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Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE
              Tuesday, January 29 2002 No. 922
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              | 1.91  |
| ANR SE                  | 1.98  |
| Carthage TG             | 1.96  |
| Chicago Citygate        | 2.04  |
| Columbia Gulf Onshore   | 2.00  |
| Dominion South Point    | 2.10  |
| Henry Hub               | 2.02  |
| Houston Ship Channel    | 2.02  |
| Katy Hub                | 1.96  |
| NGPL LA Pool            | 1.95  |
| NGPL - Midcontinent     | 1.92  |
| NGPL STX                | 1.93  |
| NGPL TX/OK              | 1.94  |
| NNG Demarc.             | 2.02  |
| Niagara                 | 2.19  |
| Sonat Tier 1            | 1.99  |
| TCO IPP Pool            | 2.11  |
| Tetco ELa               | 1.99  |
| Tetco M-3               | 2.25  |
| Tetco STX               | 1.93  |
| TGP Zone 0              | 1.93  |
| TGP Zone 1 (500 Leg)    | 1.97  |
| TGT Zone SL             | 2.00  |
| New York Citygate       | 2.28  |
| Transco Station 65      | 2.05  |
| Transco Zone 6 (NY)     | 2.28  |
| Trunk ELa               | 1.99  |
| Western Region
| California Border       | 2.08  |
| El Paso Keystone        | 1.94  |
| El Paso San Juan-Blanco | 1.95  |
| Waha Hub                | 1.94  |
| Canadian/Rockies Region
| Nova/Aeco (C$/gig)      | 2.83  |
| Dawn Hub/Union          | 2.15  |
| Northwest Stanfield     | 2.05  |
| Wyoming Pool            | 1.88  |
| Opal                    | 1.88  |
| PGT-Malin               | 2.09  |
| Sumas                   | 2.05  |
         Flow Date 1/29
-------------------------------------------------------------

NATURAL GAS FUTURES
Henry Hub
12 Month Strip  2.3724 -0.0866
18 Month Strip  2.5266 -0.0760
| Month | High  |  Low  | Close | Change |
| FEB   | 2.025 | 1.850 | 1.908 | -0.129 |
| MAR   | 2.090 | 1.960 | 1.984 | -0.120 |
| APR   | 2.180 | 2.060 | 2.079 | -0.101 |
| MAY   | 2.270 | 2.160 | 2.175 | -0.094 |
| JUN   | 2.340 | 2.255 | 2.255 | -0.087 |
| JUL   | 2.410 | 2.320 | 2.330 | -0.084 |
| AUG   | 2.465 | 2.380 | 2.390 | -0.077 |
| SEP   | 2.475 | 2.375 | 2.399 | -0.077 |
| OCT   | 2.500 | 2.410 | 2.429 | -0.074 |
| NOV   | 2.720 | 2.664 | 2.664 | -0.069 |
| DEC   | 2.955 | 2.879 | 2.879 | -0.066 |
| JAN   | 3.040 | 2.977 | 2.977 | -0.061 |
-------------------------------------------------------------
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Natural Gas Futures Tumble Below $2


     Natural gas futures for February delivery on the NYMEX tumbled 6.3%
yesterday, falling $0.129 to $1.908 per MMBtu. The March contract lost
$0.12 to $1.984 per MMBtu. The market opened lower yesterday morning and
soon dropped below $2. It was the lowest price seen since last September's
$1.83 per MMBtu expiration for the October contract. In afternoon trading
prices dipped as low as $1.85 on a bearish weather forecast, but quickly
recovered to finish the session on an up-tick. Physical prices were kept
up by cooler weather in the Mid-continent region. Cold weather in the West
also pushed up cash prices there, but only marginally. The AGA report to
be released tomorrow afternoon is expected to show a withdrawal of about
110 - 120 Bcf. Look for the cash market to follow the NYMEX downward
today, although weather concerns in the nation's midsection reflect a
slight bullishness. Natural gas for next day delivery across the US and
Canada was generally flat to down $0.05 yesterday. Natural gas for next
day delivery at the Henry hub lost $0.01 to $2.02 per MMBtu.
-------------------------------------------------------------
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Today's Power Bulletins
 * Head of the National Association of Regulatory and Utility
Commissioners Tells Senate Committee Today Federal Regulations Needed to
Reform Power Market to Restore Public Confidence and Protect Consumers
from Potential Financial Disasters
 * Salomon Report Says Merchant Power and Natural Gas Sector Outlook Solid
 * Midwest ISO, PJM and Southwest Power Pool Announce Single Market Design
Forum
 * Enron Employees Band Together to File Lawsuit Against Retirement Plan
Custodians and Enron Directors
-------------------------------------------------------------
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-------------------------------------------------------------
Enron's Due on Enron Wind Sale

    Bids for Enron Wind were due yesterday, as the profitable company is
expected to soon be sold to European owners. Five companies are in the
running, so it is likely to take Enron several weeks to announce a buyer.
The purchase price is likely to be about $500 million. Enron Wind is
making money and is not included in Enron's bankruptcy filing. Its
revenues jumped from about $50 million when it was acquired by Enron in
1997 to $750 million in 2001. Last year was by far the best year in the
company's history. The bankruptcy court will have to provide some kind of
oversight for the sale of any Enron material assets. Likely bidders are
Denmark's Vestas Wind Systems, German-Danish wind turbine maker Nordex AG,
General Electric and some financial groups from Europe. Enron Wind will
likely end up bought by the Europeans, who have a stronger presence in the
wind energy sector. The top 5 wind turbine manufacturers are three Danish,
one Spanish, and one German. Vestas plans to set up a blade and assembly
plant in the US if the tax credit is extended, and NEG Micon already has
an assembly plant here. More than 1,000 MW of projects have been put on
hold in the US because the tax credit has yet to be renewed. About $5
billion of new wind power was installed worldwide last year, bringing the
total over $20 billion.
-------------------------------------------------------------
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-------------------------------------------------------------
Natural Gas NYMEX Volume
02FEB   37,198
02MAR   17,837
02APR    5,622
02MAY    2,416
02JUN    2,495
02JLY    9,143
02AUG    8,440
02SEP      975
02OCT    4,860
02NOV    1,882
02DEC      953
03JAN    1,922
03FEB      447
03MAR      699
03APR      713
03MAY      215
03JUN      414
03JLY      161
03AUG      201
03SEP       15
03OCT       62
03NOV      395
03DEC      650
04JAN       93
-------------------------------------------------------------
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PanCanadian and Alberta Energy Merge

    PanCanadian Energy and Alberta Energy have reached an agreement to
merge, forming one of the top independent oil and natural gas company in
the world in terms of proved reserves, production and value. The share
swap deal will create a C$27 billion exploration and production company
with operations in the US, the North Sea and Ecuador and major
Canadian-based operations. The newly merged company will be called EnCana
Corporation. The top executives of each company plan to enhance the market
value and prevent a takeover of either firm. Canadian energy companies
have historically experienced a lower stock market value than US rivals in
terms of multiples of projected cash flow per share, used to measure the
value of companies. Some say that pension funds looking to invest in North
America exploration would not have considered the companies before because
they were too small, but the new company is large enough to attract
institutional investors. It has been estimated that EnCana could
eventually have a multiple of 7.75 to 8.75 times cash flow, suggesting a
target price of C$44.50 to C$52.00. Competitors Anadarko and Burlington
Resources currently trade at 9.7 times and 8.7 times respectively. As part
of the deal, AEC stockholders will receive 1.472 PanCanadian shares for
each of their shares, which values AEC at about C$9 billion. PanCanadian
had been mentioned as a takeover target when it was spun off from Canadian
Pacific last fall. The deal carries a C$350 million break up fee for
either firm should it cause the merger to fall through.
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-------------------------------------------------------------
PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 18.60 | 16.00 |  17.75  |
| ECAR       | 22.00 | 16.00 |  19.20  |
| ERCOT      | 17.50 | 17.10 |  17.35  |
| Entergy    | 18.00 | 17.20 |  17.80  |
| TVA        | 19.90 | 19.45 |  19.85  |
| ComEd      | 20.00 | 19.25 |  19.65  |
| Nepool     | 28.00 | 27.00 |  27.55  |
| PJM West   | 22.50 | 21.00 |  21.50  |
| Main       | 22.00 | 21.00 |  21.50  |
| MAPP       | 22.00 | 19.00 |  20.00  |
| Palo Verde | 24.75 | 22.00 |  24.10  |
| Mid C      | 20.50 | 18.80 |  19.95  |
| COB        | 22.25 | 22.00 |  22.20  |
| 4 Corners  | 23.50 | 22.00 |  22.75  |
| Mead       | 27.00 | 23.25 |  25.05  |
| NP 15      | 25.00 | 23.50 |  24.40  |
| SP 15      | 25.25 | 23.75 |  24.60  |
            Power Delivered 1/29
-------------------------------------------------------------
Enron Collapse May Have Ripple Effect


    The ripple effect caused by the collapse of Enron may have harmed
securities across a broad range of asset classes. Revelations about
Enron's murky financial statements have generally cast doubt on corporate
accounting practices. Some say that the stock market now carries a higher
equity risk premium because of Enron's collapse. In some cases, investors
who lose money in one market unwound their exposure in others, leading to
a spiral of forced selling. Even companies with no Enron exposure are
experiencing investor risk aversion equal to those that had direct
financial dealings with the company. For example, Kmart would likely not
have been vulnerable to energy sector risks in the past. But Kmart claimed
that insurers had raised premiums for surety bonds, which Kmart needed to
cover certain contingent liabilities. Enron's collapse also worried
investors about other energy companies, like Calpine, El Paso and Mirant,
forcing them to adjust their balance sheets. The fallout from Enron likely
led to a downturn in outstanding commercial and industrial loans over the
past month. Another sign of potential contagion effects is a $266 million
outflow from high yield bond funds last week was attributed by to fears
aroused by the Enron and Kmart bankruptcies. Each new Enron disclosure
fuels fears that the economy is threatened by the fallout. And, whether
actual contagion exists or not, fear of it seems to led many companies' to
distance themselves from the energy trader.
-------------------------------------------------------------
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
 * Senate Energy Committee Begins Hearings on Enron Collapse; Witnesses
Scheduled Include FERC Chairman Pat Wood, CFTC Chairman James Newsome,
NYMEX Head Vincent Viola
 * Moody's Investors Service Places Alberta Energy's Senior Unsecured
Ratings Under Review for Possible Upgrade and 'A3' Senior Unsecured
Ratings of PanCanadian Under Review for Possible Downgrade
 * AGL Resources CEO Expects Georgia Legislature to Pass Bill to Reform
State's
Deregulated Natural Gas Market
 * Wife of Ex-Enron CEO Ken Lay Says Family Lost Fortune When Company
Collapsed; Says Husband Has Done Absolutely Nothing Dishonest
 * JP Morgan Raises Dynegy Bonds to 'Overweight' from 'Neutral'
 * Anadarko Announces 'Modeling' Conference Call February 6th
 * Morgan Stanley to Buy Ex-Texaco World Headquarters in Northern Suburb
of New York City for Undisclosed Amount
------------------------------------------------------------
California PUC Urged to Shift Power Choice Date

    An administrative law judge to the California PUC has urged the
regulators to amend a ruling that jettisoned the right of customers to
choose their electricity provider. The ALJ says the ruling needed to be
changed because it unfairly shifted almost $2 billion of costs to utility
customers. To avoid penalizing the customers, the ALJ recommends that the
PUC set July 1st as the cutoff date for energy users to sign new direct
access contracts to buy electricity from independent companies. The CPUC
voted last September to cancel the customer choice option as of that date.
Without the change in dates, consumers who continued to take power from
their local utility will be responsible for $1.98 billion. That is because
from July 1st to September 20th last year, about 11% of the total electric
service of the state's investor-owned utilities shifted from bundled
service from the utilities to direct access service from other companies.
About 10,000 businesses signed the new power deals last summer when
wholesale electricity priced dropped, a move severely criticized by state
consumer groups. However, the PUC reserved the option to shift the cutoff
date back to July 1st if the Sept 20th date hurt customers who stayed with
their utility.
------------------------------------------------------------
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Register Today for this Important Conference
Call 1-800-853-6252

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Visit: http://www.ziffenergyconferences.com
-------------------------------------------------------------
California PUC Urged to Shift Power Choice Date

    An administrative law judge to the California PUC has urged the
regulators to amend a ruling that jettisoned the right of customers to
choose their electricity provider. The ALJ says the ruling needed to be
changed because it unfairly shifted almost $2 billion of costs to utility
customers. To avoid penalizing the customers, the ALJ recommends that the
PUC set July 1st as the cutoff date for energy users to sign new direct
access contracts to buy electricity from independent companies. The CPUC
voted last September to cancel the customer choice option as of that date.
Without the change in dates, consumers who continued to take power from
their local utility will be responsible for $1.98 billion. That is because
from July 1st to September 20th last year, about 11% of the total electric
service of the state's investor-owned utilities shifted from bundled
service from the utilities to direct access service from other companies.
About 10,000 businesses signed the new power deals last summer when
wholesale electricity priced dropped, a move severely criticized by state
consumer groups. However, the PUC reserved the option to shift the cutoff
date back to July 1st if the Sept 20th date hurt customers who stayed with
their utility.
-------------------------------------------------------------
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:

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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  | -0.85  |
| MAR   |  18.50  | +0.00  |  21.00  | -0.75  |
| APR   |  20.00  | +0.00  |  22.25  | -1.00  |
| MAY   |  18.25  | +0.00  |  23.25  | -0.75  |
| JUN   |  20.00  | +0.00  |  27.75  | -0.75  |
| JUL   |  29.50  | +0.00  |  37.75  | +0.00  |
| AUG   |  40.00  | +0.00  |  42.50  | -0.75  |
| SEP   |  34.00  | +0.00  |  32.25  | -0.50  |
| OCT   |  28.00  | +0.00  |  27.75  | +0.00  |
| NOV   |  27.50  | +0.00  |  26.25  | -0.50  |
| DEC   |  28.50  | +0.00  |  26.75  | -0.50  |
| JAN   |  28.50  | +0.00  |  28.25  | +0.00  |
| Month | Entergy | Change | Cinergy | Change |
| FEB   |  18.25  | -0.05  |  19.70  | +0.00  |
| MAR   |  19.25  | -0.15  |  20.85  | +0.05  |
| APR   |  19.25  | -0.15  |  20.85  | +0.05  |
| MAY   |  22.60  | +0.10  |  24.25  | +0.25  |
| JUN   |  26.75  | +0.35  |  29.00  | +0.30  |
| JUL   |  33.50  | +0.25  |  37.25  | +0.00  |
| AUG   |  33.50  | +0.25  |  37.25  | +0.00  |
| SEP   |  26.00  | +0.00  |  22.30  | +0.05  |
| OCT   |  21.35  | +0.00  |  21.85  | -0.05  |
| NOV   |  21.35  | +0.00  |  21.85  | -0.25  |
| DEC   |  21.35  | +0.00  |  21.85  | -0.25  |
| JAN   |  24.25  | +0.25  |  25.25  | +0.25  |
-------------------------------------------------------------
Power Futures
| Month |  PJM  | Change |
| FEB   | 23.50 | -0.25  |
| MAR   | 24.05 | +0.00  |
| APR   | 24.05 | +0.00  |
| MAY   | 27.25 | +0.50  |
| JUN   | 33.25 | +0.25  |
| JUL   | 44.50 | +0.10  |
| AUG   | 44.50 | +0.10  |
| SEP   | 25.50 | +0.20  |
| OCT   | 25.00 | +0.05  |
| NOV   | 25.00 | +0.05  |
| DEC   | 25.00 | +0.05  |
| JAN   | 29.00 | +0.50  |
-------------------------------------------------------------
MARKET OUTLOOK

 Hold on to the short position in the March natural gas futures. The
GasTrader model is still in a bearish mode and continues to stay short,
although no new trades are recommended. Prices continue in a pervasive
downtrend, yet stop loss provisions are in place to guard against any
unexpected price rallies.  The massive short interest held by non
commercial accounts is of concern, but the stop loss provisions of the
model are designed to cope with what economists call "exogenous
variables". Weather, storage, and the economy are all negative, and
combined with the unfavorable technical environment suggest that prices
could work  still lower. GasTrader Consultant is a natural gas futures
trading program designed to minimize the opportunity costs (losses) that
often result under the best intentioned but often misguided hedging
programs. Specific trading parameters are in place daily and trades are
executed on the close or at predetermined trading points.  Results assume
positions are maintained in the spot (most liquid) futures contract and
are rolled over on the 16th of the month prior to contract expiration.  If
the program is in a long mode producers and physical market longs would
lift all hedges.  Conversely if the program is in a short mode end users
would lift their hedges. If the model is flat or neutral, a conservative
strategy requires hedging by both long and short market participants.  It
is believed that by combining natural gas price trends with hedging
requirements opportunity costs can be minimized and greater participation
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Check out the FREE TRIAL subscription. Go to:  SubscribetoGasTrader.net
-------------------------------------------------------------
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
--------------------------------------------------------------------------------------------------------------------------



           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
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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
-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 lost 15.56 points to 7643.73
The CRB Index fell 1.98 points to 187.87
The US Dollar increased 0.02 points to 119.87
The Dow advanced 25.67 points to 9865.75
The S&P 500 dipped 0.22 points to 1133.06
The Nasdaq was up 6.21 points to 1943.91
March NYMEX Crude Oil climbed 0.06 to 20.05
Canadian-US Exchange rose 0.0046 to 1.6125
-------------------------------------------------------------
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-------------------------------------------------------------
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-------------------------------------------------------------
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
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