|
|
Enron Mail |
Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE Friday, June 1, 2001 No. 752 Visit our website at: http://www.enerfax.com, if you would like to receive our daily free email write Enerfax-subscribe@egroups.com. For Oil Prices & News write enerfaxgold-subscribe@egroups.com or go to http://www.enerfaxgold.com Please view in a fixed-width font such as Courier. GAS FUTURES Henry Hub 12 Month Strip 4.0668 -0.0769 18 Month Strip 4.0151 -0.0829 | Month | High | Low | Close | Change | | JUL | 4.075 | 3.780 | 3.914 | -0.067 | | AUG | 4.150 | 3.860 | 3.990 | -0.065 | | SEP | 4.181 | 3.905 | 4.022 | -0.065 | | OCT | 4.205 | 3.930 | 4.048 | -0.069 | | NOV | 4.370 | 4.110 | 4.210 | -0.072 | | DEC | 4.525 | 4.270 | 4.373 | -0.074 | | JAN | 4.604 | 4.350 | 4.441 | -0.084 | | FEB | 4.440 | 4.225 | 4.324 | -0.084 | | MAR | 4.280 | 4.060 | 4.155 | -0.084 | | APR | 3.890 | 3.760 | 3.810 | -0.086 | | MAY | 3.800 | 3.675 | 3.735 | -0.086 | | JUN | 3.885 | 3.736 | 3.780 | -0.086 | PHYSICAL GAS PRICES | Gulf/Eastern Region | | | Agua Dulce | 3.57 | | ANR SE | 3.75 | | Carthage TG | 3.70 | | Chicago Citygate | 3.80 | | Columbia Gulf Onshore | 3.75 | | Dominion TTT South(CNG S. Point) | 3.90 | | Henry Hub | 3.77 | | Houston Ship Channel | 3.80 | | Katy Hub | 3.78 | | NGPL - Midcontinent | 3.60 | | NGPL STX | 3.58 | | NGPL TX/OK | 3.64 | | Niagara | 3.94 | | Sonat Tier 1 | 3.74 | | TCO IPP Pool | 3.85 | | Tetco ELa | 3.70 | | Tetco M-3 | 4.03 | | Tetco STX | 3.57 | | TGP Zone 0 | 3.56 | | TGP Zone 1 | 3.73 | | TGT Zone SL | 3.75 | | New York Citygate | 4.08 | | Transco Station 65 | 3.80 | | Transco Zone 6 (NY) | 4.08 | | Trunk ELa | 3.65 | | Western Region | | | California Border | 10.00 | | El Paso Permian | 3.55 | | El Paso San Juan | 3.03 | | Waha Hub | 3.65 | | Canadian/Rockies Region | | | Nova/Aeco (in C$/GJ) | 5.12 | | Dawn Hub/Union | 3.94 | | Northwest Stanfield | 3.60 | | Wyoming Pool | 2.80 | | Opal | 2.86 | | PGT-Malin | 4.20 | | Sumas | 3.55 | POWER FUTURES | Month | COB | Change | PV | Change | | JUL | 260.00 | -40.00 | 290.00 | -35.00 | | AUG | 300.00 | -60.00 | 325.00 | -40.00 | | SEP | 205.00 | -20.00 | 185.00 | -25.00 | | OCT | 180.00 | -25.00 | 130.00 | -25.00 | | NOV | 150.00 | -35.00 | 85.00 | -20.00 | | DEC | 170.00 | -30.00 | 90.00 | -20.00 | | JAN | 145.00 | -30.00 | 70.00 | -20.00 | | FEB | 130.00 | -30.00 | 60.00 | -20.00 | | MAR | 85.00 | -30.00 | 60.00 | -10.00 | | APR | 62.00 | -10.00 | 55.00 | -15.00 | | MAY | 62.00 | -10.00 | 55.00 | -15.00 | | JUN | 62.00 | -10.00 | 75.00 | -15.00 | | Month | Entergy | Change | Cinergy | Change | | JUL | 88.00 | -2.00 | 83.00 | -3.00 | | AUG | 88.00 | -2.00 | 74.00 | -1.00 | | SEP | 42.00 | -0.50 | 36.00 | -0.50 | | OCT | 36.00 | +0.00 | 34.50 | +0.25 | | NOV | 36.00 | +0.00 | 34.50 | +0.25 | | DEC | 36.00 | +0.00 | 34.50 | +0.25 | | JAN | 38.00 | -0.50 | 37.00 | -0.50 | | FEB | 38.00 | -0.50 | 37.00 | -0.50 | | MAR | 35.50 | +0.00 | 34.50 | +0.00 | | APR | 35.50 | +0.00 | 34.50 | +0.00 | | MAY | 40.00 | +0.00 | 39.00 | +0.00 | | JUN | 52.00 | +0.00 | 49.00 | +0.00 | POWER FUTURES | Month | PJM | Change | | JUL | 83.00 | -1.00 | | AUG | 73.00 | -1.00 | | SEP | 39.25 | -0.50 | | OCT | 36.00 | -0.25 | | NOV | 36.00 | -0.25 | | DEC | 36.00 | -0.25 | | JAN | 42.00 | +0.00 | | FEB | 42.00 | +0.00 | | MAR | 37.50 | +0.00 | | APR | 37.50 | +0.00 | | MAY | 40.50 | +0.00 | | JUN | 51.00 | +0.00 | NATURAL GAS OPTIONS | | Closing | Days | Implied ATM | | Month | Price | Left | Volatility | | JUL | 3.914 | 27 | 58.49% | | AUG | 3.990 | 57 | 57.58% | | SEP | 4.022 | 90 | 57.00% | | OCT | 4.048 | 118 | 57.45% | | NOV | 4.210 | 149 | 58.01% | | DEC | 4.373 | 181 | 58.45% | PHYSICAL POWER PRICES | | High | Low | Average | | | $/MWh | $/MWh | $/MWh | | Cinergy | 20.00 | 16.50 | 17.45 | | ECAR | 21.85 | 19.15 | 20.35 | | ERCOT | 37.50 | 36.00 | 36.75 | | Entergy | 28.00 | 26.00 | 26.70 | | TVA | 21.75 | 21.50 | 21.65 | | ComEd | 18.00 | 15.25 | 16.65 | | PJM West | 25.00 | 23.75 | 24.35 | | Main | 21.15 | 16.75 | 19.30 | | MAPP | 21.50 | 19.50 | 20.65 | | Palo Verde | 225.00 | 140.00 | 152.95 | | Mid C | 200.00 | 145.00 | 179.40 | | COB | 165.00 | 165.00 | 165.00 | | 4 Corners | 200.00 | 165.00 | 174.30 | | Mead | 190.00 | 180.00 | 185.00 | | NP 15 | 175.00 | 165.00 | 170.00 | | SP 15 | 210.00 | 137.00 | 173.35 | _______________________________________________ For a Free White Paper Report from FAME: Forward Curves Managing Price Risk Go to http://www.fame-energy.com/fcreg.htm _________________________________________________ Today's Power Bulletins * S&P Affirms Duke Energy A+ Rating; Revises Outlook from Negative to Stable * Fitch Rates Mirant Notes BBB * AES Sells $600 Million of Debt in 2 Parts * Plug Power Names Mark Schmitz New CFO; Stock Rebounds * Orion Power Announces Pricing of Public Offering of Common Stock and Convertible Senior Notes * GE Power Systems Acquires A-C Compressor Group from Dover Corporation * Stage 2 Emergency Declared by California ISO, Need for Energy Conservation is Critical * California Braces for More Rolling Blackouts as Temperatures Heat Up * FuelCell Energy Declares 100% Stock Dividend on Common Shares, Having Effect of 2-for-1 Stock Split * Georgia Power Introduces EnergyDirect.com * New DTE Energy Formed with Closing of MCN Energy Group Merger * Mirant Closes Sale of $750 Million in Convertible Senior Debentures * City of Dallas Chooses AES NewEnergy to Supply Electricity During Texas Electric Choice Pilot Program * Utility Partners Wraps Up 6th Annual Customer Conference in Clearwater Beach, FL * Space Still Available in Texas Electric Choice Pilot Program; Up to 5% of Customers Can Choose Retail Electric Provider More stories with bulletins at http://www.enerfactsdaily.com ____________________________________________________ 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 - http://www.kwi.com Americas: +1-281-681-3301 / Europe: +44 (0) 20-7386-2700 / Asia Pacific: +61(0) 2-9976-6111 ________________________________________________ Today's Gas Bulletins * Brazil Announces Bolivia Natural Gas Import Rules Today * Western Fund Managers Back Ousting of CommunistEra Boss as Head of Gazprom * Baytex Energy to Take Up and Pay for 30 Million Shares Representing 97.2% of Shares in Triumph Energy * Precision Drilling Corporation Announces 30% Expansion in Snubbing Fleet * Williams Concludes Sale of Convenience Stores to Delek, The Israel Fuel Corporation Ltd, for $147 Million * Pure Resources to Make Private Placement of $300 Million of Senior Notes * Abraxas Announces Sale of Non-Core Assets in Alberta for C$15.2 Million * Gulfstream Natural Gas System Begins Construction on $1.6 Billion, 1.1 Bcf per Day, 753-Mile Natural Gas Pipeline from Mississippi and Alabama to Florida * Peoples Gas Prices Drop to September 2000 Level More stories with bulletins at http://www.enerfactsdaily.com __________________________________________________ North American Gas Storage Conference Storage 2001 - 2002: Source of Stability or Chaos? June 22, Houston Find the answers at Ziff Energy's natural gas storage conference. A blockbuster roster of industry leaders from the utility, trading, pipeline and storage sectors in each of the North American storage regions will present timely, relevant information you can use. This conference will assist you in making critical decisions about your natural gas storage strategy for peaking and the remaining seasonal base fill. The game has changed - storage strategy has been kicked up a notch from buying for seasonal fill to real-time risk management. Session 1 Supply Shortage or Storage Inefficiencies: Last Winter's Saga El Paso Corporation - Byron Wright, VP Energy Information Administration, DOE - Jim Thompson, Industry Analyst Keyspan Energy - David Manning, Senior VP, Corporation Affairs Axia Energy - David Modesett, VP Session 2 The Changing Storage Paradigm: Dynamic Storage Service vs Seasonal Fill AEC Storage & Hub Services Inc. - Rick Daniel, President Williams Energy Marketing & Trading - Blake Herndon, Director, Risk Management NiSource Inc. - T.J. Aruffo, VP Energy Supply Services Enron North America - Paul Bieniawski, Director Duke Energy Gas Transmission - David Nightingale, VP MHP Session 3 Pricing it Right and Reducing Risk: Can We Expect Stability or Chaos in Winter 2001 - 2001? Aquila Energy - Mark Cook, VP The Exchange Center Conoco Gas and Power Marketing - Brad King, VP Storage Sempra Energy Trading - Dan Guertin, Meteorologist For more information or to register visit http://www.ziffenergyconferences.com, call 1-800-853-6252, or email us at gasconference@ziffenergy.com ________________________________________________ Natural Gas Futures Dip Lower Natural gas on the NYMEX closed lower yesterday, but the market found support and bounced off intra-day lows. Pressure from high storage builds and mild weather across the eastern half of the nation pushed the market down from Wednesday's gains. Early losses were offset by fund and managed account purchases as well as stop loss buying, but prevailing floor sentiment prompted local and short-term traders to sell near the end of the session. The July contract dipped $0.067 lower to $3.914 per MMBtu, after rallying as high as $4.075 in after-hours Access trading following the Wednesday's AGA report of a 99 Bcf injection last week. August lost $0.65 to $3.99 per MMBtu. Total storage inventories are at 1.281 Tcf, 7 Bcf more than a year ago, but about 27 Bcf below the 5-year average. The year-on-year storage surplus was the first since January 2000. August futures lost $0.065 to $3.99 per MMBtu. Look for the market to open lower this morning as it remains under pressure until hotter weatheris forecast or fear of a Gulf of Mexico hurricane appears. Technical support is expected at $3.69 per MMBtu, with resistance at $4.29. Morgan Stanley Research estimates new US production will be 51.4 Bcf per day in 2001, compared with 49.6 Bcf per day in 1999. Natural gas for next day delivery across the US and Canada was generally $0.05 $0.15 per MMBtu higher yesterday. Western prices continued to jump higher. Natural gas for next day delivery at the Henry hub gained $0.11 to $3.77 per MMBtu. ________________________________________________ VISIT http://www.enernetdaily.com/restruc.pdf TO SEE YOUR FREE ISSUE OF RESTRUCTURING TODAY. Enerfax is happy to provide you with a two week free trial subscription to Restructuring Today, the nation's leading daily newsletter on the converging energy and communications industries -- especially focusing on the opening up of competitive markets. Restructuring Today reports the twists, plans, failures, strategies, shocks, absurdities, new sales and buying methods in what's becoming American's biggest industry. Restructuring Today's editors will tell you what the CEOs making the big decision are thinking and planning. And those editors cover more seminars than you can imagine going to (or paying for). They're guided by a network of correspondents in state capitals. Restructuring Today's editors are directed not to write what the news is but to report what the news means. It may seem opinionated but Restructuring Today's analysis is frequently mentioned when we survey readers about what they find useful in the daily reports. This free trial June 1. As a paid subscriber you receive timely news the date of issue. If you'd like to subscribe there is an order form on the back page of the newsletter. http://www.enernetdaily.com/restruc.pdf _________________________________________________ Natural Gas NYMEX Volume 01JLY 50,355 01AUG 8,738 01SEP 2,719 01OCT 3,074 01NOV 1,572 01DEC 1,894 02JAN 2,055 02FEB 1,738 02MAR 1,918 02APR 594 02MAY 2,122 02JUN 277 02JLY 249 02AUG 241 02SEP 131 02OCT 617 02NOV 1,230 02DEC 2,153 03JAN 23 03FEB 267 03MAR 175 03APR 316 03MAY 18 03JUN 25 _______________________________________________ ENERGY. @ENERGY, 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 http://www.fea.com _________________________________________________ ANR Cuts HIOS Volumes; Mainline Work Planned ANR Pipeline says volumes from the High Island Offshore System and West Cameron near shore blocks have been reduced by 40 MMcf per day due to compression outages at Grand Chenier. The reduction began Wednesday and will remain in place until further notice. ANR is also planning to perform pipeline maintenance on its Southeast Mainline beginning June 4th and continuing through July 6th. The work will reduce capacity by 195 MMcf per day from June 4th 10th, 225 MMcf per day June 11th 12th, and by 60 MMcf per day June 13th 24th. June 25th 26th, capacity will be reduced by 140 MMcf per day and by 220 MMcf per day from June 27th to July 3rd. The work will cut capacity by 25 MMcf per day from July 4th 6th. ANR's system consists of 10,600 miles of pipeline and 74 compressor stations with a design peak capacity of about 6.6 Bcf per day. __________________________________________________ "New Horizons Solutions for the 21st Century" An Energy Efficiency Workshop and Exposition Kansas City, Missouri June 3 - June 6, 2001 For more information go to http://www.energy2001.eee.doe.gov _________________________________________________ Guardian to Change Eminent Domain Procedures Guardian Pipeline has decided to change its approach to the eminent domain procedures. Instead of using federal eminent domain statutes, Guardian will now follow Wisconsin state procedures, a move that should help appease landowners. A group of landowners had contested FERC's decision to certify the project, claiming to be misled about Guardian's plans for using eminent domain. _________________________________________________ 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. ________________________________________________ Mexico Natural Gas Expansion Behind Schedule Mexico's natural gas expansion is behind schedule despite the foreign companies Gas Natural, Gaz de France and Tractebel having met their investment targets. The contractors have been unable to complete works on time, bureaucracy has been excessive and natural gas prices have been volatile. In mid-2000, Gas Natural bought Comercializadora Metrogas and is now market leader committed to investing $428 million by 2004. ________________________________________________ Iroquois Recognized for Safety Record Iroquois Pipeline has been honored by the American Gas Association, receiving their annual Safety Achievement Award for the 4th time. The AGA honored 64 member companies during their Annual Operations Conference in Dallas. "We take pride in our strong safety record, and in the emphasis each of our employees places on personal and operational safety," said the company president. The award honors companies who surpass the standards for injuries and illnesses set by the OSHA. AGA members invest millions of dollars each year to maintain an outstanding safety record and AGA honors companies that are setting the pace in the important area of accident prevention and workplace safety. Iroquois Gas Transmission System is the owner of an interstate pipeline extending 375 miles from the US-Canadian border at Waddington, NY, through the state of Connecticut to South Commack, Long Island, NY. It has added two short lateral lines, several meter stations and three compressor stations at Wright, Croghan, and Athens, NY. ________________________________________________ _______________________________________________ AEP Plans Trade Mission to Mexico Companies interested in exploring business opportunities in Mexico are invited to participate in a trade mission that American Electric Power will sponsor September 10th 14th. AEP, through its Going Global export assistance program, will lead visits to Monterrey and Mexico City. Participants will meet one-on-one and in small groups with representatives of Mexican companies that want to do business with US firms. We have helped nearly 70 companies develop sales in the Mexican market, says the international development manager who heads the program. The US provides 74% of Mexico's imports. Dozens of companies have found these trade missions a cost-effective method to evaluate market potential and develop sales. AEP launched Going Global in 1994 to help small to medium-sized businesses develop and increase export sales of their products and services. The registration deadline for the Mexico trade mission is July 17th. _______________________________________________ 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; 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 _____________________________________________ Experts Say Build More California Power Plants and Ensure Competition As the Bush Administration continues to face harsh criticism in California over perceived inaction regarding the energy crisis, industry executives appear to be lining up behind Bush's assertion that enhancing the availability and reliability of the nation's energy supply is the long-term solution. And they consider creating more supply while maintaining the transition to a deregulated marketplace crucial, reports the May issue of Energy Competition Strategy Report, published by Atlanta-based NHI Publications. One leading utility executive says the solution to the nation's long-term supply problem is inescapable. "We need to build new power plants. And those new plants will be built only if we allow the competitive market to do its job," says William Hecht, chairman, president, and CEO of Allentown, PA-based PPL Corp. Price caps - which California is pushing for and Bush opposes - "reduce the incentive to invest in new production and unnecessarily prolong and exacerbate the current supply and demand mismatch," Hecht adds. PPL is aggressively developing new power plants in Connecticut, New York, Pennsylvania, Washington, and Arizona that will add more than 4,000 MW of supply. Other members of the Washington, DC-based Electric Power Supply Association, such as ABB Energy Ventures of Switzerland and Zeigler Coal Holding of Ashland, KY, are building new, unregulated merchant power plants. Meanwhile, EPSA is asking Congress to enact legislation that would allow federal eminent domain for transmission siting and establish a standardized interconnection policy to make it easier for generation companies to "get onto the grid." Other highlights of this month's Energy Competition Strategy Report include: A new energy market study finds that despite several major setbacks, including California's ongoing crisis, the energy industry still has its sights set on achieving full competition. Retail Energy Markets, produced annually by Xenergy, a Burlington, MA, research firm, is featured in the report and includes a wealth of data suggesting that, despite restructuring problems, the shift to competition continues. - Get a detailed look at PowerSolution, a core technology platform that helps energy companies manage their data by integrating business applications, external trading partners, and legacy systems. - Regional utilities are forging loyalties with big commercial and industrial chains through National Accounts programs that provide value-added, one-stop customer service. Award-winning Southern Co shares its secrets to success. - Can fuel cells meet the growing demands for electricity? A large energy company plans to build, operate, and maintain an electric generation plant that will use six fuel cells to generate primary electric supplies. - Evaluate opportunities for investment. Use this process to assess whether any of 700 technologies spanning the energy value chain are appropriate investments. Free 3-month trial subscriptions to Energy Competition Strategy Report are available by sending an e-mail with your full mailing address to nhi@nhionline.net. ______________________________________________ FINANCIAL SUMMARY The TSE 300 climbed 60.46 points to 8161.87 The CRB Index fell 0.77 points to 209.00 The US Dollar increased 0.93 points to 119.15 The Dow gained 39.30 points to 10911.94 The S&P 500 rose 7.74 points to 1255.82 The Nasdaq was up 25.99 points to 2110.49 July NYMEX Crude Oil slipped 0.18 to 28.37 Canadian-US Exchange fell .0003 to 1.5457 _______________________________________________ CAMINUS ENERGY SOFTWARE SHOWCASE 2001 HOUSTON, TEXAS You're Invited To a four hour exposition of software and services that will set the new standard for the energy trading, scheduling, and risk management. Join us and compare your existing system with our latest product offerings. Thursday, June 14, 2001. 3p.m. to 7p.m. Houston Petroleum Club 800 Bell Avenue, 43rd Floor For more information or to register on-line, visit http://www.caminus.com. You may invite up to two qualified colleagues to join you. Nucleus Software . ZaiNet Software ZaiNet Gasmaster 2 . ZaiNet WeatherDelta ___________________________________________________ EnerfactsDaily Job Center at http://www.enerfactsdaily.com New Job Postings Include: * Sales-Business Development * Operations Specialist * Account Director -Marketing/Transportation _____________________________________________________ Need a past issue of Enerfax Daily or Enerfax GOLD. Past issues are available on Sagewave at http://www.sagewave.com/D2/autolog/common/log.asp?KEY=enerfax ______________________________________________________ Please welcome our advertisers by visiting these websites. http://www.kwi.com http://www.fea.com http://www.caminus.com http://www.progas.net/wip http://www.fame-energy.com http://www.energyseminars.com http://risk.sungard.com/energy http://www.energy2001.eee.doe.gov http://www.ziffenergyconferences.com http://www.enernetdaily.com/restruc.pdf Enerfax Daily is North America's gas and power information source. it is sent to you free of charge. Enerfax Daily may be copied and redistributed in its entirety to all interested energy professionals. Please e-mail us at enerfax@enerfax.com, or for AOL e-mail to enerfax@enerfax.com with the e-mail addresses of other energy professionals that would like to be added to Enerfax Daily's growing distribution list of thousands of energy professionals in the US and Canada, or to be removed. The information contained herein was obtained from sources which Enerfax Daily believes to be reliable, but does not guarantee its accuracy. Your support of our advertisers is greatly appreciated and will keep Enerfax Daily free. Thank you. Your comments are welcome. For information on advertising, please write advertise@enerfax.com, or for AOL write to advertise@enerfax.com --------------------------- If you would like to contact Enerfax Energy, please do not reply to this mail. Use the address below: enerfax@enerfax.com If you wish to cancel your subscription to the Enerfax Energy list, you may click on the link below to be unsubscribed immediately. http://www.modernmediaohio.com/cgi-bin/080256/enerfax1.pl?CHRIS.GERMANY@ENRON.COM If you need more help, please contact Modern Media (http://www.modernmediaohio.com/subscriber-support.htm)
|