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</P><P ALIGN=CENTER></FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=6 PTSIZE=20 FAMILY="SCRIPT" FACE="Brush Script MT" LANG="0">Enerfax Daily</FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0"><BR>
</FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="SANSSERIF" FACE="Arial" LANG="0">NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE <BR>
           <B>   </FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=9 FAMILY="FIXED" FACE="Courier New" LANG="0">Tuesday, February 26 2002 No. 949</FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0"></B><BR>
Visit: <A HREF="http://www.enerfax.com">http://www.enerfax.com</A> to view our web version or for Oil Prices & News <A HREF="http://www.enerfaxgold.com">http://www.enerfaxgold.com</A><BR>
<BR>
</P><P ALIGN=LEFT><B>PHYSICAL NATURAL GAS PRICES ??</B><BR>
<B>Gulf/Eastern Region</B>     <BR>
| Agua Dulce              | 2.30  |<BR>
| ANR SE                  | 2.37  |<BR>
| Carthage Tailgate       | 2.38  |<BR>
| Chicago Citygate        | 2.45  |<BR>
| Columbia Gulf Onshore   | 2.39  |<BR>
| Dominion South Point    | 2.61  |<BR>
| Henry Hub               | 2.40  |<BR>
| Houston Ship Channel    | 2.41  |<BR>
| Katy Tailgate/Exxon     | 2.39  |<BR>
| NGPL LA Pool            | 2.36  |<BR>
| NGPL - Midcontinent     | 2.31  |<BR>
| NGPL STX                | 2.32  |<BR>
| NGPL TX/OK              | 2.36  |<BR>
| NNG Demarc.             | 2.43  |<BR>
| Niagara                 | 2.56  |<BR>
| Sonat Tier 1            | 2.38  |<BR>
| TCO IPP Pool            | 2.50  |<BR>
| Tetco ELa               | 2.33  |<BR>
| Tetco M-3               | 2.66  |<BR>
| Tetco STX               | 2.30  |<BR>
| TGP Zone 0              | 2.34  |<BR>
| TGP Zone 1 (500 Leg)    | 2.38  |<BR>
| TGT Zone SL             | 2.39  |<BR>
| New York Citygate       | 2.66  |<BR>
| Transco Station 65      | 2.40  |<BR>
| Transco Zone 6 (NY)     | 2.66  |<BR>
| Trunk ELa               | 2.38  |<BR>
| <B>Western Region</B>         <BR>
| California Border       | 2.29  |<BR>
| El Paso Keystone        | 2.21  |<BR>
| El Paso San Juan-Blanco | 2.18  |<BR>
| Waha Hub                | 2.32  |<BR>
| <B>Canadian/Rockies Region</B> <BR>
| Nova/Aeco (C$/gig)      | 3.29  |<BR>
| Dawn Hub/Union          | 2.49  |<BR>
| Northwest Stanfield     | 2.28  |<BR>
| Wyoming Pool            | 2.05  |<BR>
| Opal                    | 2.06  |<BR>
| PGT-Malin               | 2.29  |<BR>
| Sumas                   | 2.22  |<BR>
         <B>Flow Date 2/26</B><BR>
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</P><P ALIGN=CENTER></FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><B>OPEN SEASON<BR>
</B><BR>
</P><P ALIGN=LEFT>SG Resources Mississippi, L.L.C., a wholly owned subsidiary of SGR Holdings, L.L.C., is conducting an open season for firm storage services at its new high-deliverability, salt cavern, natural gas storage facility, known as the Southern Pines Energy Center. The open season will begin at 9:00 a.m. CDT on February 4, 2002, and will continue until 5:00 p.m. CDT on March 4, 2002. The project is located at the border of Mississippi and Alabama with access to the major pipelines serving the Mid-Atlantic and the Southeastern United States. The facility is ideally located to serve as a transportation and storage hub for shippers on any one of nine major pipelines that will be interconnected directly or indirectly to the project. Information on the facility and the Open Season is available on our web site at   <BR>
</P><P ALIGN=CENTER><A HREF="http://www.linkcounter.com/go.php?linkid=220971">http://www.sgr-holdings.com</A> <BR>
or contact us at <B>713-914-8188.</B><BR>
</P><P ALIGN=LEFT></FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0">--------------------------------------------------------------<BR>
<B>NATURAL GAS FUTURES</B><BR>
<B>Henry Hub </B><BR>
12 Month Strip ?2.6959  -0.1105 ? ? ? <BR>
18 Month Strip ?2.8108  -0.0976? ? <BR>
<B>| Month | High  |  Low  | Close | Change |</B><BR>
| MAR   | 2.380 | 2.290 | 2.307 | -0.142 |<BR>
| APR   | 2.415 | 2.330 | 2.348 | -0.143 |<BR>
| MAY   | 2.480 | 2.400 | 2.414 | -0.133 |<BR>
| JUN   | 2.520 | 2.470 | 2.478 | -0.123 |<BR>
| JUL   | 2.585 | 2.530 | 2.536 | -0.120 |<BR>
| AUG   | 2.630 | 2.580 | 2.588 | -0.115 |<BR>
| SEP   | 2.640 | 2.590 | 2.598 | -0.110 |<BR>
| OCT   | 2.680 | 2.625 | 2.633 | -0.105 |<BR>
| NOV   | 2.930 | 2.895 | 2.895 | -0.095 |<BR>
| DEC   | 3.170 | 3.130 | 3.133 | -0.087 |<BR>
| JAN   | 3.280 | 3.238 | 3.238 | -0.082 |<BR>
| FEB   | 3.210 | 3.180 | 3.183 | -0.075 |<BR>
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<BR>
</P><P ALIGN=CENTER></FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><B>RISK MANAGEMENT <BR>
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</P><P ALIGN=LEFT>-------------------------------------------------------------<BR>
</P><P ALIGN=CENTER></FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><B>Natural Gas Futures Tumble Lower </B><BR>
</P><P ALIGN=LEFT><BR>
<BR>
   Natural gas futures for March delivery on the NYMEX tumbled 6% yesterday, losing $0.142 to $2.307 per MMBtu. The April contract dropped $0.143 to $2.348 per MMBtu. The market, caught between heavy open interest concentrated at $2.00 and $2.50, sold downward into the $2.20s. The market opened down and moved lower. When the midmorning cash trading closed, the market  sold down to its intra-day low. Trade and local selling left the market caught in the middle of the open interest concentrations. Look for the market to continue down this morning with expiration likely between $2.00  $2.15. With open interest spread all over everywhere, options expiration yesterday was a non-event.  Look for a withdrawal of about 90 Bcf  100 Bcf reported by the AGA tomorrow afternoon. A year ago, 101 Bcf was withdrawn from storage, and the 3-year average is 91 Bcf. Estimated volume yesterday was about 110,000 contracts, about 35,000 of which were considered spreads. The market still carries a !
very high $0.94 forward carry between March-January 2003. Natural gas for next day delivery across the US and Canada was generally flat to $0.05 higher yesterday. Natural gas for next day delivery at the Henry hub was even at $2.40 per MMBtu.</FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0"><BR>
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</FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0">-------------------------------------------------------------<BR>
<B><U>Today's Power Bulletins</B></U><BR>
 * </FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="SANSSERIF" FACE="Arial" LANG="0">Senate May Take Up Comprehensive Energy Legislation Debate on Floor Today<BR>
 * Lawmaker Wants Federal Bureau of Audits to Take Over Corporate Audits<BR>
 * Senator Harry Reid of Nevada Joining GAO Lawsuit Against White House Hoping to Gather Information on Administrations Plan to Dispose of Nuclear Waste in State<BR>
 * Entergy's Offer to Buy Vermont Yankee for $180 Million Likely Best Deal Obtainable<BR>
 * Xcel Energy Announces Pricing of 20 Million Shares of Common Stock Offering at $22.50 per Share<BR>
 * Fitch Rates Austin Energy Bonds A<BR>
 * Calpine Confident FERC Review Will Find California Contracts Just and Reasonable<BR>
 * Western Spot Power Prices Rise on Weather Related Demand<BR>
 * Northeast Spot Power Prices Mixed; Market Anticipates Forecast<BR>
 * Midwest Power Prices Rise on Cold Weather and Unit Outages<BR>
 * Southeast Spot Power Prices Jump Higher</FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0"> </FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><BR>
</FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0">-------------------------------------------------------------<BR>
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</P><P ALIGN=CENTER></FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="SANSSERIF" FACE="Arial" LANG="0"> <B>California Asks FERC to Terminate Power Deals<BR>
</B><BR>
</P><P ALIGN=LEFT><BR>
     California plans to petition the FERC to void 32 long-term, high-priced power contracts the state signed last year. The California PUC has filed petitions under a section of the Federal Power Act charging that contracts the state has with 22 sellers are at prices and terms that are unjust and unreasonable. With the contracts valued at $43 billion, the state committed to overpayments of about $21 billion for the 32 of the long-term power contracts. Calpine says it is confident that the FERC will find the company's long-term contracts with the state are just and reasonable. The PUC is asking the FERC to void the 32 contracts.  The contracts were designed to rescue California from having to pay spot-market prices of $300 per MWh or more. Now, the average price of the contracts, $88 per MWh, is about 3 times more expensive than the spot market. FERC Chairman Wood is planning to investigate whether Enron and other companies manipulated California's power market and inappropr!
iately influenced the prices of long-term power contracts. The contracts also have become an issue in the state's governor's race, where the 3 main Republicans have criticized the handling of the states energy crisis. </FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0"><BR>
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</P><P ALIGN=CENTER></FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><B>UtiliCorp Receives Most from MIM Accounting</B><BR>
</P><P ALIGN=LEFT><BR>
<BR>
    UtiliCorp United received the highest percentage profits last year from mark-to-market accounting adjustments not yet realized in cash among 15 companies surveyed by ABN AMRO. UtiliCorps earnings per share was $2.42 last year, about $0.81, or a third, came from MTM. Of that, about 80% relates to contracts to be realized in cash within one year, and 87% within 2 years. MTM accounting which allows company to take a commodity position and calculate the fair market value of <BR>
the position at a specific point in time, despite actual earnings that may be years away. However, ABN gave UtiliCorp its highest rating for its level of disclosure. Williams, at 37%, had the highest percentage of earnings per share in the survey, but that is based on estimates, and excludes Enron-related write-offs. Williams has not yet reported 2001 results. Pinnacle West Capital was next at 22%, then Duke Energy at 21%. On Duke's $1.5 billion MTM book, 38% would be realized within a year, 53% in 2 years, and 64% in 3 years. <BR>
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</FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><B>Natural Gas NYMEX Volume</B><BR>
</FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0">02MAR   37,964<BR>
02APR   18,219<BR>
02MAY    6,322<BR>
02JUN    1,864<BR>
02JLY    1,398<BR>
02AUG    3,452<BR>
02SEP    2,351<BR>
02OCT    3,242<BR>
02NOV    2,966<BR>
02DEC    2,806<BR>
03JAN    5,421<BR>
03FEB    1,071<BR>
03MAR      457<BR>
03APR      214<BR>
03MAY        9<BR>
03JUN      742<BR>
03JLY       55<BR>
03AUG    1,050<BR>
03SEP      351<BR>
03OCT       14<BR>
03NOV        1<BR>
03DEC       21<BR>
04JAN    3,020<BR>
04FEB      379</FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><BR>
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</FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0">-------------------------------------------------------------<BR>
<B>PHYSICAL POWER PRICES</B><BR>
|            <B>| High  |  Low  | Average |<BR>
</B>| <B>           | $/MWh | $/MWh |  $/MWh  |</B><BR>
| Cinergy    | 26.50 | 21.50 |  23.15  |<BR>
| ECAR       | 26.50 | 19.80 |  23.15  |<BR>
| ERCOT      | 23.50 | 22.00 |  23.15  |<BR>
| Entergy    | 21.75 | 21.25 |  21.35  |<BR>
| TVA        | 28.15 | 26.05 |  27.60  |<BR>
| ComEd      | 22.50 | 20.00 |  21.65  |<BR>
| Nepool     | 29.35 | 27.00 |  28.45  |<BR>
| PJM West   | 23.00 | 22.00 |  22.65  |<BR>
| Main       | 24.25 | 20.00 |  22.35  |<BR>
| MAPP       | 23.50 | 21.00 |  22.35  |<BR>
| Palo Verde | 24.50 | 23.25 |  23.70  |<BR>
| Mid C      | 24.00 | 22.50 |  23.05  |<BR>
| COB        | 24.50 | 24.00 |  24.15  |<BR>
| 4 Corners  | 24.00 | 23.50 |  23.90  |<BR>
| Mead       | 25.00 | 23.75 |  24.30  |<BR>
| NP 15      | 26.25 | 25.50 |  25.80  |<BR>
| SP 15      | 26.00 | 25.00 |  25.45  |<BR>
<B>            Power Delivered 2/26</B><BR>
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</P><P ALIGN=CENTER></FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><B>Many Andersen Partners May Be Leaving <BR>
</B><BR>
</P><P ALIGN=LEFT><BR>
     Executive recruiters say that more than a thousand Arthur Andersen partners have inquired into getting new jobs due to concerns about the accounting firms exposure to lawsuits stemming from the collapse of Enron. Andersen has about 4,700 partners and 85,000 employees world-wide. Andersen contends that it is only experiencing a normal turnover so far. One recruiting company claims that it has received over 10,000 calls from Andersen employees since Enron filed for bankruptcy. A mass exodus by its staff may impact Andersens ability to attract customers, especially during investigations by Congress, the SEC and the Justice Department into its role in establishing limited partnerships that hid debt and losses from Enron investors. Andersen has admitted that its employees shredded thousands of documents after the SEC inquiry began. Andersen is attempting to settle over $26 billion in lawsuits from Enron shareholders and employees who claim it failed to warn investors about t!
he questionable accounting that led to Enron's downfall. Andersen plans to make a nonnegotiable offer this week to settle the suits. A published report said that the plaintiffs rejected an offer of up $800 million last week. Any settlement could significantly lower a partners net worth, and those who were directly involved in the Enron account could be sued for their personal assets. </FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0"><BR>
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<B><U>Todays Gas Bulletins<BR>
 </B>*<B> </FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="SANSSERIF" FACE="Arial" LANG="0"></B></U>Enron Executives Sherron Watkins and Jeff McMahon and Former CEO Jeff Skilling Expected to Testify Today Before Senate Commerce Committee<BR>
 * Pemex January Natural Gas Output at 4.462 Bcf per Day Vs 4.575 Bcf per Day One Year Ago <BR>
 * KWI Adds More Gas Functionality to kW3000; Deal Adds GMSL Gas Scheduling Technology to kW3000 and Creates Powerful European Product<BR>
 * Calling Fuel Cells and Hybrid Cars Wave of the Future President Bush Also Urged Drilling in Arctic Wildlife Refuge Yesterday<BR>
 * Congress and SEC Consider Post-Enron Credit Rating Reforms<BR>
 * NUI Energy Brokers Acquires Option on Property the It Plans to Develop Into Natural Gas Storage Facility in Perry County, Mississippi; Will Have Working Capacity of 10 Bcf<BR>
 * Sasol Explores for Natural Gas Offshore South Africa<BR>
 * Nicor Services Introduces Fixed Natural Gas Bill<BR>
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</FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><B>R. W. Beck</B> 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:<BR>
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</P><P ALIGN=CENTER>Please visit our web site at<A HREF="http://www.linkcounter.com/go.php?linkid=205295"> http://www.rwbeck.com</A><BR>
</P><P ALIGN=LEFT></FONT><FONT  COLOR="#001020" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0">-------------------------------------------------------------<BR>
</P><P ALIGN=CENTER></FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><B>Skilling Tape Raises New Questions</B><BR>
</P><P ALIGN=LEFT><BR>
<BR>
    Congressional investigators reportedly have an October 3, 2000 videotape in which former CEO Jeffrey Skilling vigorously defends Enrons accounting methods and touts the partnership deals now linked to its collapse. The tape raises questions about Skillings recent testimony to lawmakers in which he said he knew of nothing wrong with Enron's finances when he resigned last August, citing personal reasons. In a transcript of the tape, Skilling responds to an Enron employees concern about a Wall Street Journal article. The September 20, 2000 story discussed Enron's use of an accounting method that books long-term contracts as current income. The article also said Enron would have had a 2nd quarter loss if not for $747 million in unrealized gains from risk management activities. However, Skilling says the story is just totally without merit, adding that Enron's accounting is conservative and the company provides more data in its annual report than anyone in a transaction-based!
 industry. He then concludes that the company is in a strong position from an accounting basis. During the same meeting, Skilling tells employees the company will be bringing in partners to help Enron leverage its capital in its new Enron Net Works division. Earlier this month in testimony before the House Energy and Commerce Committee, Skilling said he was not aware of any inappropriate financing arrangements designed to conceal liabilities, or overstate earnings. Skilling is likely to be asked again about Enron's partnerships at the Senate consumer affairs subcommittee hearing today. He is also likely to be questioned about other discrepancies congressional investigators have found since he testified before the House committee. Also testifying will be Jeffrey McMahon, Enron's new president, and Sherron Watkins. </FONT><FONT  COLOR="#001020" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0"><BR>
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</FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0"><B>POWER FUTURES </B>?<BR>
<B>| Month |   COB   | Change |   PV    | Change |</B><BR>
| MAR   |  20.00  | +0.00  |  22.50  | +0.00  |<BR>
| APR   |  20.25  | +0.00  |  24.00  | +0.00  |<BR>
| MAY   |  19.75  | +0.00  |  25.00  | +0.00  |<BR>
| JUN   |  21.00  | +0.00  |  28.50  | +0.00  |<BR>
| JUL   |  28.75  | +0.50  |  39.75  | +0.00  |<BR>
| AUG   |  37.50  | +0.00  |  45.25  | +0.00  |<BR>
| SEP   |  33.50  | +0.00  |  34.50  | +0.00  |<BR>
| OCT   |  29.50  | +0.00  |  29.50  | +0.00  |<BR>
| NOV   |  29.00  | +0.00  |  28.50  | +0.00  |<BR>
| DEC   |  30.50  | +0.00  |  29.00  | +0.00  |<BR>
| JAN   |  30.50  | +0.00  |  29.50  | +0.00  |<BR>
| FEB   |  29.00  | +0.00  |  29.00  | +0.00  |<BR>
<B>| Month | Entergy | Change | Cinergy | Change |</B><BR>
| MAR   |  20.00  | +0.00  |  21.10  | +0.00  |<BR>
| APR   |  20.00  | +0.00  |  21.60  | +0.00  |<BR>
| MAY   |  22.50  | +0.00  |  24.70  | +0.00  |<BR>
| JUN   |  27.50  | +0.00  |  30.00  | +0.00  |<BR>
| JUL   |  34.50  | +0.00  |  38.25  | +0.00  |<BR>
| AUG   |  34.50  | +0.00  |  38.25  | +0.00  |<BR>
| SEP   |  21.50  | +0.00  |  22.90  | +0.00  |<BR>
| OCT   |  21.85  | +0.00  |  22.90  | +0.00  |<BR>
| NOV   |  21.85  | +0.00  |  22.90  | +0.00  |<BR>
| DEC   |  21.85  | +0.00  |  22.90  | +0.00  |<BR>
| JAN   |  24.10  | +0.00  |  25.90  | +0.00  |<BR>
| FEB   |  24.10  | +0.00  |  25.90  | +0.00  |<BR>
</FONT><FONT  COLOR="#001020" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0">------------------------------------------------------------<BR>
</FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0"><B>Power Futures     <BR>
| Month |  PJM  | Change |</B><BR>
| MAR   | 25.10 | +0.00  |<BR>
| APR   | 25.10 | +0.00  |<BR>
| MAY   | 28.25 | +0.00  |<BR>
| JUN   | 35.00 | +0.00  |<BR>
| JUL   | 46.15 | +0.00  |<BR>
| AUG   | 46.15 | +0.00  |<BR>
| SEP   | 27.15 | +0.00  |<BR>
| OCT   | 26.00 | +0.00  |<BR>
| NOV   | 26.00 | +0.00  |<BR>
| DEC   | 26.00 | +0.00  |<BR>
| JAN   | 30.25 | +0.00  |<BR>
| FEB   | 30.25 | +0.00  |<BR>
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</P><P ALIGN=CENTER></FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><B>Williams Communications Considers Bankruptcy <BR>
</B><BR>
</P><P ALIGN=LEFT><BR>
    After Williams Communications Group, which is $5.2 billion in debt, said it may file for bankruptcy protection, shares of its former parent, Williams Companies, dropped $1.46, or 9%, to $14.84 per share. Shares of Williams Communications lost over half their value, tumbling $0.29 to $0.22 per share. However, Williams Communications stressed that filing for bankruptcy was only one possibility being considered to reorganize the company. The announcement by Williams Communications increased Williams investors concern that bankruptcy could lead to a sizable shareholder dilution, or trigger a ratings review. Williams spun off 95% of Williams Communication in April 2000, but could be liable for up to $2.6 billion if the communication group defaults on its debt. The company backed $1.4 billion of Williams Communications debt and a $750 million lease by agreeing to issue shares if its former unit defaults. Some investors have filed lawsuits accusing Williams of misleading them a!
bout its liability for the communications company before the spin-off. After a change in the way credit agencies handle energy companies rating, Williams may stand to lose long-term contracts until it settles the Williams Communication debt due to credit concerns by its trading partners. A lowering of Williams debt rating could also trigger an immediate pay back Williams Communication debt.  </FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0"><BR>
-------------------------------------------------------------<BR>
</P><P ALIGN=CENTER></FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><B>The LDC FORUM SERIES  Boston & Atlanta</B><BR>
 <BR>
The LDC Forum is the largest energy industry meeting in each region.  Highlights include: The Post-Enron Marketplace, Risk Management Techniques, New Projects and Pipelines in the Country, LNG & Gas Supply Issues, State and Federal Regulatory Environment and GREAT NETWORKING!<BR>
<B><BR>
VISIT OUR WEBSITE at:<A HREF=" http://www.interchange-energy.com"> http://www.interchange-energy.com</A></B></B><BR>
<BR>
<B>BOSTON: <BR>
THE LDC FORUM  *  WINTER OF 2002 <BR>
</B>April 18-19, 2002  -  Boston, Massachusetts <BR>
<BR>
<B>Save $100 by registering before February 28, 2002</B><BR>
Go to:  <B><A HREF="http://www.interchange-energy.com/boston/home.htm">http://www.interchange-energy.com/boston/home.htm</A></B></B><BR>
<BR>
<B>ATLANTA:<BR>
THE LDC FORUM SOUTHEAST  GAS & POWER</B><BR>
June 10-12, 2002  - Atlanta, Georgia<BR>
<B>Golf free when you register before February 28, 2002</B><BR>
Go to:  <B><A HREF="http://www.interchange-energy.com/atlanta/home.htm">http://www.interchange-energy.com/atlanta/home.htm</A></B></B><BR>
<BR>
<B>CORPORATE SPONSORS FOR 2002</B><BR>
AEP Energy Services * AGL Resources, Inc. * Aquila * Caminus * Columbia Gas Transmission * Columbia Gulf Transmission * Conoco Gas and Power * Dominion Transmission * Duke Energy * El Paso Merchant Energy * Element Re Capital Products, Inc. * EnergyUSA-TPC Corporation * Entergy-Koch Trading * Greyhawk Gas Storage Company, LLC * Gulf South Pipeline Co. * Gulfstream Natural Gas System * Iroquois Gas Transmission System LP * Lukens Energy Group * Northwinds Pipeline * PG&E National Energy Group * Portland Natural Gas Transmission Systems * Reliant Energy * Shell Trading (Coral Energy) * Southern Natural Gas Company * Stagecoach Storage Project/eCORP * Tennessee Gas Pipeline * TransCanada PipeLines * TXU Energy Trading * Union Gas * Williams Gas Pipeline * PG&E National Energy Group<BR>
<B>--------------------------------------------------------------------------------------------------------------------------<BR>
Centrica to Buy NewPower Holdings<BR>
</B><BR>
</P><P ALIGN=LEFT>    NewPower Holdings, in which Enron holds a 23.5% stake, has agreed to a takeover by UK's Centrica for about $130 million. The deal is designed to keep the financially troubled NewPower in business. NewPower Holdings has just reported a 4th quarter loss of $154 million, compared with a $57 million loss for the same period a year ago. It reported a net loss for 2001 of $327 million, compared with a loss of $170 million for 2000. Enron stake in NewPower would rise to 43.8% when warrants to buy outstanding shares are included. Other major investors are investment banking firm DLJMB Partners, GE Capital Equity Investments, the California Public Employee's Retirement System and Ontario Teachers' Pension Plan Board. <B><BR>
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</P><P ALIGN=CENTER></FONT><FONT  COLOR="#001020" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><B>Nymex Natural Gas Option Volatility  <BR>
Supplied by "The Daily Hedger"<BR>
<A HREF="http://www.energyinstitution.org">Http://www.energy-institution.org</A></FONT><FONT  COLOR="#001020" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><BR>
</B><BR>
</P><P ALIGN=LEFT>	     </FONT><FONT  COLOR="#001020" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0"><B> </FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0"></B> <B>Futures	                Implied<BR>
Month	Settlement	Days Left    Volatility  </B>                          <BR>
Apr	 $2.348	       27       58.7%<BR>
May	 $2.414	       58	    49.9%<BR>
Jun	 $2.478	       91	    46.0%<BR>
Jul	 $2.536	      119	    45.8%<BR>
Aug	 $2.588	      150	    45.5%<BR>
Sep	 $2.598	      182	    45.4%<BR>
Oct  	 $2.633	      211	    45.3%<BR>
Nov	 $2.895	      244	    45.4%<BR>
Dec	 $3.133	      272	    46.5%<BR>
Jan	 $3.238	      303	    47.5%</FONT><FONT  COLOR="#001020" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0"><BR>
-------------------------------------------------------------<BR>
</P><P ALIGN=CENTER></FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><B>Calpine Ratings Remain Stable<BR>
</B><BR>
</P><P ALIGN=LEFT><BR>
    Standard & Poor's has retracted an announcement that it was considering reducing Calpines credit rating, saying the statement was based on inaccurate information. Calpines stock and debt rallied after the retracted a statement that Calpine planned to secure its new line of credit with assets, which would make bondholders less secure. The companys 8.5% note due in 2011 closed at $0.67 on the dollar. The notes sold a year ago at $0.998 on the dollar. The stock price has dropped 85% in the last year. Shares fell to $6.15 from $6.56 following the initial announcement, but after the correction, the stock rose to close at $6.83 per share, down $0.28. S&P said the company's ratings remain at BB+ and the outlook for the rating is stable. </FONT><FONT  COLOR="#001020" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0"><BR>
-------------------------------------------------------------<BR>
</FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0"><BR>
</P><P ALIGN=CENTER>???????????</FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><B>Progas Storage and Services, Inc.</B><BR>
</P><P ALIGN=LEFT><BR>
</P><P ALIGN=CENTER><B>Progas can custom build gas storage in the Upper Midwest.<BR>
</P><P ALIGN=LEFT></B><BR>
? Design to your specifications<BR>
? Close to your markets<BR>
? Unregulated storage<BR>
? Lower transportation fees<BR>
? Lower storage rates<BR>
<BR>
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.<BR>
<BR>
</P><P ALIGN=CENTER><B>Progas Storage and Services, Inc</B>.<BR>
8610 South Highway 277<BR>
Abilene, TX 79606<BR>
Phone: 915-698-3699<BR>
Fax: 915-698-2859<BR>
Email: <A HREF="mailto:gastorage@aol.com">gastorage@aol.com</A><BR>
</FONT><FONT  COLOR="#001020" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0">-------------------------------------------------------------<BR>
</FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><B>Dynegy to Sell Shares in Limited Partnership<BR>
</B><BR>
</P><P ALIGN=LEFT><BR>
    Dynegy has filed with the SEC to sell 8.75 million common shares in Dynegy Energy Partners. The partnership will operate or acquire processing plants, storage tanks and terminals for Dynegys natural gas liquids business. Dynegy Energy Partners expects to use the $165.2 million in projected proceeds to pay $148.3 million owed to Dynegy and use $13.7 million for working capital. Dynegy owns 55% of the partnership. In a move to improve its balance sheet, Dynegy is looking to raise $1.25 billion by cutting costs, selling assets and issuing stock. The partnership will allow Dynegy to raise capital and reduce debt while maintaining control of its pipeline system. Dynegys natural gas liquids business had a profit of $41.5 million last year from $3.9 billion in sales. Since limited partnerships are not required to pay income tax, they retain more of their profit. Dynegy said it expects the partnership to have quarterly dividends of about $0.44 per share, or $1.76 per year. </FON!
T><FONT  COLOR="#001020" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0"><BR>
-------------------------------------------------------------<BR>
</FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0"><B>FINANCIAL SUMMARY<BR>
</FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="SANSSERIF" FACE="Arial" LANG="0"></B>The TSE 300 increased 85.82 points to 7512.46<BR>
The CRB Index lost 1.80 points to 189.91<BR>
The US Dollar added 0.65 points to 119.13<BR>
The Dow advanced 177.28 points to 10145.71<BR>
The S&P 500 gained 19.59 points to 1109.43<BR>
The Nasdaq was up 45.34 points to 1769.88<BR>
April NYMEX Crude Oil fell 0.59 to 20.48<BR>
Canadian-US Exchange rose 0.0073 to 1.6016</FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0"><BR>
</FONT><FONT  COLOR="#001020" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0">-------------------------------------------------------------<BR>
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</P><P ALIGN=LEFT>Please welcome our advertisers by visiting these websites.<BR>
</FONT><FONT  COLOR="#0000ff" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=9 FAMILY="FIXED" FACE="Courier New" LANG="0"><A HREF="http://www.capacitymap.com">http://www.e-acumen.com</A><BR>
<A HREF="http://www.kwi.com/">http://www.kwi.com/</A><BR>
<A HREF="http://www.fea.com/">http://www.fea.com/</A><BR>
<A HREF="http://www.caminus.com/">http://www.caminus.com/</A><BR>
<A HREF="http://www.progas.net/wip">http://www.progas.net/wip</A><BR>
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</FONT><FONT  COLOR="#0000ff" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=10 FAMILY="FIXED" FACE="Courier New" LANG="0"><A HREF=" http://www.rwbeck.com">http://www.rwbeck.com</A></FONT><FONT  COLOR="#000000" BACK="#ffffff" style="BACKGROUND-COLOR: #ffffff" SIZE=2 PTSIZE=9 FAMILY="FIXED" FACE="Courier New" LANG="0"> <BR>
<A HREF="http://www.NewEnergyAssoc.com/justdownloadit">http://www.NewEnergyAssoc.com</A><BR>
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