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Sarah Barpoulis, senior v.p. of trading at PG&E National Energy Group, has left the Bethesda, Md.-based IPP as part of the roll back of the operation. Barpoulis, who left earlier this month and could not be reached, is a long-time staffer at NEG and its predecessor companies.

Calpine is planning to tap the bond market in the third quarter to allow it to pay down 75% of a $1 billion construction revolver. The facility, known as CCFC1, expires in October and is holding center stage for many project financiers because of its sheer size (PFR, 1/6). In a recent earnings conference call, Bob Kelly, cfo, said the issue would take the form of first-mortgage bonds. The San Jose, Calif., company will look to refinance the remaining 25% via an extension from its bank group, he added. Calls to Kelly were not returned by press time.

Constellation Power Source has hired a Portland-based team of Western power marketers from American Electric Power. The move underscores the Baltimore player's status as part of the small group of strong companies looking to build up its trading and energy marketing presence, say industry officials. Just last week the company also announced it had agreed to buy the bulk of CMS Energy's power book. "Constellation is in a very strong position. It's a solid credit without much leverage," says one market watcher, who adds that sets it apart from many rivals.

Richmond, Va.-based Dominion Resources plans to issue $200 million in bonds this spring to finance payment of $200 million of 10-year notes, maturing in April, held by subsidiary Dominion Virginia Power.

Reliant Resources, which last week got a short-term extension on a maturing $2.9 billion bridge loan, is now negotiating a longer-term reworking of $5.9 billion in debt. On the table is a five-year deal with pricing of LIBOR plus 400 basis points on the old debt being extended and LIBOR plus 550 basis points for a new $300 million senior secured facility, say lenders. The mammoth refinancing is top of the agenda for most of the key power lenders given it is the largest refinancing slated for the first quarter (PFR, 1/13). Sandy Fruhman, spokeswoman in Houston, says the company is not commenting on the negotiations.

Sempra Energy Solutions, the retail marketing arm of Sempra Energy, has hired Todd Richardson from Reliant Resources to manage its Midwest and East natural gas portfolio. Jennifer Andrews, a spokeswoman for Sempra Energy Solutions in San Diego, says the role is new, reflecting a growth in the business and also structural changes internally to provide a more regional focus. One industry official says Richardson will be handling hedging and tolling issues for the book.

Société Générale is aiming to flesh out the investment criteria of institutional and private equity investors at its annual Florida power project finance conference, a move reflecting the increasing importance of the B loan market and the activity of private equity shops.

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 .

Despite taking at least a $1 billion loss on its three-year foray into the Netherlands, Reliant Resources' roughly EUR1.2 billion sale of its 3.5 GW Dutch generation business, announced last Thursday, was a major coup for the embattled Houston-based power outfit as it looks to refinance some $6 billion in debt. Reliant's share price rallied 15% last Thursday on news of the sale and the extension of a $2.9 billion bridge loan (PFR, 2/24).

International Power is considering revisiting the convertible bond market later this year in anticipation of an existing $350 million (GBP219 million) convertible being put back to the company this fall, say market watchers.