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Enerfax Daily NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE Wednesday, January 2, 2002 No. 896 Visit: http://www.enerfax.com/ or for Oil Prices & News http://www.enerfaxgold.com/ PHYSICAL NATURAL GAS PRICES Gulf/Eastern Region | Agua Dulce | 2.44 | | ANR SE | 2.59 | | Carthage TG | 2.53 | | Chicago Citygate | 2.70 | | Columbia Gulf Onshore | 2.67 | | Dominion South Point | 2.80 | | Henry Hub | 2.64 | | Houston Ship Channel | 2.59 | | Katy Hub | 2.53 | | NGPL LA Pool | 2.57 | | NGPL - Midcontinent | 2.51 | | NGPL STX | 2.49 | | NGPL TX/OK | 2.53 | | NNG Demarc. | 2.58 | | Niagara | 2.89 | | Sonat Tier 1 | 2.60 | | TCO IPP Pool | 2.76 | | Tetco ELa | 2.57 | | Tetco M-3 | 3.20 | | Tetco STX | 2.44 | | TGP Zone 0 | 2.48 | | TGP Zone 1 (500 Leg) | 2.59 | | TGT Zone SL | 2.64 | | New York Citygate | 3.46 | | Transco Station 65 | 2.66 | | Transco Zone 6 (NY) | 3.47 | | Trunk ELa | 2.59 | | Western Region | California Border | 2.47 | | El Paso Keystone | 2.34 | | El Paso San Juan-Blanco | 2.32 | | Waha Hub | 2.46 | | Canadian/Rockies Region | Nova/Aeco (C$/gig) | 3.57 | | Dawn Hub/Union | 2.81 | | Northwest Stanfield | 2.37 | | Wyoming Pool | 2.24 | | Opal/Kern River | 2.26 | | PGT-Malin | 2.42 | | Sumas | 2.34 | Flow Dates 12/29-31 ------------------------------------------------------------- NATURAL GAS FUTURES Henry Hub 12 Month Strip 2.9464 +0.1528 18 Month Strip 3.0296 +0.1073 | Month | High | Low | Close | Change | | FEB | 2.780 | 2.680 | 2.774 | +0.155 | | MAR | 2.755 | 2.695 | 2.746 | +0.116 | | APR | 2.730 | 2.670 | 2.724 | +0.094 | | MAY | 2.780 | 2.700 | 2.769 | +0.088 | | JUN | 2.830 | 2.765 | 2.824 | +0.084 | | JUL | 2.875 | 2.820 | 2.870 | +0.082 | | AUG | 2.916 | 2.880 | 2.916 | +0.083 | | SEP | 2.930 | 2.919 | 2.919 | +0.076 | | OCT | 2.950 | 2.930 | 2.947 | +0.069 | | NOV | 3.140 | 3.120 | 3.135 | +0.067 | | DEC | 3.350 | 3.310 | 3.323 | +0.065 | | JAN | 3.419 | 3.400 | 3.410 | +0.062 | ------------------------------------------------------------- Natural Gas Futures Rally on Short-Covering Natural gas for February delivery on the NYMEX jumped $0.155 higher Friday to $2.774 per MMBtu as winter's chill and forecasts for continued cold throughout January for eastern states and the Midwest had locals scurrying to cover their short positions. The March contract gained $0.123 to $2.746 per MMBtu. A flurry of buying started early in the session, a reaction in part to Thursday's liquidation on the January contract expiration. Clearing the books of Enron-related hedging losers in time for year-end could also be playing a role in Friday's rally. Some of the volatility over the past month has been triggered by larger books balancing their hedges. Enron's demise has forced counter-parties to recontract supplies, pushing the market with offers or with bids. Shuffling monthly spreads from fall to winter and balancing volumes bought at higher prices during the summer for storage will also trickle to a stop mid-January as some storage operators call for contracted withdrawals. The AGA will again delay its release of last week's storage data until Thursday because of the holidays. For the first time this winter, many traders are anticipating a triple digit withdrawal this week. Natural gas for next day delivery across the US and Canada was generally flat to $0.10 higher Friday. Natural gas for next day delivery at the Henry hub gained $0.01 to $2.64 per MMBtu. ------------------------------------------------------------- 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 ------------------------------------------------------------- Shareholder Activism Driven by Enron Problems Pension funds, stockholders groups and outspoken investors have began flooding the firms they own with proposals for change driven this year by the collapse of Enron. Shareholders are using this year's filings to try to make sure other companies don't go the same way as Enron. What is new this year is the auditor independence proposals. Pension funds affiliated with the United Brotherhood of Carpenters union have filed 12 proposals calling on companies not to hire the same accounting firm to do both audit and non-audit work. Enron, paid Andersen $52 million in 2000 for both audit and non-audit services, a dual relationship that has raised questions about Andersen's judgment. The proposals are part of an annual flood that hits companies around the end of year. Their goal is to be included in the company's proxy statement, which is mailed to all shareholders, as an item to be brought to the floor of the company's annual meeting for a vote. If companies want to exclude qualified proposals from their proxies, they need approval from the SEC. In 2001 the SEC handled 438 requests from companies for permission to exclude shareholder proposals from their proxies. ------------------------------------------------------------- Ziff Energy Group presents Gas Storage 2002 Redefining the Fundamentals: Is Gas Still in the Storage Game? Power Drives Storage Will the recession affect plant and storage development? Will record high volumes in storage further depress gas prices? Is it possible to mitigate storage risk while dealing with year-round price volatility? Plus Two Important Workshops Calpine Corporation Hear what the Power Generator wants from the storage industry Bruce Bernard Learn from the expert how to mitigate storage price risk in the 2002 gas marketplace February 6 & 7 Houston Four Season Hotel 1300 Lamar Street Register Today for this Important Conference Call 1-800-853-6252 Email: gasconference@ziffenergy.com Visit: www.ziffenergyconferences.com ------------------------------------------------------------- Today's Power Bulletins * AltaGas Services Partner TransCanada Energy Closed Purchase of 706 MW Sundance B Power Purchase Arrangement * Bankruptcy Court Approves Enron Wind Development Sale of Indian Mesa and Clear Sky Wind Power Generating Plants in West Texas, for $175 million to AEP * Settlement Reached on Sale of Montana Power's Utility to NorthWestern Corporation as Well as Electric Restructuring Costs * DB Alex Brown Cuts 2001 and 2002 Earnings Estimates for Allegheny Energy * US to Help Russia on Nuclear Control * Northeast and Mid Continent Spot Power Prices Drop from Low Holiday Demand * Southeast Spot Power Prices Fall Ahead of New Years Holiday * Western Power Prices Rise on Holiday Weekend Risk Premiums ------------------------------------------------------------- Get familiar with oil-gasoline.com, inc. This web site ranks among the favorite sites for petroleum company executives. In 2002, the corporation plans to run an interactive crude oil model to provide the latest status of world-wide supply and demand. You will want to bookmark this one! ------------------------------------------------------------- Natural Gas NYMEX Volume 02JAN 75,321 02FEB 47,782 02MAR 16,226 02APR 10,032 02MAY 1,959 02JUN 807 02JLY 702 02AUG 1,316 02SEP 541 02OCT 537 02NOV 380 02DEC 845 03JAN 1,044 03FEB 259 03MAR 451 03APR 6 03MAY 516 03JUN 9 03JLY 40 03AUG 17 03SEP 2 03OCT 20 03NOV 525 03DEC 0 ------------------------------------------------------------- Energy Seminars, Inc. Announces Key Seminar Offerings for January: Energy Seminars will be going to Florida and Calgary in 2002! Click to www.energyseminars.com to see our 2002 schedule. Register on-line at http://www.energyseminars.com or call Registrar Gina Patrick Phone: 281-362-7979 FAX: 281-296-9922 ------------------------------------------------------------- TXU Proposes Settlement for Overcharges TXU Electric has filed a plan with the Texas PUC to settle charges that it erroneously collected stranded payment costs before the state opens its power market next week. The costs are aimed at offsetting expenses for building generating plants and related regulatory financing plans prior to deregulation. As natural gas prices soared a year ago, the PUC alleged that TXU and other Texas utilities had no stranded costs related to generating assets because of the large amount of natural gas fired generation in the state. Climbing prices made natural gas fired plants almost as costly to operate as nuclear plants. If the settlement is approved by the PUC, TXU will return $350 million to retail electric suppliers over 2 years by providing credits on transmission and distribution rates. TXU said it may take a charge of less than $50 million in the 4th quarter because of the settlement. TXU also said it would eliminate any remaining stranded costs related to its Comanche Peak nuclear station. TXU also proposes that the PUC authorize it to issue $500 million in bonds in early 2002 and $800 million after 2003 related to the utility's regulatory assets or previous financing agreements approved by the PUC. The settlement also cuts a possible penalty to $90 per customer from $150 in the event TXUs retail affiliate retains more than 60% of its customers after the first 2 years of competition. ------------------------------------------------------------- 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/ -------------------------------------------------------------- Baker Hughes Weekly Rig Count The number of rigs searching for oil and natural gas in the US rose by 5 to 887 last week compared to 1,114 a year ago, according to Baker Hughes. The number of rigs exploring in Canada was down 94 to 198, compared to 322 last year. The number of rigs in the Gulf of Mexico gained 11 to 119 compared to 145 a year ago. The number of rigs searching on land was 743, and the number of offshore rigs was at 125. There were 19 inland rigs. The total North American rig count lost 89 to 1,085, compared to 1,436 a year ago. The number searching for oil fell by 3 to 137, while the number searching for natural gas gained 7 to 748. There were two miscellaneous rigs, up one from the prior week. ------------------------------------------------------------- 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/?cId=14 main phone number: 1 510-548-6200 email address: info@fea.com ------------------------------------------------------------- PHYSICAL POWER PRICES | | High | Low | Average | | | $/MWh | $/MWh | $/MWh | | Cinergy | 21.00 | 18.00 | 18.80 | | ECAR | 22.50 | 18.00 | 20.31 | | ERCOT | 22.00 | 21.75 | 21.90 | | Entergy | 23.00 | 20.50 | 21.65 | | TVA | 22.70 | 22.60 | 22.65 | | ComEd | 18.50 | 17.25 | 17.90 | | Nepool | 32.50 | 31.50 | 32.05 | | PJM West | 24.50 | 23.50 | 23.90 | | Main | 20.00 | 17.25 | 18.45 | | MAPP | 21.50 | 20.00 | 20.75 | | Palo Verde | 29.25 | 26.50 | 27.25 | | Mid C | 26.25 | 23.50 | 25.30 | | COB | 27.00 | 26.00 | 26.65 | | 4 Corners | 27.50 | 27.00 | 27.25 | | Mead | 30.00 | 27.00 | 27.85 | | NP 15 | 29.75 | 26.75 | 28.30 | | SP 15 | 30.75 | 26.75 | 28.55 | ------------------------------------------------------------- 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 * Williams Names Douglas Whisenant President and CEO of Interstate Natural Gas Pipeline Division * Robert Sluder Named Senior Vice President and General Manager Natural Gas Pipelines in Western US * Report Says 2001 Worst Year Since 1974 for US Stock Funds * Bush Says He's Deeply Concerned About Enron Collapse * Genesis Suspends 4th Quarter Unitholder Distribution * Pacific Northwest Industrial Customers Ask FERC to Scrutinize Northwest Natural Gas' Acquisition of Portland General Electric; Charges Proposal May Reduce Competition in Natural Gas Transportation and Power Markets * Enron Employees Stuck with $400 Million in Deferred Compensation ------------------------------------------------------------- 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 ------------------------------------------------------------- Exelon Power Team to Double its Wind Capacity Exelon Power Team will purchase the output of a 65 MW wind facility in Tucker County, WV for 20 years from Backbone Mountain Windpower. The project will include about 42 wind turbines, each producing about 1.5 MW. The 65 MW facility will utilize the latest wind turbine technology and will be the largest commercial wind energy facility in the eastern US. The project is expected to be operational by December 2002. It will interconnect with the Allegheny Power System in the PJM West RTO and will be integrated with the PJM RTO. Earlier this year, Power Team signed 20-year purchase agreements for 9 MW from the Somerset Wind Power Project, 15 MW from the Mill Run Wind Project and 52 MW from the Moosic Mountain Wind Farm near Scranton. This agreement brings Power Team's wind portfolio to 144 MW. The Backbone Mountain Wind Project will add to the amount of clean energy available to customers in the PJM territory. Community Energy and Power Team are jointly marketing the output of wind projects. Large commercial customers, such as the University of Pennsylvania, Carnegie Mellon University, Penn State University, Philadelphia Suburban Water Company and Giant Eagle Foods, have already purchased wind energy from Power Team and Community Energy for periods from 15 years. Power Team's current renewable supply portfolio includes wind, landfill gas, hydroelectric, and biomass generation. ------------------------------------------------------------- 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 ------------------------------------------------------------- FERC Order Sets Direction in Midwest The FERC December 19th decision that the Midwest ISO be the vehicle for a single, regional transmission organization in the Midwest is an important decision. It will spark the development of a competitive regional power market in the Midwest, of particular importance to energy-intensive Midwestern states, according to a customer coalition active in the federal arena. The Coalition of Midwest Transmission Customers and the Industrial Energy Users-Ohio, stated that FERC's decision paves the way for actual implementation of plans to get a truly independent entity for the Midwest transmission grid, that encompasses twenty states and Manitoba, Canada, up and running. The coordination so critical to system reliability and Ohio's business and industry can now proceed on a timeline that should allow the Midwest to avoid a repetition of problems we saw a couple of summers ago. Because the Midwest economy is so energy-intensive, the Coalition hopes to see the ISO continue with development at a challenging pace since an effective regional marketplace will benefit not only residential users but also Midwestern businesses in their efforts to thrive in the worldwide marketplace. The FERC Order also found that creation of the Alliance RTO does not satisfy scope and configuration requirements spelled out in FERC's Order 2000. The Commission made plain that the Alliance companies could continue with the formation of the for-profit Transco, but under the Midwest ISO umbrella. The significance of this, is that the FERC is focusing on the importance of a single organization as opposed to its form. From the perspective of market participants, both buyers and sellers, this and other recent FERC decisions are strong indications that a highly coordinated and competitive marketplace is the goal for the industry. FERC's November 20th orders preventing several utilities from using their market-pricing authority in areas where they have market power is as critical to nurturing an effective market as the order for a single Midwest RTO. ------------------------------------------------------------- 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 ------------------------------------------------------------- POWER FUTURES | Month | COB | Change | PV | Change | | FEB | 24.75 | +0.00 | 24.75 | +0.00 | | MAR | 22.00 | +0.00 | 22.00 | +0.00 | | APR | 21.25 | +0.00 | 21.25 | +0.00 | | MAY | 23.20 | +0.00 | 23.30 | +0.00 | | JUN | 22.00 | +0.00 | 22.00 | +0.00 | | JUL | 34.75 | +0.00 | 34.75 | +0.00 | | AUG | 44.00 | +0.00 | 44.00 | +0.00 | | SEP | 39.75 | +0.00 | 39.75 | +0.00 | | OCT | 30.75 | +0.00 | 30.75 | +0.00 | | NOV | 33.00 | +0.00 | 30.00 | +0.00 | | DEC | 35.00 | +0.00 | 30.00 | +0.00 | | JAN | 33.00 | +0.00 | 30.75 | +0.00 | | Month | Entergy | Change | Cinergy | Change | | FEB | 25.00 | +0.00 | 25.40 | +0.00 | | MAR | 23.00 | +0.00 | 25.00 | +0.00 | | APR | 23.00 | +0.00 | 25.00 | +0.00 | | MAY | 26.00 | +0.00 | 28.00 | +0.00 | | JUN | 33.75 | +0.00 | 27.25 | +0.00 | | JUL | 44.10 | +0.00 | 49.00 | +0.00 | | AUG | 44.10 | +0.00 | 49.00 | +0.00 | | SEP | 24.50 | +0.00 | 25.75 | +0.00 | | OCT | 24.00 | +0.00 | 25.00 | +0.00 | | NOV | 24.00 | +0.00 | 25.00 | +0.00 | | DEC | 24.00 | +0.00 | 25.00 | +0.00 | | JAN | 27.00 | +0.00 | 28.25 | +0.00 | ------------------------------------------------------------- Power Futures | Month | PJM | Change | | FEB | 30.00 | +0.00 | | MAR | 28.00 | +0.00 | | APR | 28.00 | +0.00 | | MAY | 31.50 | +0.00 | | JUN | 41.50 | +0.00 | | JUL | 55.60 | +0.00 | | AUG | 55.60 | +0.00 | | SEP | 28.00 | +0.00 | | OCT | 26.75 | +0.00 | | NOV | 26.75 | +0.00 | | DEC | 26.75 | +0.00 | | JAN | 32.00 | +0.00 | ------------------------------------------------------------- Commodity Futures Trading Commission NYMEX Natural Gas Futures Reportable Positions as of 12/21/01 Open Interest: 422,398 10,000 MMBtu Nonreportable Non-Commercial | Commercial | Total | Positions Long | Short| Spreading| Long | Short | Long | Short | Long | Short 9,591 36,465 29,975 353,831 342,373 393,397 398,913 29,001 23,485 Changes from 12/14/01 Change in Open Interest: -11,137 2,924 -2,009 2,324 -12,711 -5,760 -7,463 -5,445 -3,674 -5,692 Percent of Open Interest for Each Category of Traders 2.3 8.6 7.1 83.8 78.7 93.1 94.4 6.9 5.6 ------------------------------------------------------------- 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 ------------------------------------------------------------- K2 Innovative Drilling Technology K2 Energy in conjunction with Midnight Sun Drilling from Whitehorse, Yukon, has made a major break-through in shallow natural gas drilling. By utilizing a hard rock mining rig and adapting its reverse circulation center sampling technology to shallow low-pressure gas drilling, the resulting formation damage is virtually eliminated. The air circulates down between the inner and outer drill pipe, drives the air hammer, and reverse circulates the rock cuttings back up to surface. This virtually eliminates drilling damage to the formation. ------------------------------------------------------------- R. W. Beck is an engineering and management consulting firm serving utilities, developers, financiers and governments worldwide. Founded in 1942, we help our clients face energy market challenges by providing: Portfolio Analysis to improve diversification and risk-adjusted performance of energy assets. Risk Control services to help reduce the probability of losses. Systems and Facilities services to identify, design and implement effective risk management systems. Training to improve your ability to identify and manage tactical and strategic risks. Please visit our web site at http://www.rwbeck.com. -------------------------------------------------------------- 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 added 24.39 points to 7674.97 The CRB Index lost 0.16 points to 191.91 The US Dollar dropped 0.23 points to 117.26 The Dow advanced 5.68 points to 10136.99 The S&P 500 climbed 3.89 points to 1161.02 The Nasdaq was up 10.84 points to 1987.26 February NYMEX Crude Oil fell 0.49 to 20.41 Canadian-US Exchange rose 0.0021 to 1.5956 ------------------------------------------------------------- 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 ------------------------------------------------------------- Washington DC January 24, 2002 Spencer Abraham U.S. Secretary of Energy to address energy community on potential security and commerce threats. Also to speak will be key directors from the CIA, SPR, IEA, SPR and more. See complete detail and register today at http://www.wesc.org ------------------------------------------------------------- Please welcome our advertisers by visiting these websites. 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.energyjobs.com enerfaxtext, forward to delete@enerfax.com to unsubscribe.
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