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Simon Stanley, v.p.- power and natural gas trading at Morgan Stanley, has joined Deutsche Bank to trade energy derivatives. He follows in the footsteps of Simon Holmes, another Morgan Stanley gas trader, who joined the German investment bank at the end of last year. Stanley was in between posts and could not be reached for comment and Holmes declined to discuss the matter beyond confirming that Stanley would join imminently.

A pair of senior Dynegy officials in London have quit to launch an outfit that will trade and market physical and financial wholesale power and gas in the U.K. Marcello Romano, co-owner of Foundation Energy, says he is launching the shop to fill a gap in the market caused by the retreat of U.S. energy merchants from the U.K. and because other players are sitting on their hands. Romano was until recently head of oil and gas trading for Europe at Dynegy in London.

AIG Energy in Stamford, Conn., has hired Steven Pike, senior v.p.-origination at El Paso Energy in Denver, in a senior origination position. Tony Gordon, executive v.p. and head of global energy, says AIG Energy hopes to complete hiring for its origination group over the next several months and aims to enter wholesale power, gas and oil transactions with energy producers and consumers. Pike did not return calls.

Jeremy Ellis, head of project finance, London, at Crédit Agricole Indosuez, left the French bank last week. Rival financiers described the departure as sudden and unexpected, but were unsure of the reason behind the move. A power sector banker at CAI confirmed Ellis' departure, but declined comment on why he had left. He adds CAI has yet to name a replacement. Calls to Christopher Stratos, managing director of project finance in London, were not returned.

> > Click here for U.S. Stock Picks For 2003 - Analysts Scurry For Safety

Bonds ssue Maturity Issuer Amount Offer Price Type of Coupon Spread to Moody's S&P Book Manager(s) Date ($mil) Security (%) Bench Mark 1/16/03 1/30/06 Chubu Electric Power 17 100 MTNs 0.19 - Aa2 AA- Barclays 1/17/03 1/17/08 Korea South East Power 59.6 100 Fxd Bonds 5.51 - - - Daishin 1/22/03 1/29/08 Korea Hydro and Nuclear Power 200 99.679 Fxd Bonds 4.25 139 Baa2 NR Deutsche/JPM M&A Date Announced Date Effective Target Name Target Advisors Target Country Acquiror Name Acquiror Advisors Acquiror Country Deal Value ($m) 1/16/03 - Metropolitan Utilities Amanah Merchant Bank Malaysia Compagnie Generale des Eaux - France 9.523 1/17/03 1/17/03 Empas - Colombia Aguas de la Sabana - Colombia - 1/17/03 - Loy Yang Power - Australia Sime Darby Bhd - Malaysia - 1/17/03 1/17/03 Nig Utara Sdn Bhd - Malaysia Nig Industrial Gases - Malaysia - 1/18/03 - Power Trading - India Tata Power - India 2.091 1/20/03 1/20/03 Raba Energy Supplier Kft - Hungary EETEK - Hungary - 1/20/03 - Shanxi Sunlight Power - China Top Energy - China 128.218 1/21/03 - AEP Energy Services Norway - Norway EDF - France - 1/21/03 - American Electric Power-TX Fac - U.S. Pedernales Electric - U.S. 9.5 1/21/03 - Teplarny Brno - Czech Republic MVV EPS Praha - Czech Republic - 1/22/03 - Grosskraftwerk Mannheim - Germany RWE Power - Germany - 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 .

AES, on the retreat for much of the past two years over liquidity concerns and broader question marks over the IPP business model, received a welcome fillip last week when three banks agreed to underwrite a project loan funding the development of a roughly EUR650 million, 1.2 GW power project in Spain.

Electric distributor Companhia Energetica de Minas Gerais (CEMIG) and Companhia Vale do Rio Doce (CVRD), a Brazilian mining group, are looking to ink $235 million in debt financing by March to finance the construction of two hydroelectric projects in the state of Minas Gerais, Brazil. A Rio de Janeiro based project financier says the financing is being led by Citibank and likely will consist of a loan part funded by Brazilian development bank, Banco Nacional de Desenvolvimento, and a domestic capital markets offering. He declined to disclose further financing details.

ABN AMRO andBarclays Capital have begun marketing a EUR600 million loan on behalf of Reliant Energy Capital Europe, the holding company of Reliant Resources' European generation portfolio, Reliant Energy Power Generation Benelux.