Search results for

Playboy magazine's long awaited 'Women of Enron' issue, which features 10 former and current employees of the bankrupt Houston trader, is expected to prove a hot commodity when it hits Wall Street and Houston newsstands today. Michael Carr, president of Playboy Publishing in New York, told PFR the newsstand print run is 800,000 copies, a 20-25% jump over the regular Playboy monthly issue. The company, which also has 2.7 million regular subscribers, is expecting strong sales in Houston and New York, as well as the hometowns of the models, he says. "There is no romance without finance," observes Carr.

Lazard in New York has formed a utilities equity research practice and has hired Andre Meade, a utility analyst at Commerzbank, and his associate Andrew Smith, to provide coverage. They joined the investment bank on May 20 and will cover approximately 15-20 utilities and merchant energy companies including Duke Energy, Mirant, Dominion, Southern Co. and Reliant.

London Electricity tapped the inflation-linked bond market for the first time last Thursday to refinance short-term debt associated with its wires business. Steve Bott, group finance manager in London says its distribution arm London Power Networks issued GBP150 million of 30-year bond linked to the retail price index (RPI) and GBP200 million of 25-year fixed-rate debt.

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. Seller Plants Location MW Plant Type Advisor Status American Electric Power/ Northeastern units 3 & 4 Okla. 300 Coal N/A Reviewing sale strategies. Central and Southwest Corp. Lon C. Hill Texas 546 Gas Nueces Bay Texas 559 Gas Ennis S. Joslin Texas 249 Gas ADWEA Um Al Nar Abu Dhabi 1,100 Gas & Water Desalination CSFB Looking to sell plants in 2003. AES Fifoots Point Fifoots Point U.K. 363 Coal KPMG (Administrator) Looking to sell plant by end of April BP Great Yarmouth U.K. 400 Gas JP Morgan Looking to sell plant this summer. Central Hudson Gas & Electric Syracuse N.Y. 100 CHP Navigant Final bids due by late Nov. Beaver falls N.Y. 100 CHP Niagara falls N.Y. 52 Coal Cinergy Ascoy Spain 6 (20%) Wind J.P. Morgan Expects to sell assets this summer Cinergetika Czech Rep. 230 CHP Crisa Spain 6 (95%) Hydro Desebro Spain 15 (50%) Wind Energetika Chropyne Czech Rep. 48 CHP EPR Ely U.K. 36 Straw Moravske Teplamy Czech Rep. 410 CHP Paxareuras Spain 40 Wind Pizenska Energetika Czech Rep. 406 CHP Redditch U.K. 29 Gas Teptama Otrokovice Czech Rep. 349 (11%) CHP CMS Energy Loy Yang Melbourne, Australia 2,000 Coal Not chosen Announced intention to sell. Ensenada Argentina 128 Gas-fired J.P. Morgan CT Mendoza Argentina 520 Gas-fired J.P. Morgan El Chocon Argentina 1,320 Hydroelectric J.P. Morgan DPL All plants Ohio 3,500 N/A Morgan Stanley Enel Eurogen Italy 7,008 Various - Having sold Elettrogen it will sell one of two Interpower Italy 2,611 Various - other generation portfolios shortly. Enron Nowa Sarzyna Poland 116 PwC Intention to sell. Sarlux Italy 551 (administrator) Trakya Turkey 478 Chengdu Cogen China 284 Northern Marianas Guam 80 Bantagas Philippines 110 Dabhol India 2,184 Subic Bay Philippines 116 Teesside U.K. 1875 Wilton U.K. 154 IVO Energy Brigg U.K. 240 Gas Looking to refocus in Nordic region. Grangemouth*** U.K. 130 Gas Edenderry Ireland 120 Peat Mirant Canal Mass. 1,109 Gas & Oil Part of $1.6B restructuring Kendall Mass. 100 Gas & Oil - Martha's Vineyard Mass. 12 Gas & Oil - Niagara Mohawk Power Nine Mile Point 1 N.Y. 1,614 Nuclear N/A Awaiting bids. Nine Mile Point 2 N.Y. 1,140 Nuclear N/A NRG/Xcel Gladstone Power Australia 1,500 (37.5% stake) Coal ABN AMRO Flinders Australia 760 Coal Loy Yang A Australia 2,000 (25% stake) Coal Hsinchu Taiwan 400 (60% stake) Gas-fired Lanco Kondapalli India 340 (30% stake) Gas/Oil Collinsville Australia 192 (50% stake) Coal TermoRio Brazil 1040 (50% sake) Gas Deutsche Bank COBEE Boliva 220 (98% stake) Hydro/Gas Itiquira Energetica Brazil 160 (98% stake) Hydro Cementos Pacasmayo Peru 66 Hydro/Oil Bulo Bulo Bolivia 90 (60% stake) Gas-fired Cahua Peru 45 Hydro Oman (Ministry of Housing, Rusail Oman 730 Gas - - Electricity & Water) Ghubratt Oman 507 CHP Wad Al-Jazzi Oman 350 Gas Ontario Power Generation Lennox Ontario 2,140 Oil, gas Merrill Lynch & Expects to sell Lennox and Lakeview shortly. Lakeview Ontario 1,140 Coal Scotia Capital- Atikokan Ontario 215 Coal Thunder Bay Ontario 310 Coal Mississagi River Ontario 490 Hydro Pacific Gas & Electric 68 Plants Calif. 3,800 Hydro Morgan Stanley Awaiting PUC approval. Expect sale to close shortly. Polish Treasury Elektroncieplownie Poland - CHP - Bids due in June. Pozpnanskie Public Service Co. of New Merrimack N.H. 475.8 Coal J.P. Morgan Subject to approval for rate settlement by PUC Hampshire (Northeast Utilities) Newington N.H. 415 Oil/gas and state legislature. Schiller N.H. 146.6 Oil/gas Lost Nation N.H. 19.1 Diesel Merrimack N.H. 42.2 Diesel Schiller N.H. 18 Diesel White Lake N.H. 23 Diesel Amoskeag N.H. 17.5 Hydro Ayers Island N.H. 9.1 Hydro Canaan Vt. 1.1 Hydro Eastman Falls N.H. 6.5 Hydro Garvins Falls N.H. 12.1 Hydro Gorham N.H. 2.1 Hydro Hoolsett N.H. 1.95 Hydro Jackman N.H. 3.55 Hydro Smith N.H. 14.2 Hydro Reliant Resources Reliant Energy Power Netherlands 3,476 Mixture Merrill Lynch Is looking to seal sale imminently Generation Benelux Argener Argentina 160 CHP - - ScottishPower Hazelwood Victoria, Australia 1,600 Coal CSFB Final bids due shortly. TXU Lake Creek Texas 323 Gas Merrill Lynch Reviewing sales strategy. Tradinghouse Texas 1,340 River Crest Texas 110 Mountain Creek Texas 893 Parkdale Texas 327 North Main Texas 123 Monticello Texas 1,900 Coal Merrill Lynch Is looking to sell an undisclosed number of its Martin Lake Texas 2,250 coal assets. Big Brown Texas 1,150 Sandow Texas 545 Wisconsin Energy Bridgeport Conn. 1,100 (combined) - - Has put up for sale following collaspe New Haven Conn. 1,100 (combined) of NRG deal. *** Fortum owns 75% of Grangemouth. Mitsubishi owns the remainder.

Round-trip electricity transactions could account for $30 billion per year of inflated revenue among the top 10 power traders, according to Mark Williams, a visiting scholar at Boston University and former senior v.p. of Citizens Power. Williams' calculation is based on admissions that many of the top power traders in the U.S., including Dynegy, Reliant Resources, Duke Energy and CMS Energy, engaged in the bogus trades. Total electricity sales in the U.S. accounted for some MWh6.7 billion last year.

Swiss Re will make a push into long-term structured weather deals and also look to garner heavy trading flow when it re-enters the weather market under ex-Enron staffer Mark Tawney. "They're going to be banging out trades," says one rival, who along with the rest of the market sees a big positive in the addition of a triple-A rated reinsurer. The Swiss Re team is currently ironing out infrastructure and documentation issues with a view to having the desk "up and running in the very near future," according to a statement Swiss Re e-mailed to PFR . Market officials say the desk could be live as early as next week. Spokeswoman Nancy Jewell declined to comment on a specific timeline. Tawney referred questions to Jewell.

Credit Lyonnais Rouse Derivatives will be homing in on client-driven business in its first foray into weather derivatives, rather than building up a trading team. Peter Brewer, the ex-Aquila staffer who joins this week to head up the push (PFR, 5/20), says the plan is to start small and his strategy will be to home in on client demand, rather than come at the market with a set product list. Brewer, who will be the chief point person for marketing and structuring weather derivatives, says CLR has been looking at the market for a couple of years. With the growing level of awareness among end-users and the increasing number of trading players, it decided to make the move now, he explains.

Bonds Issue Date Maturity Issuer Country Amount ($ mil) Offer Price Type of Security Coupon (%) Spread to Treasuries Moody's S&P Bookrunner(s) 05/16/02 05/22/09 CMP Group U.S. 5 100 MTNs 6.5 153 A3 BBB+ Wachovia 05/16/02 05/31/05 Iberdrola International Netherlands 91.3 99.828 FRNs Floats - A1 A+ HSBC 05/17/02 05/22/09 CMP Group U.S. 7.5 100 MTNs 6.5 152 A3 BBB+ JP Moprgan 05/17/02 05/29/17 E.on Germany 828.7 99.834 Fxd/Straight Bd 6.375 - Aa2 AA- ABN AMRO/Barclays/DrKW/Goldman 05/17/02 05/29/09 E.on Germany 3913.4 99.523 Fxd/Straight Bd 5.75 - Aa2 AA- ABN AMRO/Barclays/DrKW/Goldman 05/17/02 05/31/08 Kraftwerke Blenio Switzerland 9.5 99.87 Fxd/Straight Bd 3.75 - NR NR CSFB 05/17/02 05/17/09 Luz del Sur Peru 9.6 Market Bonds 6.219 - - - Citibank 05/17/02 05/24/04 RWE Germany 230.2 99.953 FRNs Floats - NR NR JP Moprgan 05/20/02 11/25/02 Essent Netherlands 20.8 100 Fxd/Straight Bd 3.77 - NR A+ Deutsche Bank 05/20/02 05/28/04 RWE Germany 115 100.003 Float Rate Nts Floats - A1 AA- Deutsche Bank 05/21/02 05/31/05 RWE Germany 460.4 100.047 Float Rate Nts Floats - A1 AA- Deutsche Bank M&A Date Announced Date Effective Target Target Advisors Target Country Acquiror Name Acquiror Country Value ($mil) 05/16/02 - Acea-Generating Assets - Italy Electrabel Belgium 227.95 05/16/02 05/16/02 Aquila Southwest-Pipeline - U.S. Maverick-Dimmit Pipeline U.S. 4.9 05/16/02 - Edasz Rt(E.on) - Hungary E.ON Hungaria Hungary 140.309 05/16/02 05/16/02 TM Power Ventures - U.S. TECO Power Services U.S. 29.3 05/17/02 - Enbridge Inc-Natural Gas TD Securities U.S. Enbridge Energy Partners U.S. 929 05/18/02 05/18/02 Tatenergo - Russia Nizhnekamskneftekhim Russian Fed - Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

Andy McMillan, head of European power and gas trading at Morgan Stanley in London, has left the bank to join Tudor Investment, one of the world's largest and most renowned hedge funds managers with more than $6 billion in assets. McMillan, a native New Zealander whose background is in oil and energy options, left the U.S. investment bank last month and has already taken up a position at Tudor in Epsom, U.K., say officials familiar with the matter. Calls to Tudor in New York went unanswered and McMillan could not be reached by press time.

Citibank is looking to close $235 million in financing for the construction of two hydroelectric projects in the state of Minas Gerais, Brazil, by the end of September, says a project financier familiar with the matter. He says the financing, which will involve the participation of Brazil's development bank, Banco Nacional de Desenvolvimento, should consist of a domestic capital markets offering combined with a loan that is either non-recourse or guaranteed by the sponsors. He adds that further financing details have yet to be determined. Bankers at Citi declined to comment.