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Bonds Issue Date Maturity Issuer Amount Offer Price Type of Security Coupon (%) Spread to Treasury Moody's S&P Bookrunner(s) 7/25/02 7/15/12 CP&L (Progress Energy) 500 99.96 Senior Notes 6.5 215 Baa1 BBB+ Merrill M&A Date Announced Date Effective Target Name Target Advisors Target Country Acquiror Acquiror Advisors Acquiror Country Value ($mil) 7/25/02 7/25/02 Energy Developments - Australia Orion New Zealand - New Zealand 13.126 7/25/02 7/25/02 Energy Developments - Australia Infratil Morrison and Co New Zealand 13.126 7/25/02 - SPU - China Beijing Beida Hi-tech - China 150.875 7/29/02 - Demir Enerji Sanayi Ve Ticaret - Turkey Ayen Energy - Turkey - 7/29/02 - Northern Natural Gas(Enron) Merrill Lynch U.S. MidAmerican Energy Lehman Brothers U.S. 1878 7/29/02 - Stadtwerke Korneuburg - Austria EVN AG - Austria - 7/30/02 - PEA(Thailand) - Thailand Investors - Unknown - 7/31/02 - Turbo Gas Productora Energet - Portugal Electricidade de Portugal - Portugal 22.064 Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

Raleigh, N.C.-based CP&L, a utility arm of Progress Energy, tapped the 10-year note market last week for $500 million to refinance a maturing issue. Tom Sullivan, treasurer at Progress, says the coupon on the unsecured notes was 6.5%, against the 6.65% achieved on CPL's last longer-term issue of $300 million in seven-year notes. He says the utility was pleased with that pricing, given the longer maturity and the jittery outlook in the wider power market.

Briarcliff Manor, N.Y.-based Saw Mill Capital, an investment firm that specializes in private equity financing and funding buyouts in the power sector, is looking to expand its team of eight with the hire of an analyst who has worked in the industry. Victor Krupinski, a research analyst at the firm, says ideally the recruit previously will have worked for an independent power producer and a consulting firm. Saw Mill Capital has been trying to fill the vacancy for about a year, but has had trouble finding the right candidate. It has proven difficult because as a prerequisite, the individual needs to have a robust Rolodex of industry contacts, explains Krupinski.

Greenwich Power, an independent private equity firm in Greenwich, Conn., is on the lookout to purchase coal- and gas-fired plants as well as investments across the entire power spectrum, says Barry Kupferberg, managing director at the firm. He adds it would probably approach Cinergy to manage the plants it acquires as the Ohio utility is a passive investor in Greenwich Power and provides the firm with additional due diligence and operational assistance.

NRG Energy and its parent Xcel could be forced to abort their agreed $1.5 billion acquisition of 2.5 GW of U.S. generation assets from FirstEnergy, warns Fitch Ratings. "We see there's such financial pressure at NRG to cut costs that there must be a risk that it won't complete the deal" says Philip Smyth, a Fitch analyst in New York. He adds he has no inside information on whether NRG is set to terminate the deal. Lesa Bader, a spokeswoman at NRG, did not return calls.

InterGen and its two lead arrangers Barclays Capital and Citibank expect to wrap up syndication of the GBP429 million ($633 million) Spalding non-recourse loan within the next 10 days with the addition of two or three more lenders to the team. A banker close to the transaction says 10 banks, including Abbey National, Bank of Tokyo-Mitsubishi, Halifax Bank of Scotland and Fortis Bank have already committed themselves. He declined to list the full lending line up.

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 .

Macquarie Corporate Finance is involved in active discussions with a couple of utilities to purchase their transmission units, says a New York banker familiar with the matter. The Australian investment bank is already active in the North American power market through its 20% stake in TransAlta, a non-regulated Canadian generator.

The transmission and distribution network in the U.S. is suffering from chronic under investment and would require an annual cash injection of around $30 billion to return it to the level of the early 1990s, according to John Fox, former coo of Ontario Power Generation. The average life of T&D assets is approximately five years older now than in 1992, and as the system gets older the statistical probability of failure rises exponentially, leading to more forced outages. "At some point [T&D needs] massive recapitalization," he notes.

Major weather derivatives trading shops, including power companies Accord Energy, Vattenfall and Louis Dreyfus met to discuss a standard weather derivatives confirmation for the first time last week. The meeting, hosted by the International Swaps and Derivatives Association, is the first of several with the aim of a standard confirmation being finalized by year-end. There were approximately 30 institutions represented at the meeting, according to Stacey Carey, policy director at ISDA in New York.