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The Federal Energy Regulatory Commission has awarded Deutsche Bank a license to trade physically settled power contracts in the U.S. Deutsche Bank, which already trades oil across the globe and power in the U.K. and Germany, becomes of only two European banks that have gained FERC approval. The other European bank, UBS, entered the U.S. early last year through its acquisition of Enron's EnronOnline trading platform (PFR, 3/3/02).

* Steve Letbetter, the ex-head of Reliant Resources, will receive $7.6 million as part of his severance package and has also inked a one-year, $1 million consulting dead with the Houston player. Letbetter resigned as chairman and ceo last month (Houston Chronicle, 5/2).

A former senior executive at TXU has filed a claim against the Dallas energy giant under the whistleblower provision of the Sarbanes-Oxley Act, claiming he was unfairly dismissed for questioning TXU's financing and disclosure practices, including the alleged massaging of earnings and misguidance of shareholders.

A pair of Allegheny Energy Services traders have landed new positions with U.S. trading outfits. Ravi Kapoor, a natural gas trader at Allegheny, has joined Constellation Power Source in a similar role in Baltimore. Kapoor and Darren Lobdell, head of power and gas trading, did not return calls.

Beyond its central allegation of unfair dismissal, William Murray's 30-page complaint also paints a damning picture of financial practices at the top of TXU, including charges of earnings management and the apparent deception of Wall Street analysts. (For a copy of the claim in pdf format, click here).

You know what? We are fed up with discussing what a tough year 2002 was for the broad electric utility industry. We are tired of hearing management plead with the financial community about restoring investor confidence, and pledging a long-term back-to-basics approach. We are sick of hearing about the short-sellers, the rating agencies, the tough economy, the weakness in power prices, and everything else that has been used to explain the volatility in both the debt and equity markets in 2002. Enough already! It's May 2003--in other words, 2002 is five months removed--both the credit and equity markets have moved (again), and, in my humble opinion, investors would like to hear about what's next, not what was. So, what is next?

The seven lead arrangers of the roughly $1.5 billion Umm Al Nar project loan expect to seal financing for the acquisition and expansion of the Abu Dhabi power and water desalination project by mid-June and launch syndication of the facility shortly thereafter, according to officials involved in the transaction. The banking roster comprises Bank of Tokyo-Mitsubishi, HSBC, Gulf International Bank, ING, Sumitomo Mitsui Banking Corp., Westdeutsche Landesbank, National Bank of Abu Dhabi and First Gulf Bank. Separately, Abu Dhabi Islamic Bank will arrange an Islamic tranche. Pricing and fees have yet to be determined

Geoffrey Roberts, head of Entergy's unregulated power development business in Houston, is set to leave the energy giant this month. Roberts, formerly president and ceo of Entergy Wholesale Operations before Entergy's independent generation business was restructured and consumed into Entergy Commodity Services, the non-utility arm that also includes Entergy-Koch Trading, is not being replaced, says one market watcher. Calls to Roberts were not returned.

Pietro Rey, a client relationship banker at Lehman Brothers in Milan, is transferring to London to join the power group. Rey replaces John Lange, who last month returned to New York. Rey will report to Nick Walsh, head of power. Rey's client roster in Milan included local utility Edison and Italian oil giant Eni.

Norwegian wind farm developer Fred Olsen Renewables has sealed GBP46 million ($73 million) in non-recourse debt and other credit facilities from Bank of Tokyo-Mitsubishi to finance the construction of a 50 MW onshore wind farm in southeast Scotland. An official involved in the deal says the Japanese lender launched syndication of a GBP35 million project loan last Monday and is hoping to round out the lending roster with a select group of wind sector lenders and banks close to Fred Olsen by the end of next month. Other lenders say BoTM is looking to bring on board two or three other banks to join the syndicate. Pricing and fees could not be determined by press time.