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* British Energy's share price collapsed 65% despite a receiving a GBP410 million ($638.9million) government bailout to allow time for a restructuring at the nuclear generator. The emergency funding, which runs until Sept. 27, leaves the government and the company just three weeks to negotiate a longer-term rescue package. The fall saw British Energy's market value drop to GBP173.8 million compared with more than GBP2 billion 12 months ago (Financial Times, 9/10).

InterGen has inked a $110 million four-year non-recourse loan replacing the $135 million Wildflower bridge loan covering the financing of two peaker plants in California.

Mike Reed, head of quant trading at PG&E National Energy Group, has left the firm, according to market officials. With the power market still beset by a trading downturn, one official says Reed was a victim of his own success: he built a strong team at the Bethesda, Md., IPP and essentially worked himself out of a position in the slower market. It could not be determined whether Reed will be replaced. He left his position last month and could not be reached for comment. Calls to NEG were not returned.

Calpine plans to complete its $650 million divestiture program of non-core assets by year-end, according to James Macias , coo at the San Jose, Calif.-based IPP. He said the company is involved in discussions with some half dozen bidders, but declined further comment. The asset divestiture program is part of an overall strategy to enhance liquidity and strengthen the IPP's balance sheet, he noted.

Marce Fuller, president and ceo of Mirant, says the company is presently reviewing assets to unload as part of a second round of divestitures aimed at shoring up its balance sheet. Fuller told PFR that Mirant will draw up a $750 million to $1 billion sale list during the fall. She adds that all sales should be completed by next summer.

British Energy's decision late last week to ask the U.K. government for an emergency financial bailout to stave off collapse has prompted several power industry executives and energy traders to lay much of the blame at the feet of the company's management. Trading in shares of the world's largest independently owned nuclear generator was suspended Thursday evening after the company warned it faces insolvency. It needs to secure GBP450 million ($703 million) in the next few months to pay down debts.

Swiss Re Financial Products has booked a $50 million, four-year winter season hedge allowing an East Coast heating oil distributor to avoid the sometimes punitive volatility associated with executing weather derivative trades each season. The twist to the deal, aside from its rare multi-season tenor, is that the payout strike re-sets every year to reflect changes to the 10-year historical average temperatures, according to weather industry officials, rather than locking in the same strike each year. The end user is Petro, a subsidiary of Stamford, Conn.-based Star Gas Partners.

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 .

DTE Energy is locked in discussions with three companies, including Trans-Elect, the only for-profit independent transmission outfit in the U.S., to divest its Michigan-based wires unit, International Transmission System and hopes to finalize a preferred bidder this month. Dave Meador, cfo at DTE, told PFR at Lehman Brothers' CEO Energy/Power Conference in New York last week, that it plans to whittle down the shortlist to one bidder imminently and announce a sale by year-end. Beyond Trans-Elect, Meador declined to reveal the other bidders, but characterized one as a financial player. He adds the wires unit has a book value of $375 million.

Miller McConville & Co., a New York-based merchant banking boutique that is looking to make private equity investments in the power sector, has hired a former E.on senior executive to expand its business across the pond. Heinz-Dieter Waffel, formerly managing director for wholesale energy operations at E.on Energie, has joined the firm as a senior advisor.