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Sent: Monday, August 27, 2001 11:16 PM
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Subject: [enerfaxdaily] New California Energy Board at Odds With FERC


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Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE
Tuesday, August 28, 2001 No. 813

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PHYSICAL NATURAL GAS PRICES   
Gulf/Eastern Region     
| Agua Dulce              | 2.53  |
| ANR SE                  | 2.54  |
| Carthage TG             | 2.56  |
| Chicago Citygate        | 2.59  |
| Columbia Gulf Onshore   | 2.74  |
| Dominion South Point    | 2.70  |
| Henry Hub               | 2.60  |
| Houston Ship Channel    | 2.64  |
| Katy Hub                | 2.59  |
| NGPL - Midcontinent     | 2.48  |
| NGPL STX                | 2.53  |
| NGPL TX/OK              | 2.55  |
| NNG Demarc.             | 2.52  |
| Niagara                 | 2.73  |
| Sonat Tier 1            | 2.59  |
| TCO IPP Pool            | 2.74  |
| Tetco ELa               | 2.54  |
| Tetco M-3               | 2.89  |
| Tetco STX               | 2.50  |
| TGP Zone 0              | 2.50  |
| TGP Zone 1              | 2.53  |
| TGT Zone SL             | 2.59  |
| New York Citygate       | 2.90  |
| Transco Station 65      | 2.63  |
| Transco Zone 6 (NY)     | 2.90  |
| Trunk ELa               | 2.49  |
| Western Region         
| California Border       | 2.88  |
| El Paso Permian         | 2.52  |
| El Paso San Juan        | 2.32  |
| Waha Hub                | 2.53  |
| Canadian/Rockies Region 
| Nova/Aeco (in C$/GJ)    | 3.21  |
| Dawn Hub/Union          | 2.72  |
| Northwest Stanfield     | 2.28  |
| Wyoming Pool            | 2.14  |
| Opal/Kern River         | 2.15  |
| PGT-Malin               | 2.57  |
| Sumas                   | 2.21  |
---------------------------------------------
NATURAL GAS FUTURES
Henry Hub
12 Month Strip  3.0524 -0.1543        
18 Month Strip  3.1888 -0.1529        
| Month | High  |  Low  | Close | Change  |
| SEP   | 2.640 | 2.530 | 2.544 | -0.162  |
| OCT   | 2.695 | 2.565 | 2.582 | -0.154  |
| NOV   | 2.910 | 2.830 | 2.840 | -0.156  |
| DEC   | 3.270 | 3.130 | 3.140 | -0.160  |
| JAN   | 3.425 | 3.280 | 3.290 | -0.160  |
| FEB   | 3.320 | 3.240 | 3.253 | -0.157  |
| MAR   | 3.220 | 3.160 | 3.173 | -0.152  |
| APR   | 3.080 | 3.080 | 3.090 | -0.150  |
| MAY   | 3.180 | 3.110 | 3.110 | -0.150  |
| JUN   | 3.220 | 3.150 | 3.154 | -0.150  |
| JUL   | 3.260 | 3.210 | 3.204 | -0.150  |
| AUG   | 3.300 | 3.250 | 3.249 | -0.150  |
-------------------------------------------------------------
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---------------------------------------------------------
POWER FUTURES  
| Month |   COB   | Change |   PV    | Change |
| SEP   |  45.00  | +0.00  |  40.25  | -5.75  |
| OCT   |  41.00  | +0.00  |  41.00  | +0.00  |
| NOV   |  41.50  | +0.00  |  40.50  | +0.00  |
| DEC   |  52.50  | +0.00  |  42.00  | +0.00  |
| JAN   |  50.00  | +0.00  |  40.00  | +0.00  |
| FEB   |  44.00  | +0.00  |  38.00  | +0.00  |
| MAR   |  38.00  | +0.00  |  36.00  | +0.00  |
| APR   |  33.50  | +0.00  |  33.75  | +0.00  |
| MAY   |  33.50  | +0.00  |  35.75  | +0.00  |
| JUN   |  33.50  | +0.00  |  47.75  | +0.00  |
| JUL   |  57.00  | +0.00  |  59.75  | +0.00  |
| AUG   |  57.00  | +0.00  |  59.75  | +0.00  |
| Month | Entergy | Change | Cinergy | Change |
| SEP   |  29.45  | -0.65  |  26.35  | -0.25  |
| OCT   |  26.65  | -0.90  |  25.75  | -0.65  |
| NOV   |  26.15  | -1.05  |  25.55  | -0.30  |
| DEC   |  27.95  | -1.05  |  27.05  | -0.95  |
| JAN   |  29.00  | -1.50  |  29.25  | -1.25  |
| FEB   |  29.00  | -1.50  |  29.25  | -1.25  |
| MAR   |  28.25  | -1.75  |  29.50  | +0.25  |
| APR   |  28.25  | -2.25  |  29.50  | +0.25  |
| MAY   |  31.50  | -1.25  |  31.25  | -0.75  |
| JUN   |  41.50  | -0.75  |  41.25  | -1.25  |
| JUL   |  53.75  | -1.50  |  56.25  | -1.25  |
| AUG   |  53.75  | -1.50  |  56.25  | -1.25  |
-----------------------------------------------------------
POWER FUTURES
| Month  |  PJM  | Change |
| SEP    | 30.20 | -0.55  |
| OCT    | 29.20 | -0.65  |
| NOV    | 29.20 | -0.65  |
| DEC    | 29.20 | -0.65  |
| JAN    | 33.95 | -0.90  |
| FEB    | 33.95 | -0.90  |
| MAR    | 32.00 | -0.10  |
| APR    | 32.00 | -0.10  |
| MAY    | 33.50 | -0.25  |
| JUN    | 43.50 | -0.25  |
| JUL    | 58.50 | -1.75  |
| AUG    | 58.50 | -1.75  |
------------------------------------------------------------
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--------------------------------------------------------------
Natural Gas Futures and Cash Tumble 

    Natural gas futures for September delivery on the NYMEX tumbled $0.162 to $2.544 per MMBtu yesterday, after hitting a 18-month low on weak overall fundamentals. The October contract dropped $0.154 to $2.582 per MMBtu. The September contract traded at its lowest price since February 2000 when it reached a low of $2.53. Bearish fundamentals are triggered by last week's revised storage, mild weather and no tropical storm action on the immediate horizon. Last week, the AGA revised the prior week's reported data up 47 Bcf in addition to the higher than expect injection for the that week. The falloff is in preparation for this week's expected much higher than normal.  Most of New England and interior New York state will experience mild weather this as will most of the Pacific coast. Temperatures will turn mild in the Midwest, northern Plains and Northeast later this week, putting more pressure on the market. Look for prices to open lower this morning and continue under pressure. September options expire today and futures tomorrow. Look for next support at $2.43 and then $2.39; with resistance seen at $2.83, and then $2.97. Natural gas for next day delivery across the US and Canada was generally $0.15 to $0.20 lower yesterday, except out West where spot prices dipped about $0.05. Natural gas for next day delivery at the Henry hub lost $0.17 to $2.60 per MMBtu. 
-----------------------------------------------------------



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---------------------------------------------------
PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 32.00 | 28.50 |  29.85  |
| ECAR       | 32.15 | 28.70 |  30.40  |
| ERCOT      | 36.00 | 31.00 |  32.70  |
| Entergy    | 32.15 | 30.00 |  32.00  |
| TVA        | 35.75 | 34.70 |  35.45  |
| ComEd      | 31.00 | 29.00 |  29.85  |
| PJM West   | 40.00 | 38.00 |  38.60  |
| Main       | 32.00 | 29.00 |  30.70  |
| MAPP       | 36.00 | 33.50 |  34.75  |
| Palo Verde | 60.00 | 49.00 |  56.25  |
| Mid C      | 47.00 | 43.50 |  45.15  |
| COB        | 46.50 | 45.00 |  45.65  |
| 4 Corners  | 61.00 | 51.00 |  55.80  |
| Mead       | 62.00 | 51.00 |  58.20  |
| NP 15      | 52.00 | 48.00 |  49.30  |
| SP 15      | 52.00 | 48.00 |  49.60  |
-----------------------------------------------
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Exceptionally fast and easy to learn, AURORA reflects fundamental market drivers and gives power marketers, resource developers and portfolio managers a better way to manage against market uncertainty and price volatility.  

AURORA delivers - 
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AURORA's comprehensive databases cover all electricity markets throughout the U.S. and Canada. The model also handles storage, congestion pricing, and offers detailed reporting and data export capabilities. It can be used as a stand-alone tool or be integrated with your other business tools. 

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--------------------------------------------------------
NATURAL GAS OPTIONS
|       | Closing | Days  | Implied ATM |
| Month |  Price  | Left  | Volatility  |
| SEP   |  2.544  |   2   |   79.75%    |
| OCT   |  2.582  |  30   |   71.22%    |
| NOV   |  2.840  |  61   |   64.13%    |
| DEC   |  3.140  |  93   |   57.30%    |
--------------------------------------------------------
Today's Power Bulletins
* Alliant Energy Selects KWI for Enterprise-Wide Trading and Risk Management
* Texas Independent Energy Announces 1,000 MW Odessa Natural Gas Fired Power Plant Fully Operational
* California ISO Offers Audio 'System Conditions' Line for News Media
* AES to Acquire PSEG Global's Interests in 5 Jointly Held Argentine Businesses for $376 Million
* Calpine Completes Acquisition of 1,200 MW Saltend Energy Centre in England
* Texas in Big Push to Develop More Wind Power
* eScout and UtiliCorp Unite in Partnership
* Mirant to Develop 1,200 MW Natural Gas Fired Power Plant in Gastonia, North Carolina; Commercial Operations in Summer of 2004
* Hungry North Korean Coal Miners Strike
* Western Spot Power Prices Rise on Increased Weather Related Demand
* Unit Outage and New York City Heat Props Up New York Spot Power Prices
* Mid-Continent Peak Power Prices Slide Amid Limited Demand; Transmission Line Loading Relief Measures to Increase
* Most Southeast Spot Power Prices Decline Amid Mild Weather
-------------------------------------------------------
Cypress Natural Gas, LLC
"Citygate Gas Marketing Experts" for the mid-Atlantic Region
Cypress Natural Gas, LLC specializes in the delivery to the VNG, BG&E, WGL,CGV, PECO, Col. of Maryland Citygates. We  market citygate supply to large commercial and  industrial accounts, as well as, wholesale marketing to marketers with limited regional experience. For more information, please
call Richard W. Gechter, Jr. at (757) 496-2100
--------------------------------------------------------
Today's Gas Bulletins
* Spot Natural Gas Prices Pressured Lower by NYMEX Losses and Mild Temperatures
* Compass Energy Announces 4 for 1 Stock Split
* Texaco Plans Pipeline in Colombia to Export $5 Billion of Natural Gas to Venezuela Over 10 Years
* Fitch Views BGE's Wholesale Contract as Supportive of Rating
* El Paso Merchant Energy Names Peter Smith to Senior Management Team
* Williams Signs $10 Million Weather and Climate Research Alliance with the University of Oklahoma; Largest Between Private US Corporation and University Meteorology Program
--------------------------------------------------------
Natural Gas NYMEX Volume
01SEP   22,330
01OCT   12,350
01NOV    6,328
01DEC    3,085
02JAN    2,830
02FEB    1,497 
02MAR    1,817
02APR    1,040
02MAY    1,930
02JUN      235
02JLY      595
02AUG    1,086
02SEP    2,012
02OCT      222
02NOV      146
02DEC      214
03JAN      163
03FEB       15
03MAR       10
03APR      107 
03MAY      112
03JUN        7
03JLY        7
03AUG        6
-------------------------------------------------------
Rig Utilization Drops

    Gulf of Mexico offshore rig utilization fell 6 rigs to 74.6% last week, a 22-month low, according to ODS-Petrodata Group. The 159 rigs under contract out of a total of 213. European offshore rig utilization was steady at 97%, with 98 of the region's 101 rigs under contract. Worldwide offshore rig utilization fell 7 rigs to 85.8%, with 560 of 653 under contract.
--------------------------------------------------------









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To receive more information or a free demonstration, we invite you to contact us at 713-266-7771 or visit our web site at <http://risk.sungard.com/ENERGY>
--------------------------------------------------------
Blast Hits Canadian Natural Gas Storage Facility

     A Canadian natural gas storage facility exploded Sunday, sending a huge fireball into the sky over Fort Saskatchewan, Alberta.  The explosion happened at a BP Canada Energy pipeline processing plant when natural gas from a malfunctioning wellhead ignited. There were no reported injuries. The fire was located in an underground storage facility and is being allowed to burn itself out as it is too hot for firefighters to get close. 
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These assessments will answer your questions and provide our independent insight and commentary.

To subscribe or for more information, please call toll free Ron Ford in Houston at 1-888-736-5780 e-mail to: rford@ziffenergy <http://rford@ziffenergy/> or Bill Gwozd in Calgary at 1-800-853-6252 
e-mail to: bgwozd@ziffenergy.com <http://bgwozd@ziffenergy.com/>

Visit our website at <http://www.ziffenergy.com/> to preview our marketing brochure.
--------------------------------------------------------
AGL Lowers Guidance for 2001

    AGL Resources has revised downward its fiscal 2001 earnings guidance due to overstatement of revenue and net income by SouthStar Energy Services. AGL says it will earn between $1.49 and $1.51 per share in fiscal 2001, below Wall Street estimates of $1.55 per share. AGL, Dynegy and Piedmont Natural Gas have interests in SouthStar. AGL claims SouthStar's management has overstated net income and revenues since 1998 by about $27 million. Of which AGL's portion is about $14 million. Last month, AGL filed a complaint on behalf of SouthStar to have Dynegy Marketing and Trade provide a full account of its activities as asset manager for SouthStar. AGL owns 50% of SouthStar; Piedmont, 30%; and Dynegy Marketing and Trade, 20%.
--------------------------------------------------------
 PNW 2001:
Current Realities, Future Expectations
Pacific Northwest Gas Strategies Conference
October 2,2001 Portland,Oregon (at the Hilton Portland)

Hear Commissioner Wilson Condon, State of Alaska, describe how Alaska gas supply will energize the Pacific Northwest supply portfolio. And let Joe Marushack, VP, ANS Gas Commercialization for Phillips Alaska, tell you about
the plans to make these supplies a reality.

Get additional gas supply updates from Art Eastly, President & CEO, Canadian Forest Oil Ltd. (NWT) and Lanny Outlaw, President & CEO, Western Gas Resources (Rockies).

Our keynote speaker on transportation will be Michael Stewart, Executive VP,Westcoast Gas Pipeline. Also discussing pipeline expansions will be: Peter Lund, PG&E Transmission, NW; Kirk Morgan, Williams Gas Pipeline West; Donald Zinko, Colorado Interstate Gas; and Randy Jespersen, BC Gas Utility Ltd.
You'll also have an opportunity to hear the latest on Questar's new salt cavern storage facility - available to the PNW - from Questar's Gary Schmitt.

Find out views on future demand growth in the PNW from keynote speaker Dick Reiten, Chairman & CEO, NW Natural. Hear how the Bonneville Power Administration plans to reconnect with its supply contracts from Acting Administrator & CEO, Steve Wright. Also hear what Paula Pyron, Executive Director, NW Industrial Gas Users, has to say about her constituents' needs.

For more information please visit:
http://www.ziffenergyconferences.com
call 1-800-853-6252,
or email us at gasconference@ziffenergy.com <http://gasconference@ziffenergy.com/>
----------------------------------------------------------
JP Morgan Cuts Forest and Louis Dreyfus Ratings

     JP Morgan has cut its ratings on Forest Oil and Louis Dreyfus Natural Gas to 'market performer' from 'long-term buy', citing lower forecasts for natural gas prices. The downgrades came after JP Morgan revised its 3rd quarter Henry Hub natural price forecast to $2.90 per MMBtu from $3.25 per MMBtu. It also dropped its 4th quarter forecast to $2.75 MMBtu from $3.75 per MMBtu. Other than lower expected natural gas prices, JP Morgan had nothing but good things to say about both companies, calling Louis Dreyfus as a well-run company with attractive assets, and noting that Forest offers attractive exploration upside potential relative to peers and appears to be set for a strong year in terms of reserve additions after recent drilling success in the Cook Inlet of Alaska.
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--------------------------------------------------------
DOE Project to Help Nuclear Power Plant Construction

  The DOE has unveiled a pilot project which will encourage private companies to consider new nuclear power plant sites. The DOE wants private companies to submit early requests to have potential sites licensed with the NRC, and has dedicated  $700,000 to subsidize site permitting studies. The plan is to help break down barriers affecting future near-term deployment of new nuclear power plants. The DOE program will look at existing sites, green-field sites and federal sites. Applications for the program are due by October 15th.  
--------------------------------------------------------
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-------------------------------------------------------
Enron Wind May Be Overvalued

    Enron is reportedly having problems in a effort to sell Enron Wind, with top prospective buyers saying the company is too expensive and there is no need to consolidate. The world's largest supplier of wind turbines with a third of the global market, Danish Vestas Wind Systems, says their strategy is grow on their own as the market grows, and will not even consider buying Enron Wind. The global wind power market is predicted to increase by an annual average rate of 19% per year over the next ten years. Enron Wind has unofficially been up for sale for several years, but has not received any reported serious interest near the asking price. German-Danish Nordex is actively seeking potential acquisition candidates and was talking to Enron Wind, but says it is too highly valued. Last week, Enron's wind turbine unit was valued at $725 million. NEG Micon, with a market share more than twice as large as Enron Wind, is worth $860 million based its stock price. 
-----------------------------------------------------
Enerfax Job Center & News
New Openings include:
* Pipeline Compliance Specialist
* Software Sales
* Jr/Sr Derivative/Risk Analyst

Visit <http://www.enernetenergy/> for these and more new job listings. 
--------------------------------------------------------
Aquila Launches Energy Risk Management Service
  
    Aquila has launched Risk180, a product that offers full-service management of commodity transactions, delivered daily, weekly or monthly via the Web. Risk180 will be marketed to utilities, municipalities, energy aggregators and small energy marketers, as well as large industrials. Using a password-protected Web-interface, clients send Aquila their transactions or trades, which are then processed through the its proprietary system. The client then receives daily, weekly or monthly risk analysis and deal pricing reports. Aquila's Radius Group jointly developed Risk180 with SunGard. Risk180 will initially handle only natural gas transactions. Power transaction capabilities will be added in the near future. Data available to clients includes detailed portfolio valuation, evening over-the-counter trade previews, mark-to-market income reports, total position reports as well as forward curves, deal capture and value-at-risk calculations.
--------------------------------------------------------

                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
--------------------------------------------------------
Phase II of Odessa Power Plant Begins Commercial Operations

    Texas Independent Energy, a 50/50 joint venture of PSEG Global of New Jersey and privately held Panda Energy International of Dallas, has begun commercial operation of the 2nd 500 MW power block of the 1,000 MW power generation plant in Odessa, Texas.  The 1st phase went on line last month.  The Odessa plant is one of two 1,000 MW generation plants owned and operated by TIE.  The other 1,000 MW plant in Guadalupe, Texas began operations last January. 
-------------------------------------------------------
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--------------------------------------------------------
New California Energy Board at Odds with FERC

    In its first meeting, the California Consumer Power and Conservation Financing Authority was told that plans to build additional natural gas storage fields will provide the state with insurance against sudden price hikes resulting from supply shortages. California's governor has given the authority for up to $5 billion to build more power plants, add natural gas storage, increase renewable energy, and create conservation incentives. However, there are concerns that the agency will dampen enthusiasm for private investment in the state's beleaguered power system. In order to control their own destiny, officials say that California needs a sufficient surplus of natural gas to ensure competition. Mirroring its accusations against power generators, California has alleged that natural gas pipeline companies created non-existent shortages to drive up prices. However, the mandate given to the authority by the governor could put the state on a collision course with the FERC, which claims exclusive jurisdiction under the Federal Power Act. The authority will expire in 2006, unless the state legislature revives it.
-------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 gained 32.28 points to 7662.24
The CRB Index decreased 0.33 points to 199.22
The US Dollar declined 0.08 points to 113.39
The Dow dropped 40.34 points to 10382.35
The S&P 500 lost 5.72 points to 1179.21
The Nasdaq was down 4.39 points to 1912.41
September NYMEX Crude Oil fell 0.23 to 26.67
Canadian-US Exchange climbed .0012 to 1.5422
-------------------------------------------------------
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