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PPL Corp. has launched syndication of two $300 million loan facilities, one for its competitive trading arm PPL Energy Supply and the other for PPL Electric Utilities. One syndicate official says the deals were launched at a bank meeting last Thursday and commitments are due June 4. Pricing and fees could not be ascertained.

EniPower, the fledgling generation arm of gas and oil giant ENI, could become the biggest power plant developer in Italy over the next few years as the country makes a push for new gas-fired generation capacity. Italy wants to expand its CCGT capacity from 5 to 30 GW by 2010 and EniPower is well placed to make the biggest push, argues Davide Tabarelli, head of research at RIE, a Bologna-based energy think tank. "Enipower is the key player. It owns sites [to build the plants] and owns the gas. Expansion plans can amount to nothing without access to the fuel."

Bonds Issue Date Maturity Issuer Principal Amount ($ mil) Offer Price Type of Security Coupon (%) Spread to Benchmark Moody's Bookrunner(s) 5/1/03 5/15/15 AES 600 100 Sr Sec Prior Nt 9 517 B2 Citigroup 5/1/03 5/15/13 AES 1,200.00 100 Sr Sec Prior Nt 8.75 492 B2 Citigroup 5/1/03 5/1/08 Alabama Power (Southern Co) 250 99.571 Senior Notes 3.125 50 A2 Barclays/Goldman 5/1/03 PUT07/23 Duke Energy 700 100 Cvt Senior Nts 1.75 A3 Citigroup/JPMorgan/Morgan Stanley/Wachovia 5/1/03 5/1/18 Entergy Arkansas (Entergy) 150 99.747 Fst Mtg Bonds 5.4 67 Baa2 Citigroup/JPMorgan/Morgan Stanley/Wachovia 5/1/03 5/15/13 Wisconsin Electric 300 99.919 Debentures 4.5 65 Aa3 Bank One/Goldman/JPMorgan 5/1/03 5/15/33 Wisconsin Electric 335 99.71 Debentures 5.625 85 Aa3 Bank One/Goldman/JPMorgan 5/5/03 5/1/23 Energy East 200 99.368 Notes 5.75 100 Baa2 Morgan Stanley/UBS 5/7/03 5/15/15 Arizona Public Service Co 300 99.264 Notes 4.65 100 Baa1 Lehman 5/7/03 5/15/33 Arizona Public Service Co 200 98.856 Notes 5.625 100 Baa1 Lehman 5/7/03 6/10/10 Statnett 113.4 100.45 MTNs 2.25 -- Aaa BNP Paribas 5/8/03 4/1/33 Idaho Power 70 99.947 Fst Mtg Bonds 5.5 85 A2 BofA/Wachovia 5/8/03 10/1/13 Idaho Power 70 99.465 Fst Mtg Bonds 4.25 67 A2 BofA/Wachovia 5/8/03 3/25/27 Western Power Distribution 80.1 100.633 Fxd/Straight Bd 5.875 - Baa1 Barclays/JPMorgan 5/13/03 PUT08/23 CenterPoint Energy Inc 500 100 Cvt Senior Nts 3.75 - NR BofA/Citigroup/JPMorgan 5/13/03 5/15/08 MidAmerican Energy Holdings Co 450 99.841 Notes 3.5 95 Baa3 CSFB 5/14/03 5/15/13 SEMCO Energy 150 100 Senior Notes 7.75 424 Ba2 CSFB 5/14/03 5/15/08 SEMCO Energy 150 100 Senior Notes 7.125 467 Ba2 CSFB 5/14/03 5/15/33 South Carolina Elec & Gas Co 300 99.807 Fst Mtg Bonds 5.3 82 A1 BofA/CSFB/UBS 5/15/03 6/1/15 American Electric Power 300 99.848 Notes 5.25 175 Baa3 BofA/CSFB/UBS 5/15/03 PUT08/23 PPL Energy Supply 350 100 Cvt Senior Nts 2.625 - Baa2 Morgan Stanley/Merrill/Wachovia M&A Date Announced Date Effective Target Target Advisors Target Coutnry Acquiror Acquiror Advisors Acquiror Country Deal Value ($mil) 5/5/03 - Cleco Corp-Natural Gas Plant - U.S. Entergy Corp - U.S. - 5/5/03 5/5/03 HQI Transelec Chile - Chile International Finance Corp - U.S. - 5/6/03 - Aquila Networks Canada - Canada Enmax Energy Corp - Canada - 5/7/03 5/7/03 Cia Electrica Central Bulo - Bolivia Chaco SAM(Bolivia,Amoco Corp) - Bolivia - 5/8/03 - Wellhead Power Panoche - U.S. Investor Group - U.S. - 5/8/03 - Wellhead Power(Gates) - U.S. Investor Group - U.S. - 5/9/03 - Sichuan Guangan Power - China Shandong Intl Power Dvlp Co China International Capital Co China 57.519 5/12/03 5/12/03 Elektrocieplownia Torun - Poland Elektrocieplownie Wybrzeze SA - Poland - 5/12/03 5/12/03 Energotor SA - Poland Elektrocieplownie Wybrzeze SA - Poland - 5/12/03 - Tychy Thermal Power Plant - Poland Poludniowy Koncern - Poland - 5/13/03 - SNET - France ENEL SpA - Italy - 5/14/03 - Yallourn Energy - Australia Investor Group - Australia - Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

* Like the Olympics, discussions of Italy's power market should occur only once every four years. So quipped Duke Energy V.P. Riccardo Bortolotti. "We discussed the liberalization of Italy last year at this conference and nothing has really changed since then," he bemoaned.

A joint venture between the U.K.'s National Grid Transco and Statnett of Norway is looking to raise some $1 billion in project-level bank financing to fund the construction of the world's longest electricity interconnector. The 500 mile submarine interconnector is scheduled to be operational by 2008.

Chris Kinney, managing director and second in command of Barclays Capital's power and utilities group in New York, has left the firm. A highly regarded veteran of the sector, Kinney decided to leave to take a break from the market and move with his family to his home state of Tennessee, according to market officials. "He's one of the best," says another financier, who adds that during his three-year tenure, Barclays' U.S. profile has moved beyond just lending to being a significant underwriter in the utility bond market. Kinney could not be reached.

London-based International Power believes it could reach financial close on two Italian CCGT projects by year-end. Andy Biffen, director of project development, says the IPP hopes to get final permitting on two CCGT projects within two months and will then look to the bank market for a quick turn around in funding. International Power has been talking to its relationship banks for 18 months and will probably split any financing evenly between local Italian banks and international non-recourse lenders, says Biffen. International Power wants to commission both plants by 2006.

Viesgo, the Spanish arm of Italian utility Enel, is looking to almost double its generation base over the next four years through the development of greenfield gas-fired generation and renewable capacity. Fidel Lopez Soria, head of planning and regulatory and business development at Viesgo, told conference attendees that the utility intends to add more than 2,000 MW of combined-cycle gas fired generation and some 200 MW of wind-driven capacity by 2007. First off the blocks is likely to be an 800 MW project at Bahia de Algeciras in Andalucia and a similarly sized plant at Escatron in northeastern Spain. A roughly 6.5% annual growth rate in electricity consumption across Spain is prompting the capital investment program, he explains.

WBRheld Power 2003, its seventh annual European Power & Gas Strategy & Finance Conference in Madrid on May 12-14. Some 200 delegates and speakers attended, mostly comprising financiers, project developers and regulators. Will Ainger, managing editor, filed the following stories:

Williams Co.s launched a $400 million four-year secured 'B' loan facility last Monday and bankers say the tighter pricing underscores the change in fortunes for the Tulsa, Okla., player. The loan refinances a $900 million one-year loan that has all-in pricing of around 34% (PFR, 5/12). Pricing on the new term loan is LIBOR plus 400 basis points and the facility can be pre-paid at par by the company, says one banker, noting there was no prepayment option under the old financing. In an earnings call Tuesday, Don Chappel, cfo, told analysts Williams is looking to refinance a substantial portion of the debt in late May or early June. Kelly Swan, a spokesman at Williams, declined to elaborate on Chappel's comments.