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* Singapore's Unocal Corp. and Indonesia's Pertamina and PT Perusahaan Listrik Negara are pushing ahead with the Sarulla geothermal project in North Sumatra. The firms have identified two possible sites within the region,Silangkitang , which could support a 100 MW plant, and Namora-I-Langit, which could support three units totaling 210-290 MW (Dow Jones, 2/2).

Last week's decision by Endesa and Iberdrola to terminate their four-month merger discussions has thrown Spain's electricity landscape into a state of confusion. The merger of Spain's two largest power companies was expected to have been the catalyst for a mass restructuring of the industry, as the merged companies looked to sell over $10 billion of generation and distribution asset to meet competition rules, which would have enticed foreign players into the market. The aborted merger leaves everything up in the air, reports Gero Di Piazza, associate reporter.

BONDS Maturity Issue Date Issuer Amount ($ mil) Offer Price Type of Security Coupon (%) Yield (%) Moody's S &P's Book Manager(s) 02/25/2008 02/01/2001 Tohoku Electric Power 259.5 100 Bonds 1.2 na - - NIKKO-SSB 02/25/2013 02/02/2001 Chugoku Electric Power 172.8 100 Bonds 1.74 na - - MSJ 2002-09 02/02/2001 Texas Municipal Power Agency 17.5 Market Revenue Bonds Serial 5.380 Aaa AAA MERRILL 2002-09 02/02/2001 Texas Municipal Power Agency 17.5 Market Revenue Bonds Serial 5.380 Aaa AAA MERRILL 02/23/2011 02/05/2001 Tokyo Electric Power 435.7 100 Bonds 1.68 na Aa2 AA SAKURA-SEC 02/15/2011 02/06/2001 AES 600 100 Senior Notes 8.875 8.875 Ba1 BB SALOMON-SMITH/JPM(JB) 02/25/2011 02/06/2001 Chubu Electric Power 130 100 Bonds na - - TOKAI-INTL 02/06/2008 02/06/2001 Luz del Sur 25 Market Bonds Serial Serial - - CITICORP-PERU 02/22/2006 02/06/2001 Sydkraft 281.5 100 Convertible FRNs Floats Floats - - MERNB 02/27/2007 02/07/2001 Tokyo Electric Power 429.6 100 Bonds 1.11 na Aa2 AA DAIWA-SB 03/18/2011 02/08/2001 Kansai Electric Power 343.6 99.95 Bonds 1.65 na Aa2 - MIZUHO-SEC M&A Date Announced Date Target Effective Target Country Acquiror Acquiror Country Value ($mil) 02/01/01 02/01/01 Agua Negra Emec - CGE - - 02/02/01 - Nordmoere Energiverk Chile Investor Group Chile 22 02/06/01 - Hidroelectrica del Cantabrico Norway RWE Norway - - - - Spain - Germany 3,636 02/07/01 - Energie Baden-Wuerttemberg - EDF - - - - - Germany - France 142 Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

* The Rio de Janeiro state government will begin developing wind power projects across coastal municipalities throughout the state, starting in Arraial do Cabo, north of Rio (Business News Americas, 2/6).

* Francois Roussely, chairman of Electricité de France, said EdF plans to spend EUR10 billion on further European investments and EUR19 billion on acquisitions in Brazil and Argentina following its pending 25% investment in Energie Baden-Württemberg (Financial Times, 2/2).

*T he U.K.'s energy regulator Ofgem will once again delay the implementation of its new electricity trading arrangements (Neta). Neil Bryson, chairman of the Electricity Pool, said the much delayed power trading system would not be fully operational before June. He added that uncertainty about its launch could push up power prices (Sunday Business, 1/29).

BONDS Maturity Issue Date Issuer Amounts ($mill) Offer Price Type of Security Coupon (%) Yield (%) Moody's S&P's Book Manager(s) 15/6/2004 1/25/01 PSE&G Transition Fund 2001 103 99.99 Asset Bkd Certs 5.462 5.462 Aaa AAA LEHMAN 15/3/2007 1/25/01 PSE&G Transition Fund 2001 365 99.99 Asset Bkd Certs 5.771 5.771 LEHMAN 15/6/2008 1/25/01 PSE&G Transition Fund 2001 181.9 99.97 Asset Bkd Certs 6.022 6.03 LEHMAN 15/6/2011 1/25/01 PSE&G Transition Fund 2001 496 100 Asset Bkd Certs Floats Floats LEHMAN 15/3/2013 1/25/01 PSE&G Transition Fund 2001 328.9 99.97 Asset Bkd Certs 6.499 6.51 LEHMAN 15/6/2015 1/25/01 PSE&G Transition Fund 2001 455.9 99.98 Asset Bkd Certs 6.661 6.66 LEHMAN 15/6/2016 1/25/01 PSE&G Transition Fund 2001 220.8 99.93 Asset Bkd Certs 6.809 6.81 LEHMAN 15/12/2017 1/25/01 PSE&G Transition Fund 2001 371.9 99.97 Asset Bkd Certs 6.947 6.95 LEHMAN 2/1/03 1/26/01 Entergy Mississippi 70 99.93 Notes 6.25 6.287 Baa2 BBB+ MSDW 2/15/03 1/26/01 LIR Energy 149.3 99.54 Notes 8 8.244 NR BB- BNP-PARIBAS Source: Thomson Financial Securities Data M&A Date Announced Date Effective Target Target Country Acquiror Acquiror Industry Sector Acquiror Country Value ($mil) 25/1/2001 Sydkraft Sweden E.on Energie Electric, Gas, and Water Distribution Germany - 25/1/2001 25/1/2001 Undisclosed Power Plant U.S. TransAlta Electric, Gas, and Water Distribution Canada 5 29/1/2001 29/1/2001 Becol Belize Fortis Electric, Gas, and Water Distribution Canada 62 Source: Thomson Financial Securities Data

* Mexico is in talks with California about exporting power to the Golden State. Mexico'sFederal Electricity Commission said it has about 150 MW of excess power that it could sell to California (Reuters, 1/26).

* Texas Independent Energy, a joint venture of Panda Energy International and PSEG Global, has begun operating its 1,000 MW Guadalupe gas-fired power plant in Texas. Approximately 60% of the plant's output has already been sold via power contracts. The remainder will be sold on the spot market (Reuters, 1/29).

* Japan's Hokkaido Electric Power raised JPY10 billion via the bond market. Tokyo Mitsubishi Securities was lead underwriter for the deal (Bloomberg, 1/29).