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James Scruby, head of Latin American corporate finance at Dresdner Kleinwort Wasserstein in London, left the bank last month. Officials at the firm note Scruby, who focused primarily on covering the Latin American electric utility sector, has yet to find a new post and add he will not be replaced at the German investment bank. Scruby's departure shifts control of Dresdner's Latin American utility coverage to Simon Parker, managing director and head of emerging markets in London.

Merrill Lynch has landed Goldman Sachs' U.K. utility equity analyst Philip Green. Green replaces Edinburgh-based Ian Graham who retired at the end of last year, says a Merrill official. He notes the hire rounds out Merrill's two-year effort to rebuild its utility research franchise that was hit with a number of departures a few years back. This is the last piece in the jigsaw, says the official, noting the firm now has four European power analysts covering northwestern Europe, Italy, Iberia and the U.K. They report to Simon Flowers, gas analyst in Edinburgh, who has been covering U.K. power on a interim basis since Graham's departure. Green was between jobs last week and could not be reached for comment. Flowers declined to comment.

Lead underwriter Royal Bank of Scotland flexed the terms of its GBP275 million ($430 million) Immingham project loan earlier this week, marking the second time it has sweetened the non-recourse deal this month in an attempt to drum up support for the troubled project financing. Calls to Alan White and Steve Gee, the RBoS bankers charged with originating and syndicating the deal, were not returned.

Westdeutsche Landesbank has lost two senior traders from its London-based energy group. Earlier this month Keith Jones, head of power trading, and Michael Bushman, head of energy risk management and commodity derivatives, left the German bank. PFR was unable to ascertain by press time why either official left, or whether they have yet to land at a rival energy trading shop.

Arlington, Va.- based AES has hired Lazard to help it restructure $580 million of debt at subsidiary Eletropaulo Metropolitana Electricidade de Sao Paulo that is coming due in August and $110 million of debt maturing the following month. A New York banker close to the matter says Lazard is working on obtaining extensions for both tranches, but would not discuss the matter further.

PSEG Global has selected BBVA Banco Continental and Banco de Credito, a local Peruvian bank, to arrange a $20 million bond offering and an $80 million medium-term bank loan. The U.S. power company will use the proceeds to refinance a $100 million bridge facility arranged last December to partly finance its $227.1 million acquisition of Electroandes.

Troubled energy company Aquila has shortlisted Louis Dreyfus to acquire or form a joint venture with its energy trading business and hopes to conclude a deal by September, according to an official familiar with the matter. Aquila is believed to have whittled down bidders to a shortlist consisting of Louis Dreyfus, a hedge fund and a financial institution, adds another market official. "As of a week ago, these three were serious bidders," he says, noting that all three have visited Aquila's trading operation to carry out due diligence. PFR was unable to determine the identity of the other two shortlisted firms.

The Sacramento Municipal Utility District (SMUD) plans to tap the commercial paper market to partly finance the construction of a 500-1,000 MW natural gas-fired facility, dubbed Cosumnes, that it is developing 25 miles southeast of Sacramento. The utility plans to tap c.p. investors for between $100-170 million and will fund the remainder of the initial $365-$370 million construction costs with internal cash, says Larry Stark, assistant treasurer.

Pepco Holdings, a newly created utility holding company, was last week readying a four-tranche $1.5 billion private placement to fund its creation through the merger of Potomac Electric Power and Conectiv. The new entity was set to price its inaugural capital markets transaction late last week, despite the fact the merger has yet to receive Securities and Exchange Commission approval. Proceeds from the offering will be held in escrow until Pepco gets the SEC's blessing. The rationale for the private placement structure and its unusual timing ahead of regulatory approval could not be determined. Andrew Williams, cfo, did not return calls by press time and an investor relations official declined comment on these issues. SEC approval is expected in time for the deal to close by the end of this quarter.

Tractebel North America is looking to raise $1.6 billion through a seven-year non-recourse financing package that will be syndicated on a club basis. Lenders signing up to the program will be asked to commit to four separate loans backing four different power plant projects.