Search results for

Market rigidity has been a primary cause of California's ongoing energy crisis. The Bush Administration should push for a more flexible energy market if it is to avoid a reoccurrence of the crisis elsewhere, argues William Klun, a strategy and finance consultant at Global Change Associates in New York.

* A group of independent combined heat and power (CHP) producers, including BP Energy, British Sugar and Boots, are seeking talks with U.K. Energy Minister Peter Hain to discuss the new electricity trading arrangements (Neta). The group is worried that Neta will favor big generators and threaten the survival of small CHP stations (Sunday Business, 3/4).

BONDS Maturity Issue Date Issuer Amt ($ mil) Offer Price Type of Security Coupon (%) Yield (%) Moody's S&P's Book Manager(s) 25/3/13 1/3/01 Chubu Electric Power 195.8 100.000 Bonds na na Aa2 AA NOMURA 03/15/15 2/3/01 Detroit Edison 2001-1 127.2 99.999 Asset Bkd Certs 5.18 5.181 Aaa AAA SALOMON-SMITH 03/15/15 2/3/01 Detroit Edison 2001-1 181.5 99.993 Asset Bkd Certs 5.51 5.513 Aaa AAA SALOMON-SMITH 03/15/15 2/3/01 Detroit Edison 2001-1 327.4 99.939 Asset Bkd Certs 5.875 5.888 Aaa AAA SALOMON-SMITH 03/15/15 2/3/01 Detroit Edison 2001-1 408.6 99.989 Asset Bkd Certs 6.19 6.192 Aaa AAA SALOMON-SMITH 03/15/15 2/3/01- Detroit Edison 2001-1 327.0 99.97 Asset Bkd Certs 6.42 6.424 Aaa AAA SALOMON-SMITH 03/15/15 2/3/01 Detroit Edison 2001-1 378.9 99.985 Asset Bkd Certs 6.62 6.622 Aaa AAA SALOMON-SMITH 01/12/03 5/3/01 AES Sul 73.7 Market Debentures Floats Floats A A BK-BOSTON 01/12/03 6/3/01 AES Sul 49.1 Market Debentures 12.900 na A A BK-BOSTON 01/3/06 6/3/01 El Paso EUR500 99.49 - 5.750 - - - ABN-HVB EQUITY Issue Date Issuer Amt ($ mil) Offer Price Type of Equity Book Manager(s) 03/2/01 Empire Oil & Gas 1.2. 073 Ordinary Shares TOLHURST/DJ-CARMICHAEL 03/6/01 TECO Energy 208.1 27.750 Common Shares CSFB 03/7/01 NRG Energy 432.0 27.000 Common Shares CSFB M&A Date Announced Date Effective Target Target Country Acquiror Acquiror Country Value ($mil) 03/01/01 - Duke Energy United States NRG Energy United States - 03/01/01 03/01/01 Enoplan Germany Berliner Kraft-und Licht Germany - 03/01/01 03/01/01 Gulsele Kraft Sweden Graningeverkens Sweden 32.0 03/01/01 - Plzenska Teplarenska Czech Republic Zapadoceska Energetika Czech Republic - 03/02/01 - North Power,Advance Energy Australia Great Southern Energy Australia - 03/02/01 03/02/01 Thai LNG Power Thailand Electricity Generating Thailand 1.0 03/05/01 - Cia Nacional de Energia Brazil Nova I Participacoes Brazil 46.0 Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

* International Power has hired Société Générale to lead arrange a $100 million non-recourse loan to construct a 280 MW gas-fired power plant in the Sharqiya region of Oman (Business Wire, 3/5).

* Pacific Gas & Electric agreed to sell its transmission lines to California as part of a larger deal to rescue the company from a financial collapse. Earlier Southern California Edison and San Diego Gas & Electric agreed to sell their transmission lines for about $2.8 billion (San Jose Mercury News, 3/2).

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.

Following is a directory of ongoing generation asset sales. The accuracy of the information, which is derived from many sources, is deemed reliable but cannot be guaranteed. To report new auctions or changes in the status of a sale, please call Will Ainger, managing editor, at (44-20) 7303-1735 or e-mail wainger@euromoneyplc.com. Seller Plants Location MW Plant Type Advisor Status Ahlstrom Development Mt. Posos Calif. 8.5 Coal N/A Expects to close sale by the end of Ace Co-generation Calif. 5 Coal the second quarter. Colver Pa. 29 Coal Panther Creek Pa. 40 Coal Gilberton Pa. 8 Coal American Electric Power/ Northeastern units 3 & 4 Okla. 300 Coal N/A Reviewing sale strategies. Central and Southwest Corp. Frontera Texas 250 Natural gas Lon C. Hill Texas 546 Gas Nueces Bay Texas 559 Gas Ennis S. Joslin Texas 249 Gas CMS Energy Loy Yang Melbourne, Australia 2000 Coal Not Chosen Announced intention to sell. Denton Municipal Electric Spencer Station Texas 176 Natural gas Navigant Consulting Re-evaluating final bids. Gibbons Creek Texas 98.4 Coal. Ray Roberts Texas 1.2 Hydro Lewisville Texas 2.1 Hydro DPL All plants Ohio. 3,500 N/A Morgan Stanley Enel Eight plants under the Italy 5,400 N/A N/A Some 25 firms have made non-binding offers. Elettrogen umbrella IVO Energy Brigg U.K. 240 Gas BNP Paribas Preparing information memo. South Humber U.K. 1,240 Gas Grangemouth*** U.K. 130 Gas Edenderry Ireland 120 Peat Independent Energy Various U.K. 130 N/A KPMG KPMG is handling the asset sale after Independent Energy went into receivership Nevada Power/ All plants Nev. 663 Gas & Oil CSFB & Sierra Pacific Navigant Consulting Sale expected to close by end of 2001. Niagara Mohawk Power Nine Mile Point 1 N.Y. 1,614 Nuclear N/A Awaiting bids. Nine Mile Point 2 N.Y. 1,140 Nuclear N/A North Atlantic Energy Seabrook* N.H. 408 Nuclear N/A Must by sold by Dec. 2003. Ontario Power Generation Lennox Ontario 2,140 Oil, gas Merrill Lynch & - Lakeview Ontario 1,140 Coal Scotia McLead - Bruce Ontario 3,200 Nuclear Deal signed with British Energy, but waiting for regulatory approval. Pacific Gas & Electric 68 Plants Calif. 3,800 Hydro Morgan Stanley Awaiting PUC approval. Expect Dean Witter sale to close by July 2001. Public Service Co. of New Merrimack N.H. 475.8 Coal J.P. Morgan Subject to approval for rate settlement by Hampshire (Northeast Utilities) Newington N.H. 415 Oil/gas PUC and state legislature. Schiller N.H. 146.6 Oil/gas Lost Nation N.H. 19.1 Diesel Merrimack N.H. 42.2 Diesel Schiller N.H. 18 Diesel White Lake N.H. 23 Diesel Amoskeag N.H. 17.5 Hydro Ayers Island N.H. 9.1 Hydro Canaan Vt. 1.1 Hydro Eastman Falls N.H. 6.5 Hydro Garvins Falls N.H. 12.1 Hydro Gorham N.H. 2.1 Hydro Hooksett N.H. 1.95 Hydro Jackman N.H. 3.55 Hydro Smith N.H. 14.2 Hydro ScottishPower Hazelwood Victoria, Australia 1,600 Coal CSFB Final bids due this summer. TXU Lake Creek Texas 323 Gas Merrill Lynch Reviewing final bids. Tradinghouse Texas 1,340 River Crest Texas 110 Mountain Creek Texas 893 Parkdale Texas 327 North Main Texas 123 TXU Europe West Burton U.K. 2012 Coal MSDW It expects to announce a buyer for some of High Marnham U.K. 945 Coal the plants by spring, 2001. Ironbridge U.K. 970 Coal Rugeley U.K. 1046 Coal Drakelow U.K. 976 Coal Peterborough U.K. 405 Gas King's Lynn U.K. 380 Gas * North Atlantic Energy owns 34.8% of Seabrook *** Fortum owns 75% of Grangemouth. Mitsubishi owns the remainder. **** GPU owns 50% of each plant, via Prime Energy Ltd Partnership. Financial partners, such as insurance companies, own the remainder.

CIBC WORLD MARKETS POWER TECHNOLOGY INDEX Company Ticker 20-Feb-01 Price 52 Week Price Low 52 Week Price High Market Cap ($ MM) 4-Week Change % 8-Week Change % 2001 YTD Change % Active Power ACPW $20.63 $12.75 $79.75 $800.4 -19.1 18.3 -6.0 American Superconductor AMSC 18.75 19.06 75.13 399.2 -19.1 -24.2 -34.4 AstroPower APWR 41.50 13.13 63.92 485.9 -2.6 45.0 32.3 Ballard Power Systems BLDP 61.19 50.75 144.94 5,561.0 -17.9 -4.4 -3.1 Beacon Power BCON 7.50 6.13 10.75 289.2 -18.4 5.3 -25.0 Capstone Turbine CPST 28.13 17.75 98.50 2,107.6 -24.4 30.1 0.4 Evergreen Solar ESLR 10.00 6.00 20.75 111.6 -11.6 45.5 48.1 FuelCell Energy FCEL 53.25 15.75 108.75 840.7 -23.6 -17.0 -22.3 H Power HPOW 6.63 5.25 35.94 353.8 -19.1 7.1 -13.8 Hydrogenics HYGS 6.19 2.75 15.02 242.0 -7.5 106.3 41.4 Mechanical Technology MKTY 5.38 2.00 33.67 190.4 -19.2 120.5 53.6 Plug Power PLUG 17.88 9.13 153.00 781.1 -27.4 59.8 21.7 Proton Energy PRTN 10.75 5.25 36.00 355.6 -12.2 34.4 2.4 SatCon Technology SATC 11.13 8.00 44.75 154.4 -26.4 23.6 12.7 Power Technology Index1, 2, 3 . 490.74 . . . -18.4 17.3 -3.2 NASDAQ . 2,318.35 . . . -18.4 -7.9 -6.2S1. Indexed to 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 has posted losses comparable with the broader stock market over recent weeks. However, the power index is still outperforming the market over both an eight-week and year-to-date time frame. The index has fallen 18.4% over the past four weeks precisely mirroring the NASDAQ Stock Market's decline. But over an eight-week period it has jumped 17.3%, compared to the NASDAQ's 7.9% fall.

* Jordi Dolader, director of the Spanish National Energy Commission (CNE), believes Spain needs to add between 7,000 and 10,000 MW of new generation capacity to meet growing demand. The figure is well below the 28,000 MW estimated by some analysts (Dow Jones, 2/19).

* South Korea's power supply is not keeping pace with demand because environmental concerns and growing opposition to nuclear power are preventing the construction of new power projects. Electricity demand is growing by some 10% a year in South Korea. In contrast, generation capacity is expanding at only 5-7% (Reuters, 2/20).