Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE 
   Thursday, January 31 2002 No. 924
Visit: http://www.enerfax.com  to view our web version or for Oil Prices & News http://www.enerfaxgold.com 

PHYSICAL NATURAL GAS PRICES   
Gulf/Eastern Region     
| Agua Dulce              | 1.97  |
| ANR SE                  | 2.06  |
| Carthage TG             | 2.05  |
| Chicago Citygate        | 2.12  |
| Columbia Gulf Onshore   | 2.06  |
| Dominion South Point    | 2.20  |
| Henry Hub               | 2.07  |
| Houston Ship Channel    | 2.12  |
| Katy Hub                | 2.06  |
| NGPL LA Pool            | 2.03  |
| NGPL - Midcontinent     | 2.01  |
| NGPL STX                | 2.00  |
| NGPL TX/OK              | 2.03  |
| NNG Demarc.             | 2.09  |
| Niagara                 | 2.30  |
| Sonat Tier 1            | 2.05  |
| TCO IPP Pool            | 2.15  |
| Tetco ELa               | 2.05  |
| Tetco M-3               | 2.38  |
| Tetco STX               | 1.98  |
| TGP Zone 0              | 2.01  |
| TGP Zone 1 (500 Leg)    | 2.05  |
| TGT Zone SL             | 2.06  |
| New York Citygate       | 2.39  |
| Transco Station 65      | 2.13  |
| Transco Zone 6 (NY)     | 2.40  |
| Trunk ELa               | 2.07  |
| Western Region         
| California Border       | 2.17  |
| El Paso Keystone        | 2.05  |
| El Paso San Juan-Blanco | 2.05  |
| Waha Hub                | 2.05  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 2.93  |
| Dawn Hub/Union          | 2.24  |
| Northwest Stanfield     | 2.06  |
| Wyoming Pool            | 1.95  |
| Opal                    | 1.97  |
| PGT-Malin               | 2.13  |
| Sumas                   | 2.06  |
Flow Date 1/31
-------------------------------------------------------------
NATURAL GAS FUTURES
Henry Hub 
12 Month Strip  2.5059       
18 Month Strip  2.6197    
| Month | High  |  Low  | Close | Change |
| MAR   | 2.115 | 2.030 | 2.080 | +0.013 |
| APR   | 2.180 | 2.100 | 2.147 | -0.003 |
| MAY   | 2.260 | 2.200 | 2.230 | -0.010 |
| JUN   | 2.340 | 2.290 | 2.310 | -0.010 |
| JUL   | 2.420 | 2.350 | 2.380 | -0.013 |
| AUG   | 2.465 | 2.410 | 2.440 | -0.013 |
| SEP   | 2.470 | 2.435 | 2.440 | -0.018 |
| OCT   | 2.490 | 2.450 | 2.466 | -0.022 |
| NOV   | 2.725 | 2.694 | 2.694 | -0.024 |
| DEC   | 2.940 | 2.900 | 2.909 | -0.024 |
| JAN   | 3.030 | 3.000 | 3.007 | -0.024 |
| FEB   | 3.010 | 2.965 | 2.965 | -0.026 |
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Natural Gas Futures Up Slightly after AGA Report

Natural gas futures for March delivery on the NYMEX gained $0.013 yesterday to $2.08 per MMBtu. The April contract lost $0.003 to $2.147 per MMBtu. February expired Tuesday at $2.006 per MMBtu, the lowest expiration since October's $1.83 finish. The market opened higher, dropped off quickly and spent most of the day slowly recovering as prices hovered above $2 per MMBtu, chopping inside a $2.03  $2.11 range after the AGA released the storage report. Only 111 Bcf were withdrawn from storage last week, keeping the year-on-year surplus at about a Tcf. There is now 2.294 Tcf in storage. Look for an extended time of bottom-building, reflecting very poor fundamentals but not much room on the downside to operate. Quick short-covering rallies may appear, but everyone knows they really cant go anywhere and stay. The implied volatility for options is deteriorating. Fewer strike prices that will be coming into jeopardy mean a quiet, narrow and sideways market with a downward bias a! head. The market likely is headed into a boring non-eventful period. Longer term, supply-demand is tightening up. With the recession ending this summer along with expected smaller injections, the market has a huge $0.92 forward carry between the March contract and January 2003. Estimated volume was 78,500 contracts, with 30,000 of those hedges or spreads. Natural gas for next day delivery across the US and Canada was generally up $0.05  $0.15 yesterday as cash kept pace with the NYMEX, propped up by short-term cold in the Midwest and West, as well as end-of-month balancing and cash-outs. Natural gas for next day delivery at the Henry hub gained $0.10 to $2.07 per MMBtu.
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Today's Power Bulletins
* Fording 4th Quarter Profit Jumps 100% on Higher Coal Prices
* Legal Experts Disagree on GAO-Cheney Dispute
* Enron Wind Too Risky for German Turbine Maker Nordex
* Williams Remains Committed to Retaining Current Investment-Grade Rating; Market Reaction to Earnings Pre-Release Called Overblown
* FirstEnergy Reports Higher 4th Quarter and Record Year-End Earnings
* FTC Grants NorthWestern Anti-Trust Clearance for Pending Acquisition of Montana Power's Utility Business
* UtiliCorp United Completes Offering of 12,500,000 Shares of Common Stock at $23
* Western and Northeast Spot Electricity Prices Gain on Colder Weather
* ECAR Power Prices Slip as Ample Generation Offsets Weather
* Southeast Spot Power Prices Rise 
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AGA Natural Gas Storage Report

Week                                    Prev      
Ending    Prev                   Prev    Year    
| Region | 1/25/02 | Week | Diff | % Full | Year | % Full| 
| Prod   |  684    |  707 | -23  |  72%   |  296 |  31%  |      
| East   | 1250    | 1319 | -69  |  68%   |  723 |  39%  |  
| West   |  360    |  379 | -19  |  71%   |  222 |  44%  |   
| Total  | 2294    | 2405 |-111  |  70%   | 1241 |  38%  |  
-------------------------------------------------------------

Mirant to Restructure in European Operations

Mirant is restructuring its European operations in an effort to improve liquidity. It expects $50 million per year in annual savings from the move. Mirant may sell all or some of its marketing and risk management operations in Europe as part of the restructuring. Mirant says 100 of its 150 European employees work in the marketing unit. It has $750 million in available cash and credit, enough liquidity to do business, even though its credit rating was cut to junk status last month. The capital constraints do not make it possible for Mirant to create the portfolio of assets required to justify a presence in risk management. Mirant will close its Berlin office as part of the restructuring. The company reaffirmed it commitment to power-plant projects in Italy and Norway and a UK power plant in which it has stakes. Shares of Mirant have fallen 61% in the past year. 
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Natural Gas NYMEX Volume
02FEB   63,582
02MAR   30,950
02APR    9,404
02MAY    4,773
02JUN    1,994
02JLY    1,640
02AUG    3,868
02SEP    1,650
02OCT    3,223
02NOV    3,944 
02DEC      826
03JAN    1,436
03FEB      261
03MAR      682
03APR      127
03MAY      315
03JUN      366
03JLY      313
03AUG      226
03SEP       36
03OCT       29
03NOV      308
03DEC      629
04JAN      470
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Investors Wary of Earnings Restatements

The collapse of Enron and worries about Tyco Internationals accounting for its numerous acquisitions have made investors wary. During the 1990s, Wall Street would overlook complex or difficult to understand financial statements, but no longer. Restating earnings can lead a stock sell-off. Anadarkos shares dipped over 7% yesterday after it restated 3rd quarter earnings to include $1.7 billion in charges to reflect lower values for its oil and natural gas assets. Its shares eventually recovered and closed the day down about 1%. Investors are also scrutinizing companies with high debt levels because they are too dependent on borrowing to support growth. Cendant, which owns Avis, has a number off-balance-sheet entities and over $6 billion in debt. It also has been subject to an investigation of its accounting practices in the past. Cendant has seen its shares fall by over 18% in less than a month. And Tyco shares fell about 18% to $27.50 in the morning, before rallying to tr! ade up 4.5% at $35.15 at sessions close.
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PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 19.00 | 17.05 |  18.20  |
| ECAR       | 20.25 | 16.25 |  18.70  |
| ERCOT      | 19.85 | 18.50 |  19.40  |
| Entergy    | 17.50 | 16.50 |  16.65  |
| TVA        | 21.70 | 19.90 |  20.80  |
| ComEd      | 19.25 | 18.75 |  19.05  |
| Nepool     | 30.25 | 30.00 |  30.05  |
| PJM West   | 22.00 | 21.25 |  21.40  |
| Main       | 19.50 | 18.00 |  18.90  |
| MAPP       | 21.00 | 19.55 |  20.00  |
| Palo Verde | 27.50 | 23.00 |  25.00  |
| Mid C      | 20.20 | 18.80 |  19.55  |
| COB        | 22.95 | 21.95 |  22.35  |
| 4 Corners  | 26.00 | 23.75 |  24.90  |
| Mead       | 26.00 | 25.00 |  25.70  |
| NP 15      | 25.10 | 23.70 |  24.35  |
| SP 15      | 25.50 | 23.75 |  24.65  |
Power Delivered 1/31
-------------------------------------------------------------

FERCs Brownell Wants Enron Investigated on California Power

FERC commissioner Nora Brownell says that the commission should investigate whether Enron manipulated wholesale electricity prices in California. Enron has been accused by Western states politicians of raising prices in long-term supply contracts following California's power crisis. Brownell made her comments after Chairman Pat Wood testified before the Senate Energy Committee about Enron's impact on the nations energy markets. The electricity crisis was linked to California's failed deregulation scheme that did not encourage new plant construction and barred the state's utilities from passing through higher wholesale prices to consumers. Still pending before a FERC administrative law judge is California's demand for $9 billion in alleged overcharges by wholesale suppliers, including Enron. That case is likely to be determined this spring. However, Brownell was very noncommittal on what action FERC should take if any market manipulation was found to have occurred. So far! , there is no price data to show Enron did anything wrong, she said. The FERC has not officially opened an investigation yet but is expecting a formal request from Democratic Senators Dianne Feinstein of California and Maria Cantwell of Washington. 
-------------------------------------------------------------

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 http://www.desert-crossing.com 
-------------------------------------------------------------

Todays Gas Bulletins
* GAO to Sue Vice President Cheney Over Refusal to Turn Over Information Related to Work of Energy Task Force
* Several New Enron Hearings Added to Next Week's Congressional Calendar; Two Hearings Scheduled for Monday and Former CEO Lay Expected to Make Appearance at Both
* Steve Cooper, Charged with Raising Enron from the Ruins, Plans to Avoid Liquidation by Rebuilding Company in Old Image as Regulated Natural Gas Pipeline Operator
* Existing Cozy Self-Regulatory System that Coddles Accountants Headed for Shredder as Lawmakers React to Enron Collapse and Wave of Wall Street Accounting Fears
* Kerr-McGee Files $2 Billion Mixed Shelf of Debt Securities, Common and Preferred Stock, Warrants, Guarantees and Stock Purchase Contracts and Units
* Howell Sets 10% Stock Dividend, 2001 Production Up 10%
* FERC Approves El Paso Request to Expand Pipeline to Export Natural Gas to Mexico
------------------------------------------------------------

Williams Seeks to Avoid Credit Downgrade

Executives from Williams will meet with credit rating agencies today in a bid to retain an investment grade debt rating. Shares of Williams have fallen  25% since it postponed its 4th quarter report on Tuesday. The delay was caused by a review of up to $2.4 billion in costs from Williams Communication Group, which was spun off in April. In its preliminary 2001 report, Williams per share profit rose to $2.35 from $2.33 in 2000. Williams expects to earn $2.65 to $2.75 per share in 2002. With the downfall of Enron, energy traders have been subjected to increased scrutiny by credit rating agencies. Calpine, Dynegy, and Mirant all saw their debt downgraded last month. Williams says it expects its credit rating to be upheld and that it has properly accounted for the communication group spin-off. If Williams debt falls below investment grade, almost $1.4 billion in debt of Williams Communications Group could be accelerated. It could also owe $750 million for fiber optic network! leases and $250 million for other expenses related to the communications unit. A class-action lawsuit has been filed against Williams and Williams Communications, claiming the companies mislead investors on the spin-off. Moody's rates Williams long-term credit as Baa2 and S?rates it BBB+. 
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Anadarko Admits Accounting Mistake

Anadarko Petroleum has admitted that it also has an accounting problem. Its accountants evidently used the wrong figures to calculate the worth of some of the its properties. Anadarko will have to restate its 3rd quarter results by writing off more than $1 billion after tax. Its stock, however, fell less than 2% yesterday, the day after the accounting error was disclosed. After Enron, any amount of trouble with a company's books can send its stock tumbling. Shares of Tyco International lost nearly 20% yesterday after irregularities and accounting problems arose. PNC Financial Services Group and Williams have also been hard hit by concerns about their accounting this week. So Anadarkos stock may yet pay the price. Anadarko claims to be embarrassed by the mistake, but there has been no good explanation of why it happened. The problem centers on properties acquired when it bought UPR in July 2000. Because prices have recently dropped, the company had to write-down the valu! e of properties on its books. But in determining the write-down of the UPR properties, it somehow used the wrong tax basis. 
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-------------------------------------------------------------
POWER FUTURES  
| Month |   COB   | Change |   PV    | Change |
| MAR   |  19.00  | +0.00  |  21.00  | +0.00  |
| APR   |  19.75  | +0.00  |  22.75  | +0.00  |
| MAY   |  19.00  | +0.00  |  23.50  | +0.00  |
| JUN   |  21.00  | +0.00  |  27.25  | +0.00  |
| JUL   |  28.50  | +0.00  |  37.50  | +0.00  |
| AUG   |  38.50  | +0.00  |  42.75  | +0.00  |
| SEP   |  32.00  | +0.00  |  32.50  | +0.00  |
| OCT   |  29.00  | +0.00  |  27.75  | +0.00  |
| NOV   |  28.25  | +0.00  |  26.75  | +0.00  |
| DEC   |  28.25  | +0.00  |  27.25  | +0.00  |
| JAN   |  30.00  | +0.00  |  28.50  | +0.00  |
| FEB   |  30.00  | +0.00  |  28.00  | +0.00  |
| Month | Entergy | Change | Cinergy | Change |
| MAR   |  19.50  | +0.00  |  21.00  | +0.00  |
| APR   |  20.00  | +0.00  |  21.50  | +0.00  |
| MAY   |  23.25  | +0.00  |  24.75  | +0.00  |
| JUN   |  27.50  | +0.00  |  30.00  | +0.00  |
| JUL   |  34.75  | +0.00  |  38.15  | +0.00  |
| AUG   |  34.75  | +0.00  |  38.15  | +0.00  |
| SEP   |  21.80  | +0.00  |  23.00  | +0.00  |
| OCT   |  22.25  | +0.00  |  22.60  | +0.00  |
| NOV   |  22.25  | +0.00  |  22.60  | +0.00  |
| DEC   |  22.25  | +0.00  |  22.60  | +0.00  |
| JAN   |  24.25  | +0.00  |  26.00  | +0.00  |
| FEB   |  24.25  | +0.00  |  26.00  | +0.00  |
------------------------------------------------------------
Power Futures     
| Month |  PJM  | Change |
| MAR   | 24.25 | +0.00  |
| APR   | 24.75 | +0.00  |
| MAY   | 28.40 | +0.00  |
| JUN   | 35.00 | +0.00  |
| JUL   | 46.00 | +0.00  |
| AUG   | 46.00 | +0.00  |
| SEP   | 26.80 | +0.00  |
| OCT   | 25.75 | +0.00  |
| NOV   | 25.75 | +0.00  |
| DEC   | 25.75 | +0.00  |
| JAN   | 30.10 | +0.00  |
| FEB   | 30.10 | +0.00  |
-------------------------------------------------------------

Democrats Claim Deregulation Bill Has Loopholes

Deregulation of the nation's $200 billion power industry may have hit a snag after a couple Democratic senators claimed it could contain regulatory loopholes. The Democrats say that the provision would allow any affiliate of a utility holding company that held investment securities of companies with an indirect interest in the electric or natural gas utility business to avoid registering with the SEC. In a letter to the SEC the senators argued that such an unregistered company would not be subject to the same regulations as other investment companies. They allege that it creates potentially dangerous loopholes in the system of investor protection that has enabled the mutual fund industry to grow successfully over the last 60 years. A House energy subcommittee is expected to hold a bill writing session next month to formulate a federal power deregulation plan. The SEC was also asked to rethink its support for repeal of the 1930s Public Utility Holding Act. The act was cre! ated to protect consumers from some utilities which issued stocks and bonds based on shaky assets, evaded state regulations, and quickly expanded their holdings through questionable financial deals. House Republicans contend the law is outdated and inhibits the creation of bigger, more efficient power markets. Before Enrons collapse, some Democrats also supported repealing the law. The power industry also has lobbied for years for the law to be struck down. The Senators claim that Enron followed in the footsteps of utility holding companies in the Depression years by creating a highly complex corporate structure for the apparent purpose of obscuring significant information from investors and engaging in self-dealing transactions with affiliated entities. In 1995, a SEC report contended that the public utilities holding act could be eliminated because utilities must disclose other detailed financial information to the agency. 
-------------------------------------------------------------

Energy Seminars, Inc. Announces Key Seminar Offerings for January:
Energy Seminars will be going to Florida and Calgary in 2002!

Click to http://www.energyseminars.com  to see our 2002 schedule.
Register on-line at http://www.energyseminars.com  or call Registrar Gina Patrick
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-------------------------------------------------------------

FINANCIAL SUMMARY
The TSE 300 lost 18.31 points to 7548.83
The CRB Index fell 0.38 points to 186.93
The US Dollar increased 0.24 points to 119.62
The Dow advanced 144.99 points to 9618.24
The S?500 rose 12.93 points to 1113.57
The Nasdaq was up 20.45 points to 1913.44
March NYMEX Crude Oil dropped 0.50 to 19.08
Canadian-US Exchange climbed 0.0008 to 1.5912
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