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The Abu Dhabi Water and Electricity Authority (ADWEA) is considering adding 500 MW of capacity at the 1,350 MW Taweelah A-1 power plant and could launch an international build-own-operate tender process as early as next month. Financiers say the project is an ad hoc addition to its existing five project 8 GW development program, and is aimed at meeting potential capacity shortfalls in the near future.

Goldman Sachs is believed to have let go Paul Murray, a weather derivatives trader in London, less than a year after he joined the firm from Enron, where he was head of weather derivatives (PFR, 2/11). Murray could not be reached. Calls to Stefan van Riet, an official in Goldman's J. Aron commodity trading division to whom Murray is thought to have reported, were referred to the press office. Spokespersons did not immediately return calls.

Bruce Matheson, the ex-head of project finance at Bank of Nova Scotia in New York, has left the firm, according to industry officials. One official credits Matheson with being instrumental in the effort that took Scotia from being a bit-part player in the mid-1990s to being a genuine lead bank in the sector. "He was the glue in the leadership that allowed them to become a lead," he says, citing its 2000 co-lead role on Calpine's $2.5 billion CCF II as underlining that rise. Matheson, who had switched to another area of the firm early this year, could not be reached so his most recent role and the reason for his departure could not be determined.

Following is a directory of upcoming projects and related financing in the Latin American power sector. To report new deals or provide updates, please call Amanda Levin, Reporter, at (212) 224-3292 or email: alevin@iinews.com

Indiana Michigan Power (IMP), a subsidiary of American Electric Power, recently issued $100 million of 10-year senior notes in order to refinance maturing debt at lower interest rates. Denise Furey, an analyst at Fitch Ratings in New York, says its strategy is to pay down some of its more expensive debt right now because interest rates are low. Melissa McHenry, an AEP spokeswoman, did not return phone calls by press time.

Bonds Issue Date Maturity Issuer Amount ($mil) Offer Price Type of Security Coupon (%) Spread to Bench-Mark Moody's S&P Bookrunner(s) 11/21/02 12/31/32 Public Service Co of Oklahoma 200 100 Senior Notes 6 98 Aaa AAA Merrill/Salomon/UBS Warburg 11/25/02 1/8/10 Tractebel Power (AES) 49.8 101.5 Fxd/Straight Bd 5 - NR NR ING M&A Date Announced Target Target Country Acquiror Acquiror Country Deal Value ($mil) 11/21/02 Domegas Venezuela Inversiones en Gas Venezuela 2.7 11/22/02 Stadtwerke Velbert Germany RWE Germany - 11/22/02 Vivendi Environnement France EdF France - 11/25/02 Vivendi Environnement France Investor Group France 1853.304 11/26/02 Italgas(Ente Nazionale) Italy ENI Italy 2528.558 Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

AES is trying to sell two Brazilian businesses, AES Sul Distribuidora Gaucha de Energia, a distribution company in southern Brazil, and Uruguaiana, a 600 MW gas-fired facility. Sonny Lulla, group manager of AES Brasil Energia, says the company retained Banc of America Securities a few months ago to advise on the sale and is involved in ongoing discussions with prospective buyers. He declined to divulge details of the sale process, nor would he put a price tag on the assets.

Alliant Energy International reportedly has nixed plans to divest its portfolio of Brazilian assets. A banker close to the company says that while Alliant is resigned to retaining the utility and hydroelectric plant portfolio, it's determined not to inject any more cash into the $450 million portfolio. He adds that Alliant has been quietly talking to suitors, but having received a cool reception from potential buyers, has decided to stop shopping the assets, he explains.

Standard Bank is looking to develop a power trading and risk management operation in South Africa, and has hired a local trader to spearhead the effort out of Johannesburg. An official close to the London-based energy trading franchise, says the firm has hired Lehlo Mabula to search out opportunities in the slowly liberalizing South African market. Standard Bank is likely the first international bank to look to make a push into the South African power market.

*Centrica will launch a push into the Spanish electricity market on Jan. 1 next year. The U.K.'s largest energy supplier, which already operates in Belgium and the U.S., is expected to announce this week that is has obtained a license to supply electricity in Spain and has already become a member of the country's power trading pool. Centrica will initially target small and medium corporate customers (The Sunday Telegraph, 12/1).