Natural Gas Futures Dip Lower in Late Sell-Off ,
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Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE
              Friday, January 11 2002 No. 903
Visit: http://www.enerfax.com/ or for Oil Prices & News
http://www.enerfaxgold.com/
PHYSICAL NATURAL GAS PRICES
Gulf/Eastern Region
| Agua Dulce              | 2.15  |
| ANR SE                  | 2.26  |
| Carthage TG             | 2.23  |
| Chicago Citygate        | 2.22  |
| Columbia Gulf Onshore   | 2.30  |
| Dominion South Point    | 2.38  |
| Henry Hub               | 2.32  |
| Houston Ship Channel    | 2.28  |
| Katy Hub                | 2.22  |
| NGPL LA Pool            | 2.19  |
| NGPL - Midcontinent     | 2.12  |
| NGPL STX                | 2.18  |
| NGPL TX/OK              | 2.18  |
| NNG Demarc.             | 2.14  |
| Niagara                 | 2.50  |
| Sonat Tier 1            | 2.26  |
| TCO IPP Pool            | 2.40  |
| Tetco ELa               | 2.30  |
| Tetco M-3               | 2.62  |
| Tetco STX               | 2.15  |
| TGP Zone 0              | 2.17  |
| TGP Zone 1 (500 Leg)    | 2.24  |
| TGT Zone SL             | 2.29  |
| New York Citygate       | 2.67  |
| Transco Station 65      | 2.36  |
| Transco Zone 6 (NY)     | 2.67  |
| Trunk ELa               | 2.23  |
| Western Region
| California Border       | 2.13  |
| El Paso Keystone        | 2.05  |
| El Paso San Juan-Blanco | 2.04  |
| Waha Hub                | 2.11  |
| Canadian/Rockies Region
| Nova/Aeco (C$/gig)      | 2.97  |
| Dawn Hub/Union          | 2.29  |
| Northwest Stanfield     | 1.97  |
| Wyoming Pool            | 1.92  |
| Opal/Kern River         | 1.93  |
| PGT-Malin               | 2.06  |
| Sumas                   | 1.98  |
           Flow Date 1/11
-------------------------------------------------------------

NATURAL GAS FUTURES
Henry Hub
12 Month Strip  2.5184 -0.0226
18 Month Strip  2.6545 -0.0315
| Month | High  |  Low  | Close | Change |
| FEB   | 2.300 | 2.170 | 2.185 | -0.043 |
| MAR   | 2.300 | 2.190 | 2.195 | -0.037 |
| APR   | 2.320 | 2.250 | 2.245 | -0.021 |
| MAY   | 2.390 | 2.300 | 2.315 | -0.017 |
| JUN   | 2.470 | 2.390 | 2.390 | -0.012 |
| JUL   | 2.520 | 2.450 | 2.460 | -0.007 |
| AUG   | 2.570 | 2.510 | 2.508 | -0.009 |
| SEP   | 2.580 | 2.450 | 2.518 | -0.013 |
| OCT   | 2.600 | 2.560 | 2.550 | -0.016 |
| NOV   | 2.825 | 2.780 | 2.770 | -0.024 |
| DEC   | 3.040 | 3.000 | 2.990 | -0.031 |
| JAN   | 3.160 | 3.090 | 3.095 | -0.041 |
-------------------------------------------------------------
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 www.desert-crossing.com

-------------------------------------------------------------
Natural Gas Futures Dip Lower in Late Sell-Off


   Natural gas futures for February delivery on the NYMEX dropped $0.043
yesterday to $2.185 per MMBtu, stymied by local and trade selling on the
close. The March contract lost $0.037 to $2.195 per MMBtu. The market
opened higher and hit $2.30 early on the strength of Wednesday's AGA
storage report of a 190 Bcf withdrawal last week, the largest since 1994.
However, the market worked its way lower for most of the day until a
bearish weather forecasts, including a prediction of the return of El
Nino, contributed to a sharp drop off below $2.20 thirty minutes before
the close as paper and trading houses liquidated. The market is in
contango, with each succeeding contract more expensive. The price for the
February contract has fallen more than $0.55 since assuming the prompt
position on December 28th. Look for more weakness today as the
fundamentals deteriorate. Storage and weather are the keys to this whole
market, and both are bearish. Look for the market to test weekly lows at
$2.14 today. Yesterday, an estimated 83,000 contracts trading, with 41,000
spreads or hedge trades. Few utilities were seen in the physical market
yesterday, and prices held a $0.04 - $0.05 premium to the NYMEX, well
below the $0.12 premium seen Wednesday. As weather moderates, utilities
tend to switch off storage and turn to the physical market for natural gas
needs, creating a price squeeze in some markets as that extra supply
dwindles. Natural gas for next day delivery across the US and Canada was
generally flat to up slightly. Natural gas for next day delivery at the
Henry Hub gained $0.01 to $2.32 per MMBtu.
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Today's Power Bulletins
 * Energy Secretary Abraham Recommends to President Bush that Government
Open Yucca Mountain Facility in Nevada to Store Nation's High-Level
Nuclear Waste
 * New York State Files Federal Lawsuit Against Niagara Mohawk Holdings
and NRG Energy Alleging Violations of Clean Air Act at 2 Coal-Burning
Power Plants in Western NY
 * Calpine Receives Commitments for $1 Billion Unsecured Working Capital
Credit Facility; Increases Total Bank Financing to $4.9 Billion
 * PG&E Submits Summary of Remaining Objections to Bankruptcy Court
 * Puget Sound Energy Receives Second National Award as 2001 Top Utility;
Electric Light & Power Cites Personal Energy Management Program as Basis
for Honor
 * BC Hydro Issues International Request for 5.5 Million Tonnes of
Greenhouse Gas Offsets
 * Survey Confirms Good Security at Nuclear Power Plants
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natural gas pipeline, power trading hub or Federal Reserve region. The
indices were created through analysis of the  weather market and
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marketers, utilities, insurance and financial service firms. The trading
of weather involves buying and selling options and other derivatives to
protect against fluctuating temperatures or precipitation. Weekly updates
of the indices can now be found in Weekly Weather Plays, dedicated to the
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most popular weather transactions, and features key information for
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-------------------------------------------------------------
Natural Gas NYMEX Volume
02FEB   39,590
02MAR   16,381
02APR    8,143
02MAY    3,443
02JUN    3,749
02JLY    3,221
02AUG    1,860
02SEP    1,166
02OCT    3,425
02NOV      974
02DEC    1,738
03JAN    1,466
03FEB    1,077
03MAR      867
03APR      343
03MAY      192
03JUN      309
03JLY      335
03AUG      185
03SEP      123
03OCT      707
03NOV        2
03DEC      101
04JAN        3
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--------------------------------------------------------------
Open Season for Desert Crossing Pipeline


    Allegheny Energy Supply, the Salt River Project, and Sempra Energy
Resources which are planning to build a natural gas storage and pipeline
system in the Southwest are taking bids from companies for capacity
through the system. The open season will last until February 8th, and will
gauge industry interest in the proposed Desert Crossing project.  The
response will determine the scope of the system, whose initial costs are
likely to be $600 - $700 million. The Desert Crossing project, pending
regulatory approval, would include a 10 Bcf natural gas storage complex in
Arizona and an 800 MMcf per day pipeline running from near Las Vegas to
southwestern Arizona. The 300-mile pipeline system would connect the
storage complex with all of the major interstate natural gas pipelines in
Arizona and southern Nevada. The pipeline is expected to be ready for
operation by the summer of 2004, while the storage facility would begin
incremental service in 2005 with full service forecast in early 2008. The
storage complex would allow hourly access to natural gas, permitting
customers to tap supplies to meet unexpected surges in demand from power
plants.
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-------------------------------------------------------------
PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 20.00 | 13.00 |  17.15  |
| ECAR       | 20.00 | 13.00 |  18.05  |
| ERCOT      | 18.25 | 18.00 |  18.25  |
| Entergy    | 20.00 | 15.00 |  17.85  |
| TVA        | 23.25 | 20.70 |  21.45  |
| ComEd      | 17.25 | 16.75 |  17.15  |
| Nepool     | 30.00 | 28.25 |  29.45  |
| PJM West   | 23.65 | 22.75 |  22.90  |
| Main       | 18.00 | 16.75 |  17.30  |
| MAPP       | 19.25 | 16.00 |  17.55  |
| Palo Verde | 19.50 | 17.00 |  18.65  |
| Mid C      | 17.50 | 16.75 |  17.15  |
| COB        | 18.25 | 17.50 |  18.05  |
| 4 Corners  | 18.75 | 17.75 |  18.35  |
| Mead       | 19.25 | 18.75 |  19.05  |
| NP 15      | 20.00 | 18.50 |  19.20  |
| SP 15      | 20.00 | 18.75 |  19.35  |
           Power Delivered 1/11
-------------------------------------------------------------
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-------------------------------------------------------------
Todays Gas Bulletins
 * Enron Collapse Entangles Bush Administration
 * Federal Judge's Decision to Move Enron Bankruptcy Case Still Pending
 * 500 Ex-Enron Employees and Investors File Lawsuit Charging Fraud, Civil
Conspiracy and Negligence
 * Attorney General Ashcroft Removes Himself from Enron Case
 * Congressional Probe to Examine Enron Impact on Energy Bill
 * Westcoast Energy Receives Supreme Court of British Columbia Approval
for Acquisition by Duke Energy
 * Highland Compressor Station Start-Up Increases Vector Pipeline Capacity
to 1 Bcf
per Day
 * Ballard, Tokyo Gas, EBARA Ballard and EBARA Enhance Relationship
 * Shell Marine Habitat Program Grants $1.2 Million for Gulf of Mexico
Conservation Projects
------------------------------------------------------------
Enron Considers Bids for Trading Business at Auction


    Enron is negotiating with at least 6 potential buyers of its wholesale
trading business at an auction. The winning bidder will assume control of
51% of Enron's online trading unit, which generated about 90% of the
company's $100.8 billion in revenue in 2000. A hearing is scheduled for
today to approve the sale. Enron is met with the bidders in six conference
rooms in its New York law offices, going from room to room making comments
to the effect that if you want to have the best offer you at least have to
make the following improvements to your bid. Every bidder had a different
offer and some proposals are more complete than others. Enron's trading
unit buys and sells oil, petroleum products, natural gas, electricity,
metals, coal, forest products and steel, and a variety of contracts and
derivatives. Enron would get cash and a 49% stake in a new partnership
called 'Netco' under the proposed sale. Citigroup has submitted a bid, and
UBS AG, the largest Swiss bank, also made an offer. BP has offered $25
million for Enron computer systems for trading natural gas and
electricity. The banks hope to profit from as much as $7 billion in
previously arranged trades and gain a better shot at collecting money they
are owed by Enron. Bids might total as much as $1 billion in cash and
debt.
------------------------------------------------------------
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Will record high volumes in storage further depress gas prices?
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-------------------------------------------------------------
NYMEX Natural Gas Futures Swap Session Closed Today

    The NYMEX will shutdown Henry Hub natural gas swap trading on the
ACCESS session after 9 AM EDT today to allow maintenance on the exchange's
computer systems. There currently is no further explanation or how long
the maintenance will last. Traders use the over-the-counter swap system to
determine where bidding will begin when the usual outcry session opens at
10 AM EDT. Marketers will have to look at ICE or the Dynegy Direct
exchange to determine the market while the NYMEX computers are down.
-------------------------------------------------------------
 R. W. Beck is an engineering and management consulting firm serving
utilities, developers, financiers and governments worldwide.  Founded in
1942, we help our clients face energy market challenges by providing:
Portfolio Analysis to improve diversification and risk-adjusted
performance
of energy assets.
Risk Control services to help reduce the probability of losses.
Systems and Facilities services to identify, design and implement
effective
risk management systems.
Training to improve your ability to identify and manage tactical and
strategic risks.
Please visit our web site at http://www.rwbeck.com
-------------------------------------------------------------
Andersen Disposed of Enron Documents


    Enron's accounting firm, Andersen, has admitted its employees disposed
of or deleted a number of documents related to its audit of Enron.
Andersen, which has come under fire from investors and lawmakers for
signing off on Enron's books, said it had notified the SEC, the Justice
Department and congressional committees and other agencies investigating
Enron's collapse. In recent months individuals in the accounting firm
involved with the Enron engagement disposed of a significant but
undetermined number of electronic and paper documents and correspondence
relating to the Enron engagement. The SEC's enforcement chief says that
the destruction of documents was an extremely serious matter. In testimony
before Congress last month, Andersen CEO said it had warned Enron of
possible illegal acts, but said it had failed to provide the auditor with
key information. Some industry experts say the deliberate destruction of
key document can be tantamount to an admission of guilt. The ramifications
could be huge. Most accounting firms keep their audit records for at least
4 years. Anderson says it has suspended its records management policy
immediately and has instructed all its partners and employees to retain
all existing documents until further notice.
-------------------------------------------------------------
POWER FUTURES
| Month |   COB   | Change |   PV    | Change |
| FEB   |  22.00  | +0.00  |  22.50  | +0.00  |
| MAR   |  21.00  | +0.00  |  22.00  | +0.00  |
| APR   |  21.00  | +0.00  |  24.00  | +0.00  |
| MAY   |  20.00  | +0.00  |  25.00  | +0.00  |
| JUN   |  21.00  | +0.00  |  30.00  | +0.00  |
| JUL   |  29.00  | +0.00  |  40.00  | +0.00  |
| AUG   |  39.50  | +0.00  |  44.25  | +0.00  |
| SEP   |  35.00  | +0.00  |  35.00  | +0.00  |
| OCT   |  26.00  | +0.00  |  26.25  | +0.00  |
| NOV   |  25.00  | +0.00  |  26.25  | +0.00  |
| DEC   |  27.00  | +0.00  |  26.25  | +0.00  |
| JAN   |  27.00  | +0.00  |  26.00  | +0.00  |
| Month | Entergy | Change | Cinergy | Change |
| FEB   |  19.50  | -0.30  |  21.35  | -0.35  |
| MAR   |  20.35  | -0.25  |  22.35  | -0.25  |
| APR   |  20.35  | -0.25  |  22.35  | -0.25  |
| MAY   |  23.60  | -0.55  |  25.75  | -0.35  |
| JUN   |  29.75  | -0.50  |  33.00  | -0.50  |
| JUL   |  38.00  | -0.75  |  42.75  | -0.75  |
| AUG   |  38.00  | -0.75  |  42.75  | -0.75  |
| SEP   |  22.00  | +0.50  |  23.00  | -0.60  |
| OCT   |  22.25  | -0.25  |  23.20  | -0.05  |
| NOV   |  22.25  | -0.25  |  23.20  | -0.05  |
| DEC   |  22.25  | -0.25  |  23.20  | -0.05  |
| JAN   |  24.50  | -0.25  |  26.25  | -0.25  |
-------------------------------------------------------------
Power Futures
| Month |  PJM  | Change |
| FEB   | 25.25 | +0.00  |
| MAR   | 24.85 | +0.00  |
| APR   | 24.85 | +0.00  |
| MAY   | 28.40 | -0.20  |
| JUN   | 36.10 | -0.15  |
| JUL   | 49.60 | -0.30  |
| AUG   | 49.60 | -0.30  |
| SEP   | 25.40 | +0.20  |
| OCT   | 25.20 | +0.00  |
| NOV   | 25.20 | +0.00  |
| DEC   | 25.20 | +0.00  |
| JAN   | 28.80 | -0.10  |
-------------------------------------------------------------
Lay Called Cabinet Members to Warn of Possible Bankruptcy


   Enron Chairman Lay called the secretaries of the Treasury and Commerce
departments prior to the company's collapse to warn them the company could
be in financial trouble or go bankrupt. In the call to the Treasury
secretary, Lay referenced Long-Term Capital Management, a hedge fund that
got a $3.5 billion bailout from Wall Street which was engineered by the
Federal Reserve. Lay informed the secretary of Enron's problems and raised
the possibility that they may have an effect on credit markets similar to
that of LTCM. The secretary told Lay that he would pass the information on
to officials at Treasury who found no signs of ripple effects. Lay told
the Commerce secretary that he was worried that the decision to downgrade
Enron's bond rating would lead to bankruptcy, with harmful effects to the
energy industry and the economy as a whole. After Lays calls, the cabinet
members both agreed that no action should be taken to intervene on the
part of bondholders. Neither informed the president of their conversations
until yesterday morning. The president said that he has not spoken to Lay
since last spring. President Bush has announced the creation a task force
to review corporate disclosure rules after Enron's bankruptcy. The task
force includes the secretaries of the Commerce, Treasury and Labor
departments and officials from the SEC, the Federal Reserve and the CFTC.
------------------------------------------------------------
Energy Seminars, Inc. Announces Key Seminar Offerings for January:

Energy Seminars will be going to Florida and Calgary in 2002!

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Register on-line at http://www.energyseminars.com or call Registrar Gina
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--------------------------------------------------------------------------------------------------------------------------

California AG Files Civil Lawsuit Against PG&E


    California's attorney general has filed a civil suit against PG&E, the
parent company of the states Pacific Gas and Electric utility, alleging
its fraudulent business practices drove the utility into bankruptcy. The
lawsuit asks for damages of $600 million to $4 billion and any other
penalties that might be awarded. The state's attorney general contends
that PG&E drained the assets of its California utility, saying that money
went from the utility to the parent company and then to unregulated PG&E
units. PG&E said that the lawsuit was unwarranted, discriminatory and
potentially harmful to the California economy. The company pointed out
that the PUC and state lawmakers have reviewed its transactions with
affiliates and found no illegalities. The attorney general charges that
PG&E violated 22 conditions set by the PUC to protect customers from the
potential risks and abuses of a holding company structure. According to
the conditions, PG&E was prohibited from using money from the utility to
fund its unregulated businesses and was directed to give first priority to
the utility's need for capital in the event it experienced financial
difficulties. The AG claims that during a 3-4 year period, the utility
gave more than $4.6 billion in cash to PG&E, $1.76 billion in shareholder
dividends and stock buybacks.
-------------------------------------------------------------

                Progas Storage Services, Inc

Was recently organized to offer specialized natural gas storage services
to marketers and end users servicing the upper Midwest and Northeast
market regions along the major transmission systems in Indiana, Illinois,
Kentucky, and Michigan. PGSMI has 10 bcf of potential working capacity
which will offer service along TXG, ANR, Midwestern, and is currently
evaluating for purchase another 21 bcf of potential working capacity which
can be serviced by these and other systems in the region. PGSMI also
explores for natural gas in the Gulf Coast region through a wholly owned
subsidiary. Progas intends to go public through a route of private
industry offerings, and an IPO or registration. For more information on
services or the company mail to: gastorage@aol.com or for AOL mail to
gastorage@aol.com;
The company's executive and administrative office is located in Abilene,
Texas with storage operations in Owensboro, KY and exploration operations
in Corpus Christi, TX.
Vist our website http://www.progas.net/wip
Progas Storage Services, Inc
8610 S. Hwy 277
Abilene, TX 79606

Ph 915 698 3699
Fx 915 698 2859
-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 dipped 53.40 points to 7722.38
The CRB Index slid 0.10 points to 195.03
The US Dollar decreased 0.19 points to 116.75
The Dow declined 26.16 points to 10067.86
The S&P 500 climbed 1.41 points to 1156.55
The Nasdaq was up 2.35 points to 2047.24
February NYMEX Crude Oil rose 0.20 to 20.38
Canadian-US Exchange added 0.0061 to 1.3011
-------------------------------------------------------------
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-------------------------------------------------------------
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
-------------------------------------------------------------
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