------------------------------------------------------
Nymex Natural Gas Option Volatility  
Supplied by "The Daily Hedger"
http://www.linkcounter.com/go.php?linkid=217700

         Futures                        Implied                        
Month   Settlement     Days Left       Volatility
Jul	$3.216		 4	 	57.3%
Aug	$3.276	 	35		51.3%
Sep	$3.307	 	67		51.1%
Oct	$3.349		96		50.9%
Nov	$3.644         126		51.5%
Dec	$3.904	       157		51.0%
Jan	$4.004	       188		51.7%
Feb	$3.951	       222	 	51.7%
Mar	$3.871         250		41.0%
Apr	$3.761	       279		41.4%
                      
-------------------------------------------------------------
EIA Natural Gas Storage Report

            Week                           5     % Diff  Estimated
           Ending    Prev          Prev   Year   From 5  Standard
| Region | 6/14/02 | Week | Diff | Year |  Avg  |Year Avg|Error(Bcf)
| East   |  1058   | 1003r|  55  |  911 |  952  |  11.1  |   23
| West   |   303   |  293r|  10  |  235 |  246  |  23.2  |    1
| Prod   |   735   |  719r|  16  |  517 |  535  |  37.4  |   42
| Total  |  2096   | 2015r|  81  | 1664 | 1733  |  20.9  |   48
-------------------------------------------------------------
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-------------------------------------------------------------
Perot Systems Provides Data to California State Senate Committee

    Perot Systems has sent 5 boxes of data to California officials who are
investigating the company for allegedly providing energy traders with
information on how to exploit the states flawed deregulated power market.
The information includes 10,000 pages of presentations, e-mails and
letters related to Perots attempts to sell its energy services and
software. The Perot Systems documents, some of which have been posted on
its Web site, will also be filed with the SEC, the company said. Perot
Systems has retained former FERC economist and author, Steven Stoft, to
review its California dealings. H Ross Perot has agreed to testify before
the California Senate Select Committee to Investigate Price Manipulation
of the Wholesale Energy Market on July 11th. According to the head of the
committee, after Perot Systems built information technology systems for
the California ISO and the California Power Exchange, the company gave
Reliant and Enron tips on how to manipulate the flawed California power
market, while trying to sell them energy services and software. Neither
company had any significant dealings with Perot Systems, which has denied
any wrongdoing. Perot said the discussions contained in a document
provided by Reliant were based on publicly available information and the
problems were corrected before California's deregulated market opened in
April, 1998. The state senate committee chairman said he intends to seek a
subpoena for additional documents to ensure there are no omissions in the
materials delivered yesterday. California's governor has forged ahead with
a request that the FERC launch an investigation into Perot Systems, in an
attempt to find deeper pockets from which to seek refunds than those of
bankrupt Enron.
-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 dropped 29.16 points to 7218.60
The CRB Index added 2.11 points to 204.21
The US Dollar decreased  0.90 points to 108.88
The Dow declined 81.76 points to 9479.81
The S&P 500 dipped 9.53 points to 1010.46
The Nasdaq was down 22.44 points to 1474.39
July NYMEX Crude Oil climbed 0.29 to 25.60
Canadian-US Exchange fell 0.0100 to 1.5314
-------------------------------------------------------------
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