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If you have not been receiving your Enerfax Daily ,as below, and wish
to continue please reply to notice@enerfax.com Enerfax Daily NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE Monday, November 26, 2001 No. 873 Visit: http://www.enerfax.com/ or for Oil Prices & News http://www.enerfaxgold.com/ PHYSICAL NATURAL GAS PRICES | Agua Dulce | 1.66 | | ANR SE | 1.86 | | Carthage TG | 1.74 | | Chicago Citygate | 1.88 | | Columbia Gulf Onshore | 1.83 | | Dominion South Point | 2.14 | | Henry Hub | 1.93 | | Houston Ship Channel | 1.82 | | Katy Hub | 1.75 | | NGPL LA Pool | 1.80 | | NGPL - Midcontinent | 1.70 | | NGPL STX | 1.71 | | NGPL TX/OK | 1.76 | | NNG Demarc. | 1.75 | | Niagara | 2.01 | | Sonat Tier 1 | 1.86 | | TCO IPP Pool | 1.98 | | Tetco ELa | 1.88 | | Tetco M-3 | 2.17 | | Tetco STX | 1.80 | | TGP Zone 0 | 1.75 | | TGP Zone 1 (500 Leg) | 1.77 | | TGT Zone SL | 1.90 | | New York Citygate | 2.33 | | Transco Station 65 | 1.98 | | Transco Zone 6 (NY) | 2.35 | | Trunk ELa | 1.81 | | Western Region | California Border | 1.57 | | El Paso Keystone | 1.59 | | El Paso San Juan-Blanco | 1.44 | | Waha Hub | 1.66 | | Canadian/Rockies Region | Nova/Aeco (C$/gig) | 2.48 | | Dawn Hub/Union | 2.08 | | Northwest Stanfield | 1.57 | | Wyoming Pool | 1.43 | | Opal/Kern River | 1.46 | | PGT-Malin | 1.62 | | Sumas | 1.71 | --------------------------------------------- ENERGYMARKS: Offering depth and breadth of transactional data, and uniquely positioned to create leading market indicators for fast-developing competition within North American Gas and Power markets. Available only through FAME Energy, your one-stop shopping for Energy software, analytics and data management solutions. Go to http://www.fame.com/energyMarketing/energyMarks.html for details. -------------------------------------------- NATURAL GAS FUTURES Henry Hub 12 Month Strip 3.0382 -0.0777 18 Month Strip 3.1651 -0.0932 | Month | High | Low | Close | Change | | DEC | 2.880 | 2.735 | 2.813 | -0.039 | | JAN | 3.050 | 2.790 | 2.991 | -0.050 | | FEB | 3.090 | 3.000 | 3.036 | -0.045 | | MAR | 3.080 | 2.970 | 3.005 | -0.061 | | APR | 3.052 | 2.910 | 2.945 | -0.081 | | MAY | 3.060 | 2.960 | 2.983 | -0.085 | | JUN | 3.080 | 3.020 | 3.023 | -0.085 | | JUL | 3.120 | 3.090 | 3.060 | -0.086 | | AUG | 3.170 | 3.090 | 3.093 | -0.089 | | SEP | 3.180 | 3.100 | 3.095 | -0.099 | | OCT | 3.200 | 3.150 | 3.117 | -0.071 | | NOV | 3.390 | 3.330 | 3.297 | -0.109 | -------------------------------------------------------------- RISK MANAGEMENT Across the Energy Enterprise e-Acumen, Inc., is uniquely positioned to help you manage risk and increase value. That's because our analytics, data and applications cover all strategic aspects of the energy enterprise, from short-term forecasting to comprehensive risk analysis and portfolio optimization, to asset valuation and weather risk management. Dedicated to the needs of energy and trading companies in a dynamic and competitive world, our approach combines best-in-class physical fundamentals with industry-leading statistical methodologies. e-Acumen is a venture-backed company founded in January, 1997. Since then we have listened attentively to the market and assembled a stellar cast of seasoned energy industry professionals and Silicon Valley technologists. Join us as we help the industry continue its path toward liquidity and profitable, risk-managed growth in the exciting years ahead! Click here to find out more about current special offers, or go to http://www.e-acumen.com --------------------------------------------------------- Natural Gas Futures Dip as Cash Tumbles Natural gas futures for December delivery on the NYMEX dipped only $0.039 to $2.813 last Wednesday with traders concerned about a near-term rallying trend and possible colder weather soon. The January contract settled at 2.991 per MMBtu, down $0.05. January fell 5.0 cents to settle at $2.991/MMBtu. Last Wednesday, the AGA reported a higher than expected 15 Bcf storage injection, even so defensive short covering was seen after the report, primarily from locals and trades. There is now 3.132 Tcf in storage, more than the previous high of 3.127 Tcf in November 1998. In December of that year, physical prices fell below $1 per MMBtu. The AGA revised the previous week's injection from of 7 Bcf to 17 Bcf, accounting for the additional 10 Bcf on the total. Physical prices plunged as marketers discounted the long, low-demand holiday weekend. Expect more selling today if sustained cold forecasts do not appear. The long holiday had almost no industrial demand, so unless the cold is sustained, there is little hope for higher prices. The huge gap between November cash prices and December futures prices is a good indication that the futures market is ripe for a huge sell-off as early as today, as it follows cashs lead down. Natural gas for next day delivery across the US and Canada tumbled $0.15 $0.30 per MMBtu. Natural gas for next day delivery at the Henry hub lost $0.13 to $1.93 per MMBtu. ----------------------------------------------------------- ZIFF ENERGY GROUP: NEW INDEPENDENT STUDY NORTHERN GAS PROSPECTS and IMPACTS Ziff Energy Fundamental Analysis + Scenario Analysis utilizing GPCM Model This 160+ page comprehensive multi-client assessment focuses on the critical issues and challenges facing the commercialization of the Northern gas in Alaska and the Canadian Mackensie Delta area and the impact of this gas on the North American natural gas market. ? Timing and volume scenarios for these new deliveries ? Impact on North American Markets - target markets ? Pipeline Infrastructure: Flow Dynamics - Capacity Needs ? Critical Regulatory Issues ? Impact on key North America Gas Prices. These assessments will answer your questions and provide our independent unbiased insight and commentary on this "mega" natural gas supply. To subscribe or for more information, please call toll free Ron Ford in Houston at 1-888-736-5780 e-mail to: rford@ziffenergy. or Bill Gwozd in Calgary at 1-800-853-6252 e-mail to: bgwozd@ziffenergy.com Visit our website at http://www.ziffenergy.com to preview our marketing brochure. ----------------------------------------------------------- Today's Power Bulletins * North American Electric Reliability Council Released Winter Assessment Reporting:Generating Supply Should Meet or Exceed Estimated Energy Consumption Enron to Use Power Plant Interests to Back Loan * APX Celebrates Record Trading on UK Exchange. Montana Power Permitted to Postpone Annual Meeting Until 2002. * Montana Power Sells $150 Million in 5-Year Notes. Calpine Announces Development of 1,000 MW Chippokes Energy Center in Surry County, Virginia * E.ON Considers US Acquisitions ----------------------------------------------------------- AGA Natural Gas Storage Report Week Prev Ending Prev Prev Year | Region |11/16/01 | Week | Diff | % Full | Year | % Full| | Prod | 863 | 850 | 13 | 91% | 664 | 70% | | East | 1783 | 1783 | 0 | 98% | 1643 | 92% | | West | 476 | 474 | 2 | 94% | 341 | 68% | | Total | 3122 | 3107 | 15 | 95% | 2648 | 81% | ----------------------------------------------------------- Energy Seminars, Inc. Announces Key Seminar Offerings for November: November 27-28 - Houston Petroleum Products Hedging November 29-30 - Las Vegas Power Techniques for Power Purchasing December 12 - Houston FASB 133 - Accounting for Derivative Instruments and Hedging Activities Is you shop Fully FASB 133 Compliant? Attendees will receive and work with a 535 page guide to FASB Statement 133 and 7.o hours CPE credit. Register on-line at http://www.energyseminars.com or call Registrar Gina Patrick Phone: 281-362-7979 FAX: 281-296-9922 ----------------------------------------------------------- California DWR Power Contracts May Lose Billions A California Department of Water Resources analysis says that power it purchased at an average of $75 per MWh may have to be unloaded for as little as $16 per MWh, possibly costing consumers as much as $3.9 billion for unused power over the next 9 years. The analysis compares DWR commitments under current power contracts to estimates of power demand and market costs through 2010. According to the analysis, the DWR, which buys power for the state's 3 investor- owned utilities, may have to sell as much as 33% of the power bought in some years at about an 80% loss. The DWR has signed about $43 billion in multiyear electricity contracts so far this year. ----------------------------------------------------------- GET REAL about energy risk management with KWI In today's fast moving energy markets you need to be able to manage risk in real time. That means knowing before you hit a risk problem, not afterwards when it may be too late to prevent big losses spreading right through your enterprise. With kW3000(tm), our multi-commodity, integrated front to back office software, you can monitor your Profit At Risk(tm), counterparty risk and mark-to-market all in real time. Keep alert to risk. Do it in real time. Call KWI -Americas: +1-281- 681-3301 / Europe: +44 (0) 20-7386-2700 / Asia Pacific: +61(0) 2-9976- 6111 http://www.kwi.com/ -------------------------------------------------------------- Natural Gas Options | | Closing | Days | Implied ATM | | Month | Price | Left | Volatility | | DEC | 2.813 | 5 | 87.53% | ---------------------------------------------------------- ENERGY. @ENERGY(r), FEA's Complete Suite of Energy Products, BUILT FOR THE FUTURE. *Manage all your energy risks. *Build and Price deals. *Value physical assets (generation, storage, etc.) *Report and reduce your energy risks FEA FINANCIAL ENGINEERING ASSOCIATES Inc. http://www.fea.com/ main phone number: 1 510-548-6200 email address: info@fea.com --------------------------------------------------- PHYSICAL POWER PRICES | | High | Low | Average | | | $/MWh | $/MWh | $/MWh | | Cinergy | 22.00 | 18.00 | 20.05 | | ECAR | 19.50 | 18.00 | 20.85 | | ERCOT | 19.50 | 19.25 | 19.30 | | Entergy | 21.25 | 18.00 | 20.15 | | TVA | 24.85 | 17.85 | 21.85 | | ComEd | 18.00 | 16.75 | 17.20 | | Nepool | 33.00 | 32.00 | 32.50 | | PJM West | 25.15 | 24.00 | 24.90 | | Main | 22.00 | 16.75 | 18.60 | | MAPP | 24.00 | 20.00 | 21.70 | | Palo Verde | 24.00 | 20.00 | 21.35 | | Mid C | 21.00 | 19.90 | 20.35 | | COB | 22.50 | 22.00 | 22.25 | | 4 Corners | 22.00 | 20.00 | 21.00 | | Mead | 21.75 | 20.75 | 21.15 | | NP 15 | 24.25 | 22.50 | 23.80 | | SP 15 | 24.50 | 23.50 | 24.15 | -------------------------------------------------------- Energy Releases Opt in Email has 9 times the response of regular mail and costs less than the postage. Have your press or news releases sent to over 50,000 energy professionals. For More Information Write Energyreleases@yahoo.com -------------------------------------------------------- Todays Gas Bulletins * Industry Groups Say FERC Rule on Natural Gas Transportation Needs More Work * Enron Announces Progress in Efforts to Boost Liquidity; Reaffirms Commitment to Merger with Dynegy; Working with Major Lenders to Restructure Debt Obligations * Rete Gas Sets Maximum IPO Share Price at 2.92 Euros * Enron Bonds Continue to Avoid Junk Status * Salomon Smith Barney Raises Price Target on Helmerich & Payne from $28 to $35 per Share on Higher than Expected 4th-Quarter Earnings * UK Approves Dynegy Natural Gas Storage Deal * PanCanadian Posts 3rd Quarter Report at: www.pancanadianenergy.com * Duke Energy Receives Key Approval in Westcoast Energy Acquisition Process * Gastar Exploration Announces Closing of Acquisition of New West Energy Corporation * Dynegy Seeking to Speed Up Enron Acquisition -------------------------------------------------------- SUNGARD Solutions for Success in Energy Trading Epsilon and Panorama Energy Risk and complexity are inevitable components of every trading transaction within today's volatile energy market. Having the right tools to manage and control those risks has become a determining success factor. SunGard provides those tools with Epsilon and Panorama Energy - comprehensive solutions designed to create measurable competitive advantages for energy trading organizations and utility companies worldwide. 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 -------------------------------------------------------- Natural Gas NYMEX Volume 01DEC 37,177 02JAN 11,444 02FEB 4,999 02MAR 4,516 02APR 1,524 02MAY 394 02JUN 1,104 02JLY 307 02AUG 288 02SEP 149 02OCT 690 02NOV 2,531 02DEC 1,011 03JAN 611 03FEB 726 03MAR 35 03APR 363 03MAY 5 03JUN 317 03JLY 153 03AUG 200 03SEP 0 03OCT 0 03NOV 1,465 -------------------------------------------------------- ENERGY JOB LISTINGS Whether you are actively looking for a job, or want to explore opportunities in the energy industry, go to http://www.energyjobs.com. At Energyjobs.com, your job hunting is made easy, convenient and confidential. Conduct your own search or participate in our Job Match feature, which accurately matches your qualifications, experience and requirements to any new job that appears, and then sends you an e-mail notification! Best of all, membership < is FREE. To register and become a member, simply go to http://www.energyjobs.com/jobseeker_registration_frm.html ---------------------------------------------------------- Enron's Japan Subsidiary Under Review The Japanese subsidiary of Enron is reviewing its business and hopes to conclude its findings in the next couple of weeks. Enron Japan is a wholly owned subsidiary. It began its own assessment about a week ago. Enron Japan's business includes E Power Corp, a venture set up in Japan by Enron and Orix Corp, a leasing company, which is studying possible electric power plants. Shares of Enron plummeted another 28% Wednesday even though it reached a critical agreement to extend a $690 million debt payment. Some continue to question whether Dynegy's planned $8.9 billion acquisition will survive. The latest problems started last week after Enron filed a document with the SEC saying it would have to repay $690 million in debt by November 26th because of decreased credit ratings. Enron Japan was established in April 2000 and employs 60. It had hoped to eventually break into Japan's power industry which is slowly growing more open. -------------------------------------------------------- Exploit the enterprise-wide transaction management power deployed by the big names in gas. NUCLEUS Software ZAINET Gasmaster The most comprehensive, totally-integrated natural gas information system available today. Ask about out limited-time offer competitive upgrade program. CAMINUS Your Competitive Edge in Energy. Call Caminus at (212)515-3700 or visit the website at www.caminus.com ------------------------------------------------------- Economic Experts to Report on Recession Today A panel from the National Bureau of Economic Research held a teleconference last week to discuss whether or not the US has entered its first recession in over 10 years and will announce the decision on its website today. The group technically defines a recession as a significant decline in activity spread across the economy lasting more than a few months, visible in industrial production, employment, real income and wholesale-retail trade. The elimination of 415,000 jobs in October, the highest in 5 years at 5.4% versus a 30-year low of 3.9% a year ago, could lead the committee to announce a recession. Industrial output peaked in September of last year, while manufacturing and sales reached their top almost a year ago. Industrial production fell at a faster rate in October than in almost 11 years, continuing a 13-month drop, according to the Federal Reserve. Factory, wholesale and retail sales, adjusted for inflation, topped out in August 2000 and fell for 8 out of the next 10 months. In a signal that the slump may have bottomed-out, sales have risen for the past 4 months. Additionally, incomes adjusted for inflation have climbed in 9 out of the past 10 months contrary to the last recession in which they fell for 6 out of 8 months. The implied yield on the February federal funds futures, key indicators of the Feds actions at its next 2 meetings is 1.91%, just 0.09% below the current overnight rate and seems to indicate that investors do not think that further rate reductions are in the offing. In addition, major stock indexes have been higher for 7 of the past 9 weeks, with the Dow Jones rising about 4% since September 11th. The Nasdaq has climbed 12% from September 10th levels and 10-year Treasury notes have risen to 5% from a 3-year low of 4.18% on November 7th. The Blue Chip Economic Indicator predicts that the economy will shrink by 1.9% in the 4th-quarter and others forecast that a mild recession will continue until the first quarter of 2002. The panel typically requires at least 6 months of data beyond a peak in the economy before it will consider pronouncing a recession. ----------------------------------------------------- Deregulation of Texas Power Markets: Early Impact and Rules of Entry is the definitive report on the Texas power marketplace. This full- color report contains: a complete review of Senate Bill 7; detailed analysis of the economics, pitfalls and potential opportunities; market statistics and competitive information; reference and contact information; and graphs, tables and charts for a quick grasp of the Texas marketplace. Order your report on-line from Skipping Stone's Knowledge Mall at http://www.skippingstone.com or call 888-792-2592. -------------------------------------------------------- California ISO Produces Plan to Meet FERC Order In a plan filed with the FERC last week, California's ISO has come up with a schedule for the states Department of Water Resources to pay off about $956 million in late payments to generators by February 2002. The ISO oversees a daily power auction and acts as the billing agent for sales. The operators have contended that the DWRs status as credit guarantor for Pacific Gas & Electric and Southern California Edison relieved it of responsibility for making direct payments. However earlier this month, the FERC declared the DWR as scheduling coordinator, a typical designation for utilities, making the water department liable for purchases it made on behalf of the utilities, and gave the operators 15 days to submit a payment plan for the period of January 17, 2001 to July 31, 2001. The utilities still owe generators about $3.6 billion for power purchased over that time and the DWR is owed about $2.7 billion for power supplied over the same period, resulting in arrears of about $956 million. The water department says it has reserved about $1.2 billion in preparation for such a payment. The ISO says that the FERC-ordered dual-billing system would be too complex and costly and asked that the commission allow it to use the current system, under which all payments would be disbursed by February 7th, 2 weeks ahead of the FERCs schedule. -------------------------------------------------------- POWER FUTURES | Month | COB | Change | PV | Change | | DEC | 31.50 | +0.00 | 26.25 | +0.00 | | JAN | 32.00 | +0.00 | 28.90 | +0.00 | | FEB | 32.00 | +0.00 | 28.70 | +0.00 | | MAR | 31.25 | +0.00 | 28.65 | +0.00 | | APR | 29.00 | +0.00 | 29.00 | +0.00 | | MAY | 28.00 | +0.00 | 31.75 | +0.00 | | JUN | 30.00 | +0.00 | 40.50 | +0.00 | | JUL | 45.00 | +0.00 | 53.25 | +0.00 | | AUG | 51.00 | +0.00 | 59.50 | +0.00 | | SEP | 44.00 | +0.00 | 46.75 | +0.00 | | OCT | 38.00 | +0.00 | 38.25 | +0.00 | | NOV | 37.50 | +0.00 | 38.25 | +0.00 | | Month | Entergy | Change | Cinergy | Change | | DEC | 22.00 | +0.00 | 24.75 | +0.00 | | JAN | 23.75 | +0.00 | 27.35 | +0.00 | | FEB | 23.75 | +0.00 | 27.35 | +0.00 | | MAR | 23.00 | +0.00 | 25.35 | +0.00 | | APR | 23.00 | +0.00 | 25.35 | +0.00 | | MAY | 25.40 | +0.00 | 27.10 | +0.00 | | JUN | 32.60 | +0.00 | 36.60 | +0.00 | | JUL | 42.00 | +0.00 | 48.30 | +0.00 | | AUG | 42.00 | +0.00 | 48.30 | +0.00 | | SEP | 23.15 | +0.00 | 25.35 | +0.00 | | OCT | 24.50 | +0.00 | 26.00 | +0.00 | | NOV | 24.50 | +0.00 | 26.00 | +0.00 | -------------------------------------------------------- Power Futures | Month | PJM | Change | | DEC | 27.60 | +0.00 | | JAN | 31.00 | +0.00 | | FEB | 31.00 | +0.00 | | MAR | 29.25 | +0.00 | | APR | 29.25 | +0.00 | | MAY | 32.20 | +0.00 | | JUN | 42.20 | +0.00 | | JUL | 54.25 | +0.00 | | AUG | 54.25 | +0.00 | | SEP | 28.75 | +0.00 | | OCT | 28.65 | +0.00 | | NOV | 28.65 | +0.00 | -------------------------------------------------------- Enron Shares Fall on Takeover Concern Enron shares and bonds fell for a 3rd day on concern its weakened financial condition may lead Dynegy to try to cancel or rework the takeover. Shares dropped $0.30, or 6%, to $4.71. They fell 45% Tuesday and Wednesday after Enron said it may have to pay more than $9 billion in debt due by 2003. Enron 6.4% bonds due in July 2006 were bid at $0.55 on the dollar, down from $0.62 on Wednesday. Although there are continuing doubts about the deal, others say the deal is solid and will be completed as soon as details are worked out. Last Wednesday, Enron got a 3-week reprieve from lenders on a $690 million note due this week, giving the company more time to restructure its finances. Also Dynegy's CEO says he was encouraged by the commitment to extend the note payment, as well as the closing of a $450 million credit facility, and that Dynegy remains committed to the purchase. Enron's bankers have met with unidentified investors, including leveraged buyout firms and two industrial companies, in a bid to help its finances with an injection of as much as $2 billion. Under the November 9th terms, Enron investors would receive 0.2685 Dynegy shares for each share held, currently making each share worth $10.85. --------------------------------------------------------- This advertisement will be viewed over 10 million times during the year. It will be seen on our web and in the 35,000 emails sent out each business day. A 3x 4.5 ad space or banner on the web which includes 15 lines in the text version, begins at $1000 for the entire month. Write Advertise@enerfax.com --------------------------------------------------------- New Investment Likely in Enron Kohlberg, Kravis Roberts, the Blackstone Group and the Carlyle Group are among the possible private equity investors in Enron to help the company's balance sheet. Those firms have cash on hand and have invested in energy companies in the past. Many of the larger, more traditional buyout firms would find this deal attractive, analysts say. Enron's bankers met recently with leveraged buyout firms and two industrial companies to seek an investment. Investors may inject as much as $2 billion under arrangements that would protect them from further declines in the stock price. The new investments would be in Enron's Transwestern Pipeline. JP Morgan Chase and Citigroup have also agreed to terms that give each of them a $250 million equity stake as part of a transaction to be completed today. KKR is the 2nd biggest private equity firm with $24 billion in assets. -------------------------------------------------------- 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; 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. Vist our website http://www.progas.net/wip Progas Storage Services, Inc 8610 S. Hwy 277 Abilene, TX 79606 Ph 915 698 3699 Fx 915 698 2859 --------------------------------------------------------- FINANCIAL SUMMARY The TSE 300 was up 49.90 points to 7432.43 The CRB Index gained 0.34 points to 190.12 The US Dollar climbed 0.63 points to 117.34 The Dow advanced 58.33 points to 9959.71 The S&P 500 added 13.31 points to 1150.34 The Nasdaq increased 28.15 points to 1903.20 January NYMEX Crude Oil fell 0.19 to 18.96 Canadian-US Exchange rose 0.048 to 1.5981 -------------------------------------------------------- Pure Text, Lotus, AOL, Yahoo, Excite, Readers-subscribe by writing to: enerfax-subscribe@egroups.com Outlook Email Readers-subscribe to webmail by writing to: mailto:join-EnerfaxDaily@relay.netatlantic.com ------------------------------------------------------- Please welcome our advertisers by visiting these websites. http://www.skippingstone.com http://www.e-acumen.com http://www.kwi.com/ http://www.fea.com/ http://www.caminus.com/ http://www.progas.net/wip http://www.risk.sungard.com/energy http://www.ziffenergyconferences.com/ http://www.energyseminars.com http://www.fame.com http://www.energyjobs.com Your use of Yahoo! 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