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* Allegheny Energy has named Bruce E. Walenczyk senior v.p. and cfo, effective May 1. Walenczyk was previously v.p. of finance at PSEG Energy. Walenczyk succeeds Michael P. Morrell, who earlier this year was named president of Allegheny Energy Supply Co. (Dow Jones, 4/6).

Despite much futile window dressing, there is no easy fix to California's power crisis. Problems that took over six years to create will not disappear in the short-term, no matter how wishful the thinking is from politicians. Rather, a combination of long- and short-term remedies are required, argues Peter Fusaro, an energy consultant at Global Change Associates, in a recent research report.

BONDS Maturity Issue Date Issuer Amount ($ mil) Offer Price Type of Security Coupon (%) Yield"(%) Moody's S&P's Book Manager(s) 25/3/21 22/2/01 Chugoku Electric Power Co 128.2 100 Bonds 2.1 NA NA NA NOMURA 14/3/11 22/2/01 Tokyo Electric Power Company 427.5 100 Bonds 1.54 NA Aa2 AA NIKKO-SSB 14/3/06 22/2/01 Tokyo Electric Power Company 427.5 100 Bonds 0.82 NA Aa2 AA MIZUHO-SEC 2/3/11 27/2/01 Idaho Power Co 120.0 100 MTNs 6.60 6.600 A2 AA- ABN-AMRO-INC/GS(JB)/US-PIPER(JB) 14/3/11 28/2/01 Elektrownia im Tadeuza 247.7 100 Fxd/Straight Bd 9.75 9.750 NR BB SSSB M&A Date Announced Date Effective Target Target Country Acquiror Acquiror Country Value ($mil) 02/22/01 - Dansk Biogas Denmark Schouw & Co Denmark 4.0 02/23/01 - Obragas Holding Netherlands RWE Gas Germany - 02/23/01 - Sthrn California Edison United States California United States 2,760.0 02/26/01 - Kapar Power Station Malaysia Malakoff Malaysia 178.0 02/27/01 02/27/01 Bulwer Island Energy Australia Investor Group Australia 15.0 02/27/01 - Edenor Argentina EDF International France - 02/27/01 - Ratchaburi Electricity Thailand Electricity Generating Thailand - 02/27/01 - Yorkshire Power U.K. Innogy Holdings U.K. 2,707.0 02/28/01 - Phoenix Natural Gas U.K. East Surrey Energy Investments U.K. 71.0 Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

* South Korea's LG Energy has completed construction of a 540 MW combined-cycle steam turbine power plant. LG Energy has signed a 20-year power purchase agreement with Korea Electric Power Corp. for all the plant's output (Dow Jones, 4/2).

* Mirant and Hamburgische Electricitaets Werke will jointly buy E.on's 49% stake in Berlin utility Bewag. A formal agreement is expected this week. The European Commission demanded the sale of Bewag as a condition for approving the merger between Veba and Viag last year that formed E.on (Wall Street Journal Europe, 4/2).

* Three companies have filed requests with Chile's Ministry of Mining to generate geothermal energy at Termas de Chillan in Southern Chile. The companies are Hotelera Somontour, SFG Chile and Universidad de Chile (Bnamericas.com , 4/2).

* Entergy and FPL Group have called off a proposed $7.6 billion merger. Entergy said substantial differences between the way they approach the utility business led the two companies to terminate negotiations. Entergy CEO Wayne Leonard said the "first bump in the road" came last September when FPL CEO James Broadhead demanded an Entergy management change (Reuters, 4/2).

* The New York Power Authority (NYPA), worried that blackouts will hit New York City this summer, urged the New York State Assembly to support the installation of emergency turbines in the city. Representatives of three state energy agencies asked the assembly today to back the move. "A delay of even one day would bring us that much closer to the kinds of blackouts, brownouts, and price spikes that have created the crisis in California," said Eugene Zeltmann, NYPA's president and chief operating officer (Oil & Gas Journal Online, 3/24).

BONDS Maturity Issue Date Issuer Amount ($mil) Offer Price Type of Security Coupon (%) Yield (%) Moody's S&P's Book Manager 2011 22/3/01 Chugach Electric Association 150.0 N/A Bonds - - N/R N/R JPM 31/3/06 22/3/01 Virginia Electric & Power Co 597.9 99.648 Senior Notes 5.750 5.832 A3 A- LEH 28/2/03 23/3/01 Northeast Utilities 262.3 Market Float Rate Nts Floats Market Baa3 BBB MSDW 15/3/11 27/3/01 American Transmission Co LLC 297.7 99.248 Bonds 7.125 7.230 A1 A- MSDW 03/30/16 27/3/01 CL&P Funding LLC 234.8 Market Rate Red Certs N/A Market Aaa AAA LEH 03/30/16 27/3/01 CL&P Funding LLC 261.3 Market Rate Red Certs N/A Market Aaa AAA LEH 03/30/16 27/3/01 CL&P Funding LLC 293.7 Market Rate Red Certs N/A Market Aaa AAA LEH 03/30/16 27/3/01 CL&P Funding LLC 284.0 Market Rate Red Certs N/A Market Aaa AAA LEH 03/30/16 27/3/01 CL&P Funding LLC 366.2 Market Rate Red Certs N/A Market Aaa AAA LEH Equity Issue Date Issuer Amount ($mil) Offier Price Type of Equity Book Manager 22/3/01 Black Hills Corp 132.9 - Common Shares CSFB M&A Date Announced Date Effective Target Target Country Acquiror Name Acquiror Industry Sector Acquiror Country Value ($mil) 03/23/01 03/22/01 OGC Pipelines U.S. Trident Systems International Investment & Commodity Firms,Dealers,Exchanges U.S. - 03/26/01 03/26/01 Socit En Commandite Canada Boralex Oil and Gas; Petroleum Refining Canada 4.0 03/27/01 - Empresa Electrica Colbun Chile Electropacifico Inversiones Investment & Commodity Firms,Dealers,Exchanges Chile 9.0 03/27/01 - TransCan Pipe Chile Total Fina Elf Oil and Gas; Petroleum Refining France 440.0 03/28/01 - Utilities U.S. Nuon Electric, Gas, and Water Distribution Netherlands 404.0 Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

CIBC WORLD MARKETS POWER TECHNOLOGY INDEX Company Ticker 27-Mar-01 Price 52 Week Price Low 52 Week Price High Market Cap ($ MM) 8-Week Change % 2001 YTD Change % Active Power ACPW $19.88 $12.75 $79.75 $771.3 -20.5 -9.4 American Superconductor AMSC 15.56 14.00 61.88 326.8 -27.0 -45.5 AstroPower APWR 31.63 13.13 63.92 419.6 -7.7 0.8 Ballard Power Systems BLDP 42.13 33.19 121.50 3,822.9 -44.4 -33.3 Beacon Power BCON 6.00 5.72 10.75 231.4 -34.5 -40.0 Capstone Turbine CPST 33.06 17.75 98.50 2,477.7 -18.0 18.1 Evergreen Solar ESLR 9.00 6.00 20.75 100.4 -16.3 33.3 FuelCell Energy FCEL 51.94 15.75 108.75 820.2 -25.5 -24.2 H Power HPOW 7.03 5.25 35.94 375.5 -21.6 -8.5 Hydrogenics HYGS 4.16 2.75 15.02 162.1 -38.4 -5.0 Mechanical Technology MKTY 4.63 2.00 29.71 163.8 -33.9 32.1 Plug Power PLUG 15.00 9.13 130.00 655.5 -44.4 2.1 Proton Energy PRTN 7.25 5.25 36.00 239.8 -50.4 -31.0 SatCon Technology SATC 10.75 8.00 41.00 149.5 -19.6 8.9 Power Technology Index1, 2, 3 . 438.74 . . . -28.4 -13.4 NASDAQ . 1,972.26 . . . -30.5 -20.2 100 as of 12/31/98 2. Equally weighted 3. Includes Plug Power as of October 29, 1999, Capstone Turbine as of June 28, 2000, Active Power as of August 7, 2000 and H Power as of August 8, 2000 The Power Technology Index continues to be weighed down by negative sentiment surrounding the broader technology sector, but has still managed to outperform the technology-laden NASDAQ Stock Market over the past four- and eight-week periods. Over the past four weeks the index has fallen 6.3% compared to a 10.7% loss by the NASDAQ. Over the past eight weeks the index has nose-dived 28.4%, but still managed to better the NASDAQ's 30.5% slump. Shrugging off the downbeat mood in March was Capstone Turbine. The stock was the power tech index's star performer rallying over 27%.