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Enerfax Daily NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE Wednesday, January 30 2002 No. 923 Visit: http://www.enerfax.com to view our web version or for Oil Prices & News http://www.enerfaxgold.com PHYSICAL NATURAL GAS PRICES Gulf/Eastern Region | Agua Dulce | 1.90 | | ANR SE | 1.96 | | Carthage TG | 1.95 | | Chicago Citygate | 2.01 | | Columbia Gulf Onshore | 1.97 | | Dominion South Point | 2.10 | | Henry Hub | 1.97 | | Houston Ship Channel | 2.01 | | Katy Hub | 1.95 | | NGPL LA Pool | 1.92 | | NGPL - Midcontinent | 1.90 | | NGPL STX | 1.92 | | NGPL TX/OK | 1.91 | | NNG Demarc. | 1.99 | | Niagara | 2.17 | | Sonat Tier 1 | 1.96 | | TCO IPP Pool | 2.08 | | Tetco ELa | 1.96 | | Tetco M-3 | 2.27 | | Tetco STX | 1.92 | | TGP Zone 0 | 1.92 | | TGP Zone 1 (500 Leg) | 1.95 | | TGT Zone SL | 1.97 | | New York Citygate | 2.32 | | Transco Station 65 | 2.05 | | Transco Zone 6 (NY) | 2.32 | | Trunk ELa | 1.95 | | Western Region | California Border | 2.07 | | El Paso Keystone | 1.94 | | El Paso San Juan-Blanco | 1.95 | | Waha Hub | 1.93 | | Canadian/Rockies Region | Nova/Aeco (C$/gig) | 2.73 | | Dawn Hub/Union | 2.12 | | Northwest Stanfield | 2.00 | | Wyoming Pool | 1.84 | | Opal | 1.86 | | PGT-Malin | 2.05 | | Sumas | 2.00 | Flow Date 1/30 ------------------------------------------------------------- NATURAL GAS FUTURES Henry Hub 12 Month Strip 2.4381 +0.0657 18 Month Strip 2.5883 +0.0617 | Month | High | Low | Close | Change | | FEB | 2.080 | 1.910 | 2.006 | +0.098 | | MAR | 2.090 | 2.010 | 2.067 | +0.083 | | APR | 2.180 | 2.100 | 2.150 | +0.071 | | MAY | 2.270 | 2.200 | 2.240 | +0.065 | | JUN | 2.350 | 2.280 | 2.320 | +0.065 | | JUL | 2.395 | 2.350 | 2.393 | +0.063 | | AUG | 2.445 | 2.390 | 2.453 | +0.063 | | SEP | 2.455 | 2.420 | 2.458 | +0.059 | | OCT | 2.480 | 2.450 | 2.488 | +0.059 | | NOV | 2.720 | 2.690 | 2.718 | +0.054 | | DEC | 2.930 | 2.900 | 2.933 | +0.054 | | JAN | 3.025 | 3.000 | 3.031 | +0.054 | ------------------------------------------------------------- - 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 Rally on Late Short-Covering Natural gas futures for February delivery on the NYMEX powered upward yesterday, driven by locals short-covering near the close. It ran as high as $2.08 per MMBtu before expiring up $0.098 at $2.006 per MMBtu, but still down 23% from when it began as the prompt month at $2.619 per MMBtu. The March contract rose $0.083 to $2.067 per MMBtu. The expiration was the lowest since October's $1.83 finish in late September. And prospects remain bearish for the new prompt March contract, surrounded by bearish technical and fundamental signals. Look for support at $1.76-$1.80. Mild weather across much of the nation and the huge storage excess sent prices mainly downward all month. Traders saw funds covering short positions during the morning, with trading houses covering in the early afternoon. Locals, which were short near the close, started buying. The market still carries a huge $0.965 forward carry between the February-March contract and January 2003. The larger that forward carry, the more bearish the market can be. Look for more short-covering before selling brings the market back down. The AGA will release its weekly storage report this afternoon. Expect a withdrawal of about 110 - 120 Bcf. The 5-year average for the week is 150 Bcf. A year ago there was a draw of 128 Bcf. Yesterday's estimated volume was 127,000 contacts, with 47,000 of those hedge or spreads. Natural gas for next day delivery across the US and Canada was generally flat to down $0.05 yesterday as cold weather moves back into the Midwest. Natural gas for next day delivery at the Henry hub lost $0.05 to $1.97 per MMBtu. ------------------------------------------------------------- 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 http://www.caminus.com ------------------------------------------------------------- Today's Power Bulletins * Newfoundland Power 2001 Profit Up on Higher Sales * Shares of Calpine Drop 8.6% Yesterday * Shares of Mirant Drop 7.7% Yesterday * FERC Meeting Today; Issues Include New Push to Address Market Power and California Case * Former FERC Chairman James Hoecker Spearheading New Lobbying Effort on Behalf of Electricity Restructuring * NRG Energy Achieves 2001 Earnings of $1.36 per Share * Cleco Reports 2001 Earnings Up 8% * PPL Reports 2001 Earnings Drop Sharply, But Increases Dividend by 36% Forecasts 2002 EPS from Core Operations of $3.30 - $3.50. * Capstone CEO to Speak at SSB Power Technology Conference February 5th in New York City ------------------------------------------------------------- DO YOU JUST SEE TREES? WE SEE A FOREST! See the forest with NewEnergy MarketPower by efficiently obtaining information for critical market-based investment decisions and mitigate your risk. Use MarketPower to determine the effects of transmission congestion, fuel costs, generator availability and load growth on market prices to better execute your company's strategic direction. Designed specifically for today's energy industry, MarketPower is accurate and easy-to-use, so you can plan for tomorrow...today! New Ideas...New Solutions...NewEnergy. For a free 30-day trial visit us at http://www.NewEnergyAssoc.com/justdownloadit or call us at 770 779 2957 for more information ------------------------------------------------------------- FirstEnergy Merger-Related Staffing Reductions FirstEnergy has implemented a work-force reduction affecting duplicative positions resulting from its merger with GPU, which was headquartered in Morristown, New Jersey. The reduction of 265 employees is in line with staffing level recommendations made following an in-depth study of operations. Affected employees primarily work in corporate support groups in Reading, Pennsylvania, and Morristown, including finance, legal, communications, human resources and information technology. They qualify for severance benefits, including a lump-sum payment based on years of service, career counseling, and up to three months of career transition services. Merger related staffing actions to date total 668 positions -- including this staffing reduction, 213 employees who left the company and will not be replaced, and 190 employees who will be retained for several months up to 18 months to complete merger-related transition assignments. ------------------------------------------------------------- FAST. FLEXIBLE. PROVEN. The AURORA(TM) electric market model helps you deal with the challenges and risks of today's energy marketplace. Exceptionally fast and easy to learn, AURORA(TM) 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 - ? Price forecasts - hourly, daily, weekly, monthly, yearly ? On-peak, off-peak pricing ? Resource valuation and net power costs ? Portfolio analyses ? Capacity expansion analyses ? Effects of emissions ? And much more . . . 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. Visit us at http://ww.epis.com or call (503) 722-2023. EPIS, Inc. Market Information Solutions for the Electric Power Marketplace ------------------------------------------------------------- Natural Gas NYMEX Volume 02FEB 65,394 02MAR 27,569 02APR 9,642 02MAY 4,348 02JUN 2,131 02JLY 4,109 02AUG 2,891 02SEP 1,714 02OCT 2,626 02NOV 1,293 02DEC 907 03JAN 2,158 03FEB 1,044 03MAR 1,015 03APR 60 03MAY 122 03JUN 821 03JLY 136 03AUG 202 03SEP 252 03OCT 14 03NOV 13 03DEC 63 04JAN 112 ------------------------------------------------------------- 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 -------------------------------------------------------------- Merrill Lynch Top Executives Involved in Enron Partnership A report that Merrill Lynch executives invested in a limited partnership, LJM2, which was used by Enron to inflate earnings and hide debt from shareholders, has sent the investment company scurrying to deny any wrongdoing. Merrill Lynch invited managing directors and senior executives to invest in the partnerships after it helped Enron raise $349 million for the partnership from pension funds and other institutional investors. Critics say that some investment banks may have been less stringent in their scrutiny of Enron because senior executives were doing business with it and had a vested interest in its profits, raising questions about conflict of interest. The investments may be subject to congressional examination after the House Energy and Commerce Committee subpoenaed Enron's partnership records, including the identities of investors. Enron has revealed that its former CFO made $30 million from 2 partnerships, including LJM2. Merrill Lynch says that the investment partnership is in line with common industry practices. Merrill Lynch claims that it was offered to qualified external as well as internal investors, which would not be a conflict of interest. ------------------------------------------------------------- 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=17 main phone number: 1 510-548-6200 email address: info@fea.com ------------------------------------------------------------- PHYSICAL POWER PRICES | | High | Low | Average | | | $/MWh | $/MWh | $/MWh | | Cinergy | 19.25 | 18.15 | 18.55 | | ECAR | 22.00 | 15.75 | 19.50 | | ERCOT | 19.40 | 17.50 | 18.60 | | Entergy | 18.00 | 16.00 | 16.95 | | TVA | 20.40 | 18.65 | 19.35 | | ComEd | 20.00 | 19.00 | 19.50 | | Nepool | 27.75 | 27.00 | 27.30 | | PJM West | 21.50 | 21.00 | 21.25 | | Main | 20.00 | 17.50 | 18.90 | | MAPP | 21.00 | 19.50 | 20.00 | | Palo Verde | 26.00 | 23.50 | 24.30 | | Mid C | 19.50 | 18.95 | 19.15 | | COB | 22.00 | 21.00 | 21.35 | | 4 Corners | 25.50 | 23.25 | 24.60 | | Mead | 26.00 | 24.75 | 25.20 | | NP 15 | 24.25 | 23.50 | 23.70 | | SP 15 | 24.50 | 23.50 | 23.90 | Power Delivered 1/30 ------------------------------------------------------------- CFTC Says No Enron Market Manipulation Enron did not try to engage in market manipulation at any futures exchange, according to testimony before the Senate Energy Committee by the chairman of the Commodity Futures Trading Commission. Both the CFTC chairman and the FERC chairman said they did not see a need for new federal market regulation because of Enron. FERC has found no substantial spillover effects into the energy markets because of Enron. In the aftermath of Enron's collapse, prices and energy markets remained stable, with neither electric nor natural gas deliveries being disrupted. ------------------------------------------------------------- Allegheny Energy Supply Company, Salt River Project (SRP) and Sempra Energy Resources announce Open Season for proposed Desert Crossing Gas Storage and Transportation System. Open Season for customers interested in capacity begins Jan. 10, 2002 and extends through Feb. 8, 2002. For information, visit http://www.desert-crossing.com ------------------------------------------------------------- Todays Gas Bulletins * El Paso Shares Tumble 6.2 % Yesterday * Anadarko Says 3rd Quarter Charges Should Be $1.7 Billion Higher * Northern Border Partners Reports 25% Increase in 4th Quarter Net Income * House Energy and Commerce Committee Seeks Data on Andersen-Enron Consulting * TransCanada PipeLines 4th Quarter Profit Slips 5%, But Dividend Up 11% * House of Representatives Speaker Dennis Hastert Backs President Bush's Decision Not to Hand Over Records to Congressional Investigators on Involvement by Enron * China Seeking Foreign Partners to Build City Natural Gas Grid in Shanghai; Plans to Double Supply to Meet Booming Consumption * TC PipeLines Announces 17% Increase in 2001 Earnings; New Nasdaq Trading Symbol 'TCLP' * Sempra Energy Trading Acquires Enron Metals Limited; Plans to Capitalize on Synergies Between Energy and Metals Trading Markets ------------------------------------------------------------ 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: http://www.ziffenergyconferences.com ------------------------------------------------------------- Enron Names Bankruptcy Specialist as Interim CEO Enron has named Stephen Cooper, managing partner of Zolfo Cooper, as interim chief executive officer and chief restructuring officer. Enron also named Jeff McMahon as president and chief operating officer and Ray Bowen as CFO. Cooper, McMahon and Bowen will take on the task of trying to raise Enron from the ashes after its collapse. Coopers firm specializes in resurrecting bankrupt companies. Cooper is currently handling the bankruptcy reorganization of Greyhound Lines parent Laidlaw Inc, but Laidlaw's restructuring is almost complete. Industry experts say that Cooper must now balance the demands of the bankruptcy with running the remaining businesses and handling the lawsuits and investigations related to Enron's collapse. The new CEO says that with more than 19,000 employees worldwide, Enron has real businesses with real value. He said that his team will work closely with the Board of Directors, management and the creditors' committee to develop a reorganization plan to maximize value for the company's shareholders. He has already begun working for Enron. Greg Whalley, who had been president and CEO resigned to take a position with UBS Warburg, which acquired Enron's energy trading unit 2 weeks ago. Enron has also agreed to sell businesses and long-term contracts for more than $520 million and relinquished control of Northern Natural Pipeline to Dynegy. Additionally, it plans to sell Portland General Electric to Northwest Natural Gas for about $3 billion. There has been no word of when the Board of Directors will name a new chairman to replace Ken Lay. ------------------------------------------------------------- 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 to help reduce the probability of losses. Asset Valuation to understand the market value and risk characteristics of physical and financial energy assets. Training to improve your ability to identify and manage tactical and strategic risks. Please visit our web site at http://www.rwbeck.com ------------------------------------------------------------- POWER FUTURES | Month | COB | Change | PV | Change | | FEB | 21.25 | +0.00 | 21.25 | +0.00 | | MAR | 18.50 | +0.00 | 21.25 | +0.25 | | APR | 20.00 | +0.00 | 14.00 | -8.25 | | MAY | 18.25 | +0.00 | 14.50 | -8.75 | | JUN | 20.00 | +0.00 | 16.50 | -11.25 | | JUL | 29.50 | +0.00 | 37.50 | -0.25 | | AUG | 40.00 | +0.00 | 42.75 | +0.25 | | SEP | 34.00 | +0.00 | 33.00 | +0.75 | | OCT | 28.00 | +0.00 | 27.75 | +0.00 | | NOV | 27.50 | +0.00 | 26.75 | +0.50 | | DEC | 28.50 | +0.00 | 27.25 | +0.50 | | JAN | 28.50 | +0.00 | 28.50 | +0.25 | | Month | Entergy | Change | Cinergy | Change | | FEB | 18.25 | +0.00 | 19.70 | +0.00 | | MAR | 19.50 | +0.25 | 21.00 | +0.15 | | APR | 19.50 | +0.25 | 21.00 | +0.15 | | MAY | 23.00 | +0.40 | 24.50 | +0.25 | | JUN | 27.00 | +0.25 | 29.50 | +0.50 | | JUL | 34.25 | +0.75 | 38.00 | +0.75 | | AUG | 34.25 | +0.75 | 38.00 | +0.75 | | SEP | 21.50 | -4.50 | 22.75 | +0.45 | | OCT | 21.50 | +0.15 | 22.30 | +0.45 | | NOV | 21.50 | +0.15 | 22.30 | +0.45 | | DEC | 21.50 | +0.15 | 22.30 | +0.45 | | JAN | 24.15 | -0.10 | 25.50 | +0.25 | ------------------------------------------------------------- Power Futures | Month | PJM | Change | | FEB | 23.50 | +0.00 | | MAR | 24.35 | +0.30 | | APR | 34.35 | +0.30 | | MAY | 27.70 | +0.45 | | JUN | 34.25 | +1.00 | | JUL | 45.50 | +1.00 | | AUG | 45.50 | +1.00 | | SEP | 26.10 | +0.60 | | OCT | 25.50 | +0.50 | | NOV | 25.50 | +0.50 | | DEC | 25.50 | +0.50 | | JAN | 29.50 | +0.50 | ------------------------------------------------------------- Senate Committee Examines Enron's Impact on Energy Markets Conventional futures exchanges like the NYMEX are entirely regulated by the CFTC. But the Commodity Futures Modernization Act of 2000, passed by Congress after a big lobbying effort by Enron, removed over-the-counter and some on-line energy transactions from CFTC control. Those exempted markets made up the bulk of Enron's trading operations. The CFTC is working with the White House on auditing and accounting standards, and the combination of its market supervisory functions under one agency division. Although at least 8 other congressional probes are being conducted into the financial and accounting facets of Enron's demise, the Senate Energy Committee's authority is limited to the effects of Enron's meltdown on energy markets and consumers. Legislators at the hearing saw little impact from Enron on US energy markets. Some on the panel referred to it as business failure, not an energy market failure. Even though the chairman of the NYMEX has not call for any greater regulation of over-the-counter markets, he has called on regulators to treat on-line exchanges and traditional pit-based ones equally. ------------------------------------------------------------- Energy Seminars, Inc. Announces Key Seminar Offerings for January: Energy Seminars will be going to Florida and Calgary in 2002! Click to http://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 -------------------------------------------------------------------------------------------------------------------------- Derivatives at Root of Enron Collapse Enron's extensive use of derivatives, not just its accounting practices, lie at the root of its fall into bankruptcy. Enron had used profits from its derivatives trading operation, which was little understood by investors, to mask losses in its more visible businesses even as some of its employees may have been fraudulently manipulating those profits. Enron reaped huge profits from derivatives. But it lost billions on most everything else it did, including projects in fiber-optic bandwidth, retail natural gas and power, water systems and technology stocks, but used its expertise in derivatives to hide these losses. Derivatives are complex financial contracts whose values are linked to underlying variables such as the prices of commodities, stocks or bonds. They are used by sophisticated investors to manage risk. Enron's use of derivatives both outside and inside the company can likely be directly linked to its collapse. On the outside, they were used to create the company's web of off-balance sheet deals with complex financial partnerships known as special-purpose vehicles. After some of those deals went sour, Enron in October took a $1 billion charge against earnings and a $1.2 billion write-down in shareholder equity, triggering its nosedive into bankruptcy. But Enron's derivatives problems ran far deeper than the outside special purpose vehicles. It appears that some Enron employees used dummy accounts and rigged valuation methodologies to create false profit and loss entries for the derivatives Enron traded. ------------------------------------------------------------- Progas Storage and Services, Inc. Progas can custom build gas storage in the Upper Midwest. ? Design to your specifications ? Close to your markets ? Unregulated storage ? Lower transportation fees ? Lower storage rates Progas is now accepting proposals and orders for years 2002-2007 for approxamately 5 bcf of storage on Midwestern system serving Indiana, Illinois, and 3 bcf on Texas Gas Transmission system serving Tennessee, northern Kentucky, Indiana, and Ohio. Additional potential storage filds beding acquired at this time on Midwestern, anhandle Eastern and A & R (Coastal) systems serving the Upper Midwest. Inquiries from potential partners, investment bankers, and brokers welcome. Progas Storage and Services, Inc. 8610 South Highway 277 Abilene, TX 79606 Phone: 915-698-3699 Fax: 915-698-2859 Email: gastorage@aol.com ------------------------------------------------------------- Williams' Shares Plunge 22% on Telecom Debt Shares of Williams tumbled 22% yesterday after it reported it may have up to $2.4 billion in costs from Williams Communications which was spun off last April. Williams may have to pay $1.4 billion in Williams Communications debt if its credit rating falls below investment grade. It also may owe $750 million in Williams Communications fiber optic-network leases and $250 million in other expenses. Shares of Williams Communications dropped 80% last year as growth evaporated with the dot.com collapse. In the past month, Williams sold securities and cut capital spending to strengthen its balance sheet amid increased scrutiny by credit-rating agencies in the wake of Enron's collapse. It also plans to sell assets to maintain the all-important investment-grade debt rating. Because of the debt review, Williams delayed reporting 4th quarter results that had been scheduled for release yesterday. The review will have no direct impact on Williams Communications business, the company said in a statement. However, the stock market is in the process of evaluating the situation and is assuming the worst. Williams' shares fell $5.3, to $18.78 yesterday. Its 7.75% coupon maturing in 2031 fell about $42 to $921 per $1,000 face value from $963. That pushed the yield up to 8.48% from 8.08%. Williams's convertible preferred stock, which was sold this month at $25, tumbled $3.93 to $21.65 per share. Enron had $724 million in losses from telecommunications in the 3rd quarter. Global Crossing filed for bankruptcy protection Monday after it accumulated $12 billion in debt it was unable to repay because of falling sales. Shares Williams Communications fell $0.29 to $1.34 yesterday. ------------------------------------------------------------- FINANCIAL SUMMARY The TSE 300 lost 76.59 points to 7567.14 The CRB Index fell 0.56 points to 187.31 The US Dollar decreased 0.49 points to 119.38 The Dow declined 247.51 points to 9618.24 The S&P 500 dipped 32.42 points to 1100.64 The Nasdaq was down 50.92 points to 1892.99 March NYMEX Crude Oil dropped 0.47 to 19.58 Canadian-US Exchange slid 0.0221 to 1.5904 ------------------------------------------------------------- ENERGY MANAGEMENT INSTITUTE Higher Education for refined product professionals NOW ENROLLING RISK MANAGEMENT COURSES: PROFESSIONAL GASOLINE AND DISTILLATE MANAGEMENT, PETROLEUM MARKETER, and ADVANCED GASOLINE AND DISTILLATE MASTER LEVEL. REGISTER NOW, CLASS SIZES ARE LIMITED. SEE COMPLETE DETAILS CLICK HERE :http://www.energyinstitution.org ------------------------------------------------------------- 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 ------------------------------------------------------------- To view past issues of Enerfax Daily -Sign up for free at Divine's Sagewave at http://www.sagewave.com/D2/autolog/common/log.asp?KEY=enerfax ------------------------------------------------------------- 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.ziffenergyconferences.com/ http://www.energyseminars.com http://www.desert-crossing.com http://www.epis.com http://www.rwbeck.com http://www.NewEnergyAssoc.com enerfaxtext, forward to delete@enerfax.com to unsubscribe.
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