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Enerfax Daily NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE Tuesday, January 8, 2002 No. 900 Visit: http://www.enerfax.com/ or for Oil Prices & News http://www.enerfaxgold.com/ PHYSICAL NATURAL GAS PRICES Gulf/Eastern Region | Agua Dulce | 2.18 | | ANR SE | 2.26 | | Carthage TG | 2.24 | | Chicago Citygate | 2.22 | | Columbia Gulf Onshore | 2.29 | | Dominion South Point | 2.45 | | Henry Hub | 2.30 | | Houston Ship Channel | 2.30 | | Katy Hub | 2.24 | | NGPL LA Pool | 2.21 | | NGPL - Midcontinent | 2.09 | | NGPL STX | 2.17 | | NGPL TX/OK | 2.18 | | NNG Demarc. | 2.12 | | Niagara | 2.42 | | Sonat Tier 1 | 2.28 | | TCO IPP Pool | 2.40 | | Tetco ELa | 2.30 | | Tetco M-3 | 2.91 | | Tetco STX | 2.25 | | TGP Zone 0 | 2.22 | | TGP Zone 1 (500 Leg) | 2.25 | | TGT Zone SL | 2.28 | | New York Citygate | 3.04 | | Transco Station 65 | 2.40 | | Transco Zone 6 (NY) | 3.05 | | Trunk ELa | 2.24 | | Western Region | California Border | 2.13 | | El Paso Keystone | 2.03 | | El Paso San Juan-Blanco | 1.99 | | Waha Hub | 2.11 | | Canadian/Rockies Region | Nova/Aeco (C$/gig) | 2.75 | | Dawn Hub/Union | 2.29 | | Northwest Stanfield | 1.87 | | Wyoming Pool | 1.85 | | Opal/Kern River | 1.87 | | PGT-Malin | 1.98 | | Sumas | 1.86 | Flow Date 1/8 ------------------------------------------------------------- NATURAL GAS FUTURES Henry Hub 12 Month Strip 2.5591 -0.0070 18 Month Strip 2.7047 -0.0060 | Month | High | Low | Close | Change | | FEB | 2.350 | 2.210 | 2.272 | -0.003 | | MAR | 2.325 | 2.210 | 2.261 | -0.004 | | APR | 2.345 | 2.240 | 2.281 | -0.007 | | MAY | 2.405 | 2.300 | 2.345 | -0.007 | | JUN | 2.465 | 2.380 | 2.413 | -0.008 | | JUL | 2.540 | 2.450 | 2.476 | -0.007 | | AUG | 2.580 | 2.500 | 2.526 | -0.010 | | SEP | 2.590 | 2.515 | 2.541 | -0.010 | | OCT | 2.625 | 2.560 | 2.581 | -0.007 | | NOV | 2.855 | 2.790 | 2.811 | -0.007 | | DEC | 3.080 | 3.010 | 3.041 | -0.007 | | JAN | 3.190 | 3.140 | 3.161 | -0.007 | ------------------------------------------------------------- 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 Slip Slightly Lower Natural gas Futures for February delivery on the NYMEX settled $0.003 lower yesterday at $2.272 per MMBtu. The March contract lost $0.004 to $2.261 per MMBtu. With short-covering from locals and funds in the front and trade buying in the back months, the market reached $2.35 by mid-afternoon but then quickly sold off late in the session. The technical buying on what was being termed an oversold market came in late morning as locals and funds tried to cover positions, then punched in buy-stops into the mid-$2.30 before corporate trading houses took profits and sold down the contract late. It turned out to be a long day's journey to just about nowhere. Look for the market drop lower early today as yesterday's late sell-off continues. However, the AGA is expected to report higher withdrawal tomorrow afternoon than in recent weeks. Early predictions are for a withdrawal of about 150 - 160 Bcf, compared to 167 Bcf a year ago. The 5-year average for the week is 118 Bcf. More short-covering later today could push the market as high as $2.40-$2.50, but it is more likely to wait for the storage report for direction. Natural gas for next day delivery across the US and Canada was generally down $0.05 - $0.10 yesterday. Natural gas for next day delivery at the Henry hub lost $0.06 to $2.30 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 www.caminus.com ------------------------------------------------------------- Today's Power Bulletins * FERC ALJ to Hold Pre-Hearing Conference on California's Demand for $9 Billion in Refunds for Alleged Power Overcharges Last Year * EPCOR to Proceed with Genesee Phase 3 Project - Generator First in Canada to Use Supercritical Technology * Attorneys General of 9 Northeast States Host News Conference Today Regarding. Emissions Policy to Warn Administration They Will Consider Legal Action if Enforcement of Power Plants and Refineries Relaxed * El Paso Linden, NJ Power Plant to Start Operations of Expanded to 761 MW Next Week * Procter & Gamble Selects AES NewEnergy as Electricity Supplier in Southern Ohio * MidAmerican Announces Council Bluffs as Site of 900 MW Coal Plant * Oregon's Largest Electric Utilities Launch New Choices through State Restructuring Plan ------------------------------------------------------------- Skipping Stone's Texas Power Markets: Restructuring / Competition Report guides you through the newly emerging Texas energy marketplace terrain with the most current information available today. * Insight on the latest orders issued as of December 14, 2001 by both the PUCT and ERCOT, how they will affect the Texas energy market * Market statistics and characteristics that will impact your business * Graphs, tables and pictures give a snapshot for a quick grasp of the market * Over 130 color pages of clear, concise information for only $995 For more information, visit www.skippingstone.com and link to the Texas Power Markets: Restructuring / Competition Report in the Knowledge Mall. ------------------------------------------------------------- FPL Begins Operation of New Wind Power Projects FPL Energy has began full operation of 2 large wind power plants, one in Texas and the other in Washington. FPL says the 278 MW King Mountain Clean Energy Center near Odessa, and the 263 MW Stateline Clean Energy Center near Walla Walla began operations last month. The two plants join 3 other wind power facilities FPL started in last year: 160 MW at Woodward Mountain, also near Odessa, 112 MW in Gray County, Kansas, and 30 MW in Monfort, Wisconsin. FPL Energy operates 1,830 MW and owns 1,439 MW of wind power facilities in 8 states. FPL will continue to look for appropriate sites for wind power development, but has expressed concern about the future of the renewable energy source following the December 2001 expiration of the federal wind energy production tax credit. ------------------------------------------------------------- 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 NYMEX Volume 02FEB 30,293 02MAR 15,281 02APR 9,124 02MAY 9,182 02JUN 4,304 02JLY 3,534 02AUG 2,466 02SEP 1,460 02OCT 1,667 02NOV 1,639 02DEC 1,687 03JAN 1,699 03FEB 632 03MAR 1,267 03APR 459 03MAY 25 03JUN 249 03JLY 13 03AUG 11 03SEP 13 03OCT 11 03NOV 280 03DEC 39 04JAN 73 ------------------------------------------------------------- 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. www.fea.com/?cId=17 main phone number: 1 510-548-6200 email address: www.fea.com/?cId=17 ------------------------------------------------------------- PHYSICAL POWER PRICES | | High | Low | Average | | | $/MWh | $/MWh | $/MWh | | Cinergy | 23.00 | 18.00 | 21.55 | | ECAR | 25.50 | 18.00 | 22.85 | | ERCOT | 18.50 | 18.25 | 18.35 | | Entergy | 21.00 | 18.50 | 19.05 | | TVA | 26.30 | 24.00 | 25.65 | | ComEd | 21.00 | 20.00 | 20.50 | | Nepool | 33.75 | 33.50 | 33.70 | | PJM West | 28.80 | 25.10 | 25.80 | | Main | 22.00 | 19.00 | 20.55 | | MAPP | 23.00 | 19.00 | 20.65 | | Palo Verde | 22.00 | 18.50 | 20.70 | | Mid C | 18.00 | 16.75 | 17.25 | | COB | 20.00 | 19.00 | 19.45 | | 4 Corners | 20.50 | 16.00 | 18.25 | | Mead | 21.50 | 19.75 | 20.80 | | NP 15 | 22.50 | 20.00 | 21.30 | | SP 15 | 22.50 | 20.10 | 21.55 | Power Delivered 1/8 ------------------------------------------------------------- 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 Companies' $1 Billion FELINE PACS Rated 'BBB' by Fitch * Heating Oil Falls 2.4% on Forecast for Warmer Weather in Northeast * Dynegy and Other Enron Creditors Ask Judge to Transfer Bankruptcy to Houston from New York * Federal Judge Ruling Limits Southwest Gas Failed Merger Case; ONEOK Legal Exposure Reduced Considerably * Transatlantic Holdings Expects $39 Million in Enron Exposure * UtiliCorp Completes Aquila Short-Form Merger; NYSE Trading of Aquila Shares Ceases * Williams Energy Partners to Release Earnings January 28th * Coalbed Methane Water Management Strategies Conference February 4th - 5th in Durango, Colorado * Bids Roll In for Enron's Trading Operations ------------------------------------------------------------ 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 ------------------------------------------------------------- PG&E Chromium Lawsuits Could Be Moved to Federal Court The judge presiding over Pacific Gas & Electric's bankruptcy will soon rule on litigation connected to the 1993 case that led to the movie Erin Brockovich. That case involved 650 people who were paid $333 million by PG&E to settle claims they drank water containing chromium six, a potential cause of cancer, near a Hinkley, CA natural gas pipeline station owned by PG&E. The new claims involve 1,250 people seeking $500 million for alleged personal injuries that are pending in 15 lawsuits involving chromium at PG&E's Kettleman, Topock and Hinkley pipeline stations. PG&E has said its potential liability is $160 million. Chromium six was used at the pipeline stations in the 1950s and 1960s to prevent the pumps' cooling systems from rusting then dumped in unlined ponds near the stations. Attorneys for the plaintiffs say the chromium seeped into underground water supplies and caused a number of illnesses, including cancer. Although PG&E has said it used the chemical, it denies that chromium has caused the illnesses. PG&E attorneys have said that bankruptcy law mandates that personal injury and wrongful death claims be moved to a US district court to ensure that the claims are handled as quickly and fairly as possible. Plaintiffs attorneys contend that the suits were filed long before the utility filed for bankruptcy and that moving them now to a federal court would prolong the cases. ------------------------------------------------------------- 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 | 21.70 | +0.00 | 23.60 | +0.00 | | MAR | 21.75 | +0.00 | 23.70 | +0.00 | | APR | 21.75 | +0.00 | 23.70 | +0.00 | | MAY | 24.50 | +0.00 | 26.75 | +0.00 | | JUN | 31.75 | +0.00 | 35.50 | +0.00 | | JUL | 41.00 | +0.00 | 46.00 | +0.00 | | AUG | 41.00 | +0.00 | 46.00 | +0.00 | | SEP | 22.50 | +0.00 | 24.75 | +0.00 | | OCT | 22.75 | +0.00 | 24.75 | +0.00 | | NOV | 22.75 | +0.00 | 24.75 | +0.00 | | DEC | 22.75 | +0.00 | 24.75 | +0.00 | | JAN | 26.00 | +0.00 | 27.00 | +0.00 | ------------------------------------------------------------- Power Futures | Month | PJM | Change | | FEB | 27.55 | +0.00 | | MAR | 26.10 | +0.00 | | APR | 26.10 | +0.00 | | MAY | 29.50 | +0.00 | | JUN | 38.25 | +0.00 | | JUL | 52.50 | +0.00 | | AUG | 52.50 | +0.00 | | SEP | 26.50 | +0.00 | | OCT | 25.50 | +0.00 | | NOV | 25.50 | +0.00 | | DEC | 25.50 | +0.00 | | JAN | 30.00 | +0.00 | ------------------------------------------------------------- Mackenzie Delta Natural Gas Project Files for Approval A consortium of major oil companies have moved closer to developing almost 6 Tcf of natural gas in the Mackenzie Delta region on the coast of the Beaufort Sea. The group has begun the lengthy process of applying for regulatory approval, which could take up to 4 years. Led by Imperial Oil, the group consists of Conoco, Shell Canada, Exxon Mobil and now includes a company controlled by Northwest Territories native people. The partners, known as the Mackenzie Valley Producers Group, could spend up to C$250 million before they decide whether to proceed with the project. The natural gas reserves would be produced from Imperial's 3 Tcf Taglu field, the 1.8 Tcf Parsons Lake field, owned by Conoco and Exxon Mobil, and Shell's 1 Tcf Niglintgak field. The project would include a pipeline to carry up to 1 Bcf per day of natural gas to Alberta along the Mackenzie River valley at a estimated cost of C$3 billion. The natural gas would then be transported to Canada and the US. Last year, the group signed an agreement with Northwest Territories native leaders that would give the region's people a 33% share in the pipeline and provide other economic benefits. Even if the Mackenzie Delta project did not start pumping for 5 or 6 years, it likely will still be ahead of the Alaskan project, where BP, Exxon Mobil and Phillips are planning development of their reserves. ------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------------------- Platts Says Natural Gas Prices Climb 12.6% in January Average monthly natural gas spot prices for January rose 12.6 % from December, to $2.51 per MMBtu, but are 75% below the average reached in January 2001, according to Platts. In a survey by Inside FERC's Gas Market Report, the average price of natural gas delivered to the premium New York and New Jersey markets for January was $4.92 per MMBtu compared with $3.12 per MMBtu in December and $19.33 per MMBtu last January. In Southern California, the monthly average reached a high of $16.39 per MMBtu in January 2001, the average monthly spot price for January 2002 climbed to $2.62 per MMBtu, up 15.4% from $2.27 per MMBtu in December. The January average is 84% below the January 2001 level. Monthly spot prices for January climbed higher because weather was cold across most of the nation at the close of December when most of the January deal making was happening and because forecasts for the first part of January were for more of the same. On January 4th, the average price for futures contracts for the coming 12 months was $2.569 per MMBtu, down 9.25% from the $2.831 average on December 4th and 51% from the $5.241 average on April 4, 2001. ------------------------------------------------------------- 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 ------------------------------------------------------------- Dynedy Says FERC's New Market Power Proposal Too Risky All wholesale power transactions would be vulnerable to default if the FERC adopts a strict new test for granting wholesale trading rights to utilities, according to Dynegy. Last Novermber, the FERC introduced a new standard for sizing up market power for utilities big enough to influence energy prices in their areas. The plan has raised a storm of protest from many utilities. The proposed new market power test is based on the peak power demand in any given area. If a company controls generation in any area greater than its peak demand, FERC would require it to base rates on per-unit production costs, not market-based rates. The previous market-power test was any firm controlling more than 20% of supplies could be subject to penalties. The new rules would call to question the finality of all power market transactions and invite buyers to walk away from purchase obligations, Dynegy says. About $100 billion in merchant generation investment could be shelved if the FERC proceeds with a proposed new rule, Dynegy warned saying all generation investment would be exposed to a regulatory risk that did not exist before. In December, the FERC delayed implementation of the new rules for several months until a technical conference to give companies a chance to offer suggestions. Dynegy says id the proposed new rules could also stunt the development of renewable resources like wind, hydro and solar supplies by requiring them to sell their power at no incremental cost. Entergy has also complained that the FERC's sweeping changes are not justified by current laws. The FERC is working to design 4 RTOs nationwide with built-in market-monitoring capabilities which would negate the need for the new market power rules. RTOs with approved monitoring systems will be exempt from the new agency order. ------------------------------------------------------------- ALL BAD NEWS SEEN IN THE MARKET According to a top industry analyst traders are going to have to bide their time if they expect natural gas prices to get much help from recovering industrial demand. Last week the NAPM (National Association of Purchasing Managers) issued a positive report concerning industrial activity, but natural gas traders showed little interest. "Industrial demand could be improving slowly, but what is going on out there is overshadowed this time of year by weather developments," says Jim Ritterbusch of Ritterbusch and Associates. "There should be some indication of growing industrial demand. The stock market is a leading indicator of industrial activity and those markets are looking strong, and some of the other indices are looking OK, but for the time being industrial activity is being buried by other overwhelmingly bearish factors. The forecasts for industrial activity and what goes on in the natural gas market seem to be a bit tenuous at best. for the next couple of months the focus is going to be on the weather and once we get to tne end of February, then the industry will focus on industrial demand." "I do think that all the bad news may be presently factored into the market. Even though there were new lows made early this week, I think any low prices much below those levels are going to be difficult to sustain," he said. GET YOUR FIVE WEEK FREE TRIAL TO GASTRADER NEWSLETTER. CHECK IT OUT AT GASTRADER.NET -------------------------------------------------------------- FINANCIAL SUMMARY The TSE 300 added 37.01 points to 7870.25 The CRB Index gained 1.07 points to 194.89 The US Dollar increased 0.16 points to 116.33 The Dow declined 62.69 points to 10197.05 The S&P 500 dropped 7.62 points to 1164.89 The Nasdaq was down 22.28 points to 2037.10 February NYMEX Crude Oil fell 0.14 to 21.48 Canadian-US Exchange rose 0.0004 to 1.5979 ------------------------------------------------------------- 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.ziffenergyconferences.com/ http://www.energyseminars.com enerfaxtext, forward to delete@enerfax.com to unsubscribe.
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