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Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: webmaster@cera.com@ENRON X-To: clients@cera.com X-cc: X-bcc: X-Folder: \SHARRIS1 (Non-Privileged)\Harris, Steven\Deleted Items X-Origin: Harris-S X-FileName: SHARRIS1 (Non-Privileged).pst Title: Hidden Risks: Microbasis in the Short-term Gas Markets URL(s): http://www.cera.com/eprofile?u=35&;m=2826; *********************************************************************** STRUCTURAL RISK AND LACK OF LIQUIDITY GROW IN INFLUENCE IN REGIONAL GAS MARKETS. The dramatic increase of participants in the daily market for natural gas over the past several years has brought with it the demand for pricing indices that are increasingly regional and selective in nature. These published indices provide a valuable service to the market, but the high level of confidence that the general trading community has bestowed upon them may be misplaced. * Current economic conditions are masking hidden volatility potential, especially at local index points that have unrealized demand potential. * Large, volatile demand in the form of new gas-fired generation utilizes the existing pipeline system in ways that were never envisioned in the original system design. * Control of pipeline infrastructure has moved from the relatively benign local distribution companies to economically driven traders and asset managers. * As demand grows, physical flexibility in the system and the number of buyers and sellers decrease on the margin. **end** Follow above URL for complete report (14 printed pages). E-mail Category: Private Report CERA Knowledge Area(s): North American Gas *********************************************************************** ************************************************************************************** CERAWeek February 11-15, 2002 - http://www.cera.com/ceraweek SPECIAL OFFER: Register on-line before November 30th, and a 2-Day Pass will be upgraded to a 4-Day Pass (maximum $1,800 value). Day 1: Global Oil/Refined Products; Day 2: Natural Gas/Global Energy; Day 3 & 4: Electric Power ************************************************************************************** To make changes to your cera.com profile go to: http://www.cera.com/client/updateaccount Forgot your username and password? Go to: http://www.cera.com/client/forgot This electronic message and attachments, if any, contain information from Cambridge Energy Research Associates, Inc. (CERA) which is confidential and may be privileged. Unauthorized disclosure, copying, distribution or use of the contents of this message or any attachments, in whole or in part, is strictly prohibited. Terms of Use: http://www.cera.com/tos Questions/Comments: webmaster@cera.com Copyright 2001. Cambridge Energy Research Associates
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