Message-ID: <18781791.1075840979860.JavaMail.evans@thyme> Date: Thu, 24 Jan 2002 05:34:33 -0800 (PST) From: enerfax1@bellsouth.net To: enerfaxweb@yahoogroups.com Subject: Enerfax Daily's free web version of gas & power prices and info (unknown) Mime-Version: 1.0 Content-Type: text/plain; charset=ANSI_X3.4-1968 Content-Transfer-Encoding: quoted-printable X-From: enerfax1@bellsouth.net@ENRON X-To: Enerfaxweb@yahoogroups.com X-cc: X-bcc: X-Folder: \ExMerge - Lewis, Andrew H.\Deleted Items X-Origin: LEWIS-A X-FileName: andy lewis 6-25-02.PST Enerfax Daily NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE=20 Thursday, January 24 2002 No. 919 Visit: http://www.enerfax.com to view our web version or for Oil Prices & = News http://www.enerfaxgold.com=20 PHYSICAL NATURAL GAS PRICES =20 Gulf/Eastern Region =20 | Agua Dulce | 1.98 | | ANR SE | 2.01 | | Carthage TG | 2.06 | | Chicago Citygate | 2.11 | | Columbia Gulf Onshore | 2.07 | | Dominion South Point | 2.19 | | Henry Hub | 2.11 | | Houston Ship Channel | 2.12 | | Katy Hub | 2.07 | | NGPL LA Pool | 2.01 | | NGPL - Midcontinent | 1.99 | | NGPL STX | 2.02 | | NGPL TX/OK | 2.02 | | NNG Demarc. | 2.05 | | Niagara | 2.22 | | Sonat Tier 1 | 2.05 | | TCO IPP Pool | 2.18 | | Tetco ELa | 2.06 | | Tetco M-3 | 2.34 | | Tetco STX | 1.97 | | TGP Zone 0 | 1.99 | | TGP Zone 1 (500 Leg) | 2.03 | | TGT Zone SL | 2.08 | | New York Citygate | 2.38 | | Transco Station 65 | 2.12 | | Transco Zone 6 (NY) | 2.38 | | Trunk ELa | 2.03 | | Western Region =20 | California Border | 2.15 | | El Paso Keystone | 2.01 | | El Paso San Juan-Blanco | 2.02 | | Waha Hub | 2.03 | | Canadian/Rockies Region =20 | Nova/Aeco (C$/gig) | 2.93 | | Dawn Hub/Union | 2.17 | | Northwest Stanfield | 2.09 | | Wyoming Pool | 1.94 | | Opal | 1.94 | | PGT-Malin | 2.16 | | Sumas | 2.06 | Flow Date 1/24 ------------------------------------------------------------- NATURAL GAS FUTURES Henry Hub=20 12 Month Strip 2.4599 -0.0029 =20 18 Month Strip 2.6077 +0.0054 =20 | Month | High | Low | Close | Change | | FEB | 2.090 | 2.076 | 2.076 | -0.030 | | MAR | 2.100 | 2.091 | 2.089 | -0.029 | | APR | 2.180 | 2.170 | 2.162 | -0.016 | | MAY | 2.275 | 2.272 | 2.260 | -0.010 | | JUN | 2.340 | 2.340 | 2.332 | -0.006 | | JUL | 2.420 | 2.420 | 2.410 | -0.003 | | AUG | 2.480 | 2.450 | 2.463 | +0.002 | | SEP | 2.490 | 2.465 | 2.475 | +0.002 | | OCT | 2.530 | 2.530 | 2.507 | +0.004 | | NOV | 2.740 | 2.739 | 2.742 | +0.014 | | DEC | 2.950 | 2.940 | 2.954 | +0.016 | | JAN | 3.055 | 3.025 | 3.049 | +0.021 | ------------------------------------------------------------- - RISK MANAGEMENT=20 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 strat= egic aspects of the energy enterprise, from short-term forecasting to compr= ehensive risk analysis and portfolio optimization, to asset valuation and w= eather risk management. Dedicated to the needs=20 of energy and trading companies in a dynamic and competitive world, our app= roach combines best-in-class physical fundamentals with industry-leading st= atistical methodologies.=20 e-Acumen is a venture-backed company founded in January, 1997. Since then w= e have listened attentively to the market and assembled a stellar cast of s= easoned energy industry professionals and Silicon Valley technologists. Joi= n us as we help the industry continue its path toward liquidity and profita= ble, 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=20 ------------------------------------------------------------- Natural Gas Futures Dip After AGA Report=20 Natural gas futures for February delivery on the NYMEX ended down $0.03 to = $2.076 per MMBtu yesterday. The March contract lost $0.029 to $2.089 per MM= Btu. The market opened lower yesterday and then hovered around $2.10 until = the AGA reported that 124 Bcf was withdrawn from storage last week. There i= s now 2.4 Tcf left in storage, 73% of capacity. A year ago there was less t= han 1.4 Tcf and storage was only 42% full. The number was slightly below so= me expectations of a 130 Bcf-150 Bcf pull, and it was enough for the market= to sense $2.00/MMBtu support. Look for the market to bounce around above $= 2.00 some and eventually head lower. Initially the market may to push back = toward $2.14 on the strength of failing to breach $2.00 level after the AGA= report, and a record high of funds being short, but with no reason to cove= r short positions with no weather in the offing. So look for low volatility= over the short term. Working gas is on track to end winter at 1.44 Tcf com= pared to a! 5-year average of 980 Bcf. Look for cash to take the initiative= in leading the futures market downward, with physical prices trading at a = premium to NYMEX since December. With mild weather forecast and a Tcf in st= orage above a year ago, spot prices could start trading at a discount to fu= tures. Turn-back volumes should weaken pricing. Natural gas for next day de= livery across the US and Canada was generally $0.05 $0.15 lower yesterday.= Natural gas for next day delivery at the Henry hub lost $0.07 to $2.11 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. 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He was subpoenaed = by the House Energy and Commerce investigations subcommittee to testify on = Enron's rapid collapse amid questionable bookkeeping. Explaining that he ha= d just gotten access to documents from his own files at Andersen, Duncan sa= ys he will invoke the 5th Amendment right not to testify. However, he will = testify today if the committee grants him immunity, which is not likely. Du= ncan claims to want full disclosure of the truth and remains committed to c= ooperating with all pending investigations concerning Enron, but says he ne= eds immunity first. He was fired earlier this month by Andersen, which alle= ges he ordered the destruction of documents once he learned of a request by= the SEC for information on Enron's financial reporting.=20 ------------------------------------------------------------- FAST. FLEXIBLE. PROVEN. The AURORA(TM) electric market model helps you deal with the challenges and= risks of today's energy marketplace. 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Market Information Solutions for the Electric Power Marketplace ------------------------------------------------------------- Natural Gas NYMEX Volume 02FEB 41,501 02MAR 23,833 02APR 10,194 02MAY 4,288 02JUN 3,319 02JLY 2,645 02AUG 1,560 02SEP 1,087 02OCT 3,345 02NOV 762=20 02DEC 623 03JAN 3,218 03FEB 485 03MAR 1,097 03APR 226 03MAY 379 03JUN 330 03JLY 107 03AUG 138 03SEP 206 03OCT 31 03NOV 52 03DEC 454 04JAN 7 ------------------------------------------------------------- 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 ma= y be too late to prevent big losses spreading right through your enterprise= . With kW3000(tm), our multi-commodity, integrated front to back office softw= are, 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) 2-9976-6111http://ww= w.kwi.com=20 -------------------------------------------------------------- Senate Committee Seeks Release of Enron Tax Returns The Senate Finance Committee has requested that Enron provide it with writt= en authorization to release to the public information contained in its fede= ral consolidated tax returns, and any tax information related to Enron's af= filiated companies or partnerships that is not included in the consolidated= tax returns since its inception in 1985. The committee, which is probing E= nrons compliance with federal tax laws, also plans to review the use of cor= porate tax shelters and perhaps examine appropriate legislative action. Enr= on allegedly used 880 subsidiaries in tax haven countries such as the Cayma= n Islands and Mauritius to avoid paying income taxes in 4 of the 5 years le= ading up to 2000, the most recent year for which records are available. Enr= on received about $400 million in tax refunds during that period. Enron has= said it paid $60 million under the corporate alternative minimum tax for 2= 001. The committee has the legal authority to review Enron's consolidated t= ax returns! as well as those of its affiliated companies and partnerships, = and said it will exercise that authority. However, it is not legally author= ized to release the information to the public without Enrons permission.=20 ------------------------------------------------------------- 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.http://www.fea.com/?cId=3D17=20 main phone number: 1 510-548-6200 email address: info@fea.com =20 ------------------------------------------------------------- PHYSICAL POWER PRICES | | High | Low | Average | | | $/MWh | $/MWh | $/MWh | | Cinergy | 18.00 | 15.50 | 17.15 | | ECAR | 20.00 | 15.50 | 18.30 | | ERCOT | 20.50 | 19.50 | 20.00 | | Entergy | 18.50 | 17.50 | 17.75 | | TVA | 21.70 | 20.15 | 20.70 | | ComEd | 18.25 | 16.75 | 17.70 | | Nepool | 28.25 | 27.25 | 27.75 | | PJM West | 22.50 | 21.75 | 21.80 | | Main | 18.25 | 15.00 | 17.35 | | MAPP | 21.00 | 19.00 | 19.85 | | Palo Verde | 22.90 | 19.50 | 22.00 | | Mid C | 19.00 | 18.50 | 18.85 | | COB | 21.50 | 20.75 | 21.15 | | 4 Corners | 21.75 | 21.50 | 21.65 | | Mead | 22.50 | 22.35 | 22.40 | | NP 15 | 24.00 | 22.50 | 23.20 | | SP 15 | 24.40 | 22.50 | 23.30 | Power Delivered 1/24 ------------------------------------------------------------- Hydro-Quebec Exports Leads to Record Profit Hydro-Quebec is North America's largest power utility. Its 2001 net profit = reached a record C$1.1 billion, thanks to high electricity exports to the U= S and despite warmer than usual weather. The profit forecast for 2001 had b= een C$1.03 billion and the net income for 2000 was C$1.08 billion. Hydro-Qu= ebec is in excellent financial position, but has confirmed that it will ask= for an increase domestic power rates as of May 2004 to bring its rate of r= eturn in line with other North American utilities. If accepted by the Quebe= c Energy Board, the rise will be its 1st in 5 years. The overall rate incre= ase will be C$354 million over 3 years. Hydro-Quebec has also forecast aver= age annual demand will increase by 1.2% through to 2016. Growth in the past= 15 years has been around 2.6%. The utility also plans to launch the 1st of= a series of tender invitations to private power producers this year to mak= e sure there will be no shortfall. It is expected to report today t! he lev= el of its water reservoirs, a source of major concern.=20 ------------------------------------------------------------- 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=20 ------------------------------------------------------------- Todays Gas Bulletins * Enron Chairman and CEO Ken Lay Resigns, But Will Remain on Board of Direc= tors; Now Seeking Restructuring Specialist to Steer Company Out of Bankrupt= cy * VP Cheney Again Refuses to Give Energy Policy Details Despite Increased P= ressure from Congress * Wal-Mart About to Overtake Exxon to Become Worlds Largest Company * Senate and House Begin Enron Hearings Today; Senate Governmental Affairs = Committee to Focus on If Federal Agencies Should Have Foreseen Debacle; Hou= se Energy and Commerce Committee Looks into Destruction of Documents by And= ersen * Class Action Lawsuit Filed Against Andersen Accusing It of Racketeering w= ith=20 Violations Under RICO Act * Texas Senator Phil Gramm and Wife Claim $600,000 Loss in Enron Collapse * Burlington Resources Posts Sharp 4th Quarter Loss After Charges ------------------------------------------------------------ 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=20 Visit: http://www.ziffenergyconferences.com=20 ------------------------------------------------------------- Dynegy 4th Quarter Profit Up 36% Dynegys 4th quarter earnings climbed 36% as profit from operations rose to = $144 million, or $0.41 per share, from $106 million, or $0.32, a year ago. = Revenue slid 13% to $8.74 billion. Dynegys earnings met the average estimat= e of analysts. Profit at the companys energy trading unit jumped 58% last q= uarter from a year ago, due to a sharp increase in business after Enron col= lapsed. Natural gas sales in North America gained 14%. In the 4th-quarter, = Dynegy wrote off $51 million, or $0.14 per share, for trading exposure to E= nron. It also took charges of $7 million, or $0.02, to terminate its bid fo= r Enron and $9 million, or $0.03, for severance costs at its Illinois elect= ric utility. The company ended up with a net income of $77 million, or $0.2= 1 per share. Dynegy had thought that Enron-related costs might climb to $12= 5 million. It will pay a $65 million dividend over two years to ChevronTexa= co for the $1.5 billion provided for the planned $23 billion acquisition of= Enron. Dy! negy projects earnings of $0.41 per share for the 1st quarter a= nd reaffirmed its per share profit estimates of $2.26 for 2002. Dynegy stil= l plans to boost earnings by 15% per year from acquisitions. It has recentl= y sold stock and plans to sell assets and cut expenses, totaling $1.25 bill= ion to reduce debt to reassure investors and maintain its investment grade = credit rating.=20 ------------------------------------------------------------- R. W. Beck is an engineering and management consulting firm serving utiliti= es, 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 to help reduce the probability of losses. 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 strate= gic risks.=20 Please visit our web site at http://www.rwbeck.com=20 ------------------------------------------------------------- Shell Buys Out German Solar Power Partners Royal Dutch/Shell has increased its solar power commitment by taking full c= ontrol of a German joint venture that has become a world leader in the fast= growing industry. Shell already held 33% of Siemens and Shell Solar GmbH, = and now has agreed to acquire both the 34% interest of Siemens and the 33% = stake held by power utility EON. The deal gives Shell 100% control of one o= f the world's few established producers of solar photovoltaic cells and pan= els and a 15% share of the global PV market. Though still relatively expens= ive to produce, it is a key potential energy source that could cut fossil f= uel use and emissions. Shell will combine the business with its global Shel= l Solar operation, raising the number of people it employs directly in the = industry to 1,100. Shell Solar merged its German solar business with Siemen= s and EON last April. Siemens said it pulled out because the existing loss-= making structure was not core to its business and would not grow on its own= , and it d! id not want a minority stake in the enlarged group. Shell has n= ot disclosed financial details of the transaction, but said last year it wo= uld spend between $500 million and $1 billion on renewable energy investmen= ts over the next 5 years.=20 ------------------------------------------------------------- AGA Natural Gas Storage Report Week Prev =20 Ending Prev Prev Year =20 | Region | 1/18/02 | Week | Diff | % Full | Year | % Full|=20 | Prod | 707 | 733 | -26 | 74% | 312 | 33% | =20 | East | 1319 | 1396 | -77 | 72% | 816 | 44% | =20 | West | 379 | 400 | -21 | 75% | 241 | 47% | =20 | Total | 2405 | 2529 |-124 | 73% | 1369 | 42% =20 ------------------------------------------------------------- POWER FUTURES =20 | Month | COB | Change | PV | Change | | FEB | 21.25 | +0.00 | 22.95 | -0.45 | | MAR | 18.50 | +0.00 | 22.25 | -0.35 | | APR | 20.00 | +0.00 | 23.25 | -0.50 | | MAY | 18.25 | +0.00 | 25.00 | +0.25 | | JUN | 20.00 | +0.00 | 28.50 | -0.25 | | JUL | 29.50 | +0.00 | 38.00 | -0.25 | | AUG | 40.00 | +0.00 | 43.25 | -0.25 | | SEP | 34.00 | +0.00 | 33.00 | -0.25 | | OCT | 28.00 | +0.00 | 27.00 | +0.00 | | NOV | 27.50 | +0.00 | 26.00 | +0.00 | | DEC | 28.50 | +0.00 | 26.50 | +0.00 | | JAN | 28.50 | +0.00 | 27.75 | -0.25 | | Month | Entergy | Change | Cinergy | Change | | FEB | 18.45 | -0.20 | 19.50 | -0.05 | | MAR | 19.25 | -0.25 | 20.75 | -0.05 | | APR | 19.25 | -0.25 | 20.75 | -0.05 | | MAY | 22.50 | -0.25 | 24.00 | -0.70 | | JUN | 26.75 | +0.00 | 29.00 | -0.15 | | JUL | 33.50 | -0.50 | 36.80 | -0.50 | | AUG | 33.50 | -0.50 | 36.80 | -0.50 | | SEP | 21.40 | -0.20 | 22.10 | -0.15 | | OCT | 21.25 | -0.05 | 21.75 | -0.10 | | NOV | 21.25 | -0.05 | 21.75 | -0.10 | | DEC | 21.25 | -0.05 | 21.75 | -0.10 | | JAN | 24.00 | +0.00 | 25.00 | +0.00 | ------------------------------------------------------------- Power Futures =20 | Month | PJM | Change | | FEB | 23.50 | -0.15 | | MAR | 23.75 | -0.10 | | APR | 23.75 | -0.10 | | MAY | 26.60 | -0.40 | | JUN | 32.85 | -0.65 | | JUL | 43.75 | -0.50 | | AUG | 43.75 | +0.00 | | SEP | 25.15 | +0.45 | | OCT | 24.75 | +0.05 | | NOV | 24.75 | +0.05 | | DEC | 24.75 | +0.05 | | JAN | 28.00 | -0.05 | ------------------------------------------------------------- ENERGY MANAGEMENT INSTITUTE Higher Education for refined product professionals NOW ENROLLING RISK MANAGEMENT COURSES: PROFESSIONAL GASOLINE AND DISTILLATE= MANAGEMENT, PETROLEUM MARKETER, and ADVANCED GASOLINE AND DISTILLATE MAST= ER LEVEL. REGISTER NOW, CLASS SIZES ARE LIMITED. SEE COMPLETE DETAILS CLICK= HERE http://www.energyinstitution.org=20 ------------------------------------------------------------- PPL Notifies NRC of Operating License Renewal Plans PPL Susquehanna has informed the NRC it plans to seek renewal of its operat= ing license for the Susquehanna nuclear plant in 2005. Because of the lengt= hy review process, the NRC has requested that plant owners file early noti= fication of their plans to apply. If the NRC approves PPL's application, th= e plant's operating license would be extended by 20 years. The current oper= ating licenses for Units 1 and 2 will expire in 2022 and 2024 respectively,= but NRC approval of the extension would allow PPL to operate the nuclear p= lants until 2042 and 2044. A nuclear plants license can be renewed for a ma= ximum of 20 years after it has proved that it can operate safely and manage= maintenance issues related to aging equipment. The plant has 2 reactors, e= ach with more than 1,100 MW of generating capacity. Nuclear power plants we= re originally granted a 40-year operating license and currently 50 of 103 o= perating nuclear reactors have said they will apply for license renewal. Of= the 50 u! nits, 14 are in the review process and 8 have been approved, wit= h another 28 providing notification of their intent to submit applications = to the NRC. Nuclear power provides about 20% of PPL's almost 10,000 MW in g= eneration capacity. PPL Susquehanna, a subsidiary of PPL, operates the plan= t and owns a 90% share, Allegheny Electric Co-op holds the other 10%.=20 ------------------------------------------------------------- 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 P= atrick Phone: 281-362-7979 FAX: 281-296-9922 ---------------------------------------------------------------------------= ----------------------------------------------- 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 r= egions along the major transmission systems in Indiana, Illinois, Kentucky,= and Michigan. PGSMI has 10 bcf of potential working capacity which will of= fer service along TXG, ANR, Midwestern, and is currently evaluating for pur= chase 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: gast= orage@aol.com or for AOL mail to gastorage@aol.com ;=20 The company's executive and administrative office is located in Abilene, Te= xas with storage operations in Owensboro, KY and exploration operations in = Corpus Christi, TX. Progas Storage Services, Inc =20 8610 S. Hwy 277 Abilene, TX 79606 Ph 915 698 3699 Fx 915 698 2859 ------------------------------------------------------------- FINANCIAL SUMMARY The TSE 300 rose 39.16 points to 7598.45 The CRB Index gained 0.24 points to 189.33 The US Dollar increased 0.89 points to 118.46 The Dow advanced 17.16 points to 9730.96 The S?500 added 8.87 points to 1128.18 The Nasdaq was up 39.85 points to 1922.38 March NYMEX Crude Oil climbed 0.52 to 19.50 Canadian-US Exchange dipped 0.0044 to 1.6039 ------------------------------------------------------------- Pure Text, Lotus, AOL, Yahoo, Excite, Readers-subscribe by writing to:enerf= ax-subscribe@egroups.com=20 Outlook Email Readers-subscribe to webmail by writing to: mailto:join-EnerfaxDaily@relay.netatlantic.com=20 ------------------------------------------------------------- ENERGY MANAGEMENT INSTITUTE Higher Education for refined product professionals NOW ENROLLING RISK MANAGEMENT COURSES: PROFESSIONAL GASOLINE AND DISTILLATE MANAGEMENT, PETROLEUM MARKETER, and ADVANCED GASOLINE AND DISTILLATE MASTE= R LEVEL. REGISTER NOW, CLASS SIZES ARE LIMITED. SEE COMPLETE DETAILS CLICK HERE: http://www.energyinstitution.org To view past issues of Enerfax Daily -Sign up for free at Divines Sagewave= athttp://www.sagewave.com/D2/autolog/common/log.asp?KEY=3Denerfax=20 ------------------------------------------------------------- Please welcome our advertisers by visiting these websites.http://www.e-acum= en.com http://www.kwi.com/ http://www.fea.com/ http://www.caminus.com/ http= ://www.progas.net/wip http://www.ziffenergyconferences.com/ http://www.ener= gyseminars.com http://www.desert-crossing.com http://www.epis.com http://ww= w.rwbeck.com http://www.NewEnergyAssoc.com =20 Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service .