--------- Inline attachment follows ---------

From: <webmaster@cera.com@ENRON<
To: clients@cera.com
Date: Thursday, January 17, 2002 4:13:48 GMT
Subject:

Title: Atlantic Basin Distillate Market Update
URL(s):

http://www.cera.com/eprofile?u=35&;m=2932;

***********************************************************************

ATLANTIC BASIN DISTILLATE MARGINS PRESSURED BY WEAK DEMAND AND AMPLE STOCKS

In stark contrast to last winter's exceptional strength, spot distillate-to-
crude price differentials in Atlantic Basin markets are likely to stay weak:

Demand is down relative to a year ago, resulting from declining air travel,
mild temperatures in North America, and much lower North American natural gas
prices.

* Inventory levels are comfortable, with primary inventories in the United
States and consumer stocks in Germany particularly high.

* Market psychology is preoccupied with the weak economy and downside risks,
whereas a year ago a psychology of shortage prevailed in energy markets.

**end**

Follow above URL for complete CERA Alert (3 printed pages).

E-mail Category: Alert
CERA Knowledge Area(s): Global Oil

*****************************************************************************************
CERAWeek2002 - February 11-15, 2002 - 21st Annual Executive Conference and
Related Events REGISTER ONLINE TODAY AT: http://www.cera.com/ceraweek
** Two- and Four-day Passes Available
** Special Enrollment Programs
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This electronic message and attachments, if any, contain information
from Cambridge Energy Research Associates, Inc. (CERA) which is
confidential and may be privileged. Unauthorized disclosure, copying,
distribution or use of the contents of this message or any attachments,
in whole or in part, is strictly prohibited.
Terms of Use: http://www.cera.com/tos
Questions/Comments: webmaster@cera.com
Copyright 2001. Cambridge Energy Research Associates

--------- Inline attachment follows ---------

From: <webmaster@cera.com@ENRON<
To: clients@cera.com
Date: Thursday, January 17, 2002 3:04:10 GMT
Subject:

Title: Searching for the Bottom
URL(s):

http://www.cera.com/eprofile?u=35&;m=2929;

***********************************************************************

GAS PRICES CONTINUE DOWNWARD DRIFT--HIGH STORAGE, LOW DEMAND

While warm weather keeps heating loads low, the key driver in natural gas
markets continues to be the looming storage surplus. Weather may provide some
short-lived price spikes in February, but until real evidence of the
anticipated decline in US supply appears, prices will feel continued downward
pressure from record-high storage inventories. The projected February average
price is $2.10 per MMBtu at the Henry Hub.

* March storage inventories will end at record high levels. Ample gas remains
to keep prices low until a rebounding economy and declining supplies can
provide a lift.

* With return to a normal weather, strong industrial loads will boost overall
gas demand slightly over last year's levels.

* Diminishing weather-related support and high western storage inventories will
drive widening discounts to the Henry Hub in the western producing areas, while
weak demand and high storage will limit premiums in the East.

**end**

Follow above ULR for complete CERA Monthly Briefing (7 printed pages).

E-mail Category: Monthly Briefing
CERA Knowledge Area(s): North American Gas

*****************************************************************************************
CERAWeek2002 - February 11-15, 2002 - 21st Annual Executive Conference and
Related Events REGISTER ONLINE TODAY AT: http://www.cera.com/ceraweek
** Two- and Four-day Passes Available
** Special Enrollment Programs
** Partnership Opportunities
** CERAWeek Online Premium Access
*****************************************************************************************

To make changes to your cera.com profile go to:
http://www.cera.com/client/updateaccount

Forgot your username and password? Go to:
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This electronic message and attachments, if any, contain information
from Cambridge Energy Research Associates, Inc. (CERA) which is
confidential and may be privileged. Unauthorized disclosure, copying,
distribution or use of the contents of this message or any attachments,
in whole or in part, is strictly prohibited.
Terms of Use: http://www.cera.com/tos
Questions/Comments: webmaster@cera.com
Copyright 2001. Cambridge Energy Research Associates

--------- Inline attachment follows ---------

From: <webmaster@cera.com@ENRON<
To: clients@cera.com
Date: Thursday, January 17, 2002 3:00:51 GMT
Subject:

Title: Building Energy Consumption Data: EIA Data on Commercial and Industrial Buildings in the United States
URL(s):

http://www.cera.com/eprofile?u=35&;m=2927;

***********************************************************************

EIA DATA ON COMMERCIAL AND INDUSTRIAL BUILDINGS IN THE UNITED STATES

The files in this report are a compilation of information from the Energy
Information Administration (EIA). Median load factors are the most recent
released by EIA, however, EIA no longer collects this data.

Please see Distibuted Energy's Additional Research page for the latest market
and equipment performance data.

**end**

Please follow above URL for access to data files.

E-mail Category: Report
CERA Knowledge Area(s): Distributed Energy

*****************************************************************************************
CERAWeek2002 - February 11-15, 2002 - 21st Annual Executive Conference and
Related Events REGISTER ONLINE TODAY AT: http://www.cera.com/ceraweek
** Two- and Four-day Passes Available
** Special Enrollment Programs
** Partnership Opportunities
** CERAWeek Online Premium Access
*****************************************************************************************

To make changes to your cera.com profile go to:
http://www.cera.com/client/updateaccount

Forgot your username and password? Go to:
http://www.cera.com/client/forgot

This electronic message and attachments, if any, contain information
from Cambridge Energy Research Associates, Inc. (CERA) which is
confidential and may be privileged. Unauthorized disclosure, copying,
distribution or use of the contents of this message or any attachments,
in whole or in part, is strictly prohibited.
Terms of Use: http://www.cera.com/tos
Questions/Comments: webmaster@cera.com
Copyright 2001. Cambridge Energy Research Associates