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The Commodity Futures Trading Commission is investigating whether Enron committed fraud or manipulated markets through improper trading on commodity exchanges, and is also looking at derivatives trading via EnronOnline. The regulator doesn't have the authority to regulate the over-the-counter derivatives market, but can investigate if it suspects possible fraud or manipulation (Wall Street Journal, 3/11).

Tulsa, Okla.-based Williams Companies has agreed to sell a pipeline to Warren Buffett's Berkshire Hathaway empire of companies for $450 million. Williams also agreed to raise $275 million through the sale of cumulative convertible preferred stock to the Berkshire Hathaway group. Williams is selling its Kern River interstate natural gas pipeline business to MidAmerican Energy for $450 million in cash and the assumption of $510m in debt. Lehman Brothers acted as financial adviser to Williams for the transaction (Financial Times, 3/11).

Williams will pay $750 million for former subsidiary Williams Communications to purchase network assets. Under the deal, Williams will in return receive unsecured debt or equity in Williams Communications (Reuters, 3/11).

Royal Bank of Scotland andJ.P. Morgan have committed $70 million each for bookrunner titles on FPL Energy's Rhode Island State Energy Partners project loan. Lead arranger Citibank also has signedHypoVereinsbank for a $50 million ticket, says a banker, who characterizes syndication of the $425 million leaseback financing deal as being in the "home straight" with a target of closing by the end of this week.

Sole underwriter Royal Bank of Scotland is looking for up to eight banks to participate in a GBP257 million ($365 million) non-recourse construction loan it is arranging forConoco Global Power (CGP), but market watchers say the firm will have its work cut out fully syndicating the loan given the risks inherent in the deal.

Barclays Capital is continuing to rebuild its U.S. mergers & acquisitions franchise with the hire of a third J.P. Morgan power sector investment banker. Dennis Mahoney, who was handed a pink slip by Morgan last August as the bank scaled back its power group (PFR, 9/3), has landed a new position as director covering M&A in the U.K. bank's 16-strong utility group in New York. Bankers familiar with the matter say Mahoney started last week. He reports toChris Kinney and Michael Brennan, managing directors. At J.P. Morgan he reported to Eric Fornell, global head of power.

Credit Suisse First Boston has closed down its nascent European power-trading operations, according to U.K. electricity traders. They add the firm shut up shop two weeks back and that Mansoor Sheikh, head of the desk, was let go last week. CSFB began trading U.K. power options last fall, (PFR, 10/8) but traders say it has not become an active player and its decision to retreat is therefore unsurprising. Janelle Matharoo, managing director, declined to comment. Calls to Geoff Smailes, head of energy trading in London, were not returned. Sheikh could not be reached.

Southern California Edison wrapped up what bankers say was a well supported syndication effort by upsizing a $1.5 billion bridge loan to $1.6 billion. In addition to the big tickets of leads Citibank and J.P. Morgan, and the three sub-underwriters (PFR, 2/18), the $900 million pro-rata tranche attracted $50 million commitments from Mellon Bank and Wells Fargo, $25 million from SunAmerica, $15 million from Lehman Brothers and $10 million from City National Bank, says one syndicator on the deal.

In an attempt to distance itself from the Enron meltdown and dispel the notion that it's solely a trading shop, Dynegy has changed the name of its trading arm Dynegy Marketing and Trade to Wholesale Energy Network, say market watchers. Steve Stengel, a Dynegy spokesman in Houston, declined to elaborate on the name change beyond the logic-lite comment, "The name change is simply a recognition on our part that we believe the new name is better."

Sempra Energy Resources has selected Société Générale to arrange a corporate loan to finance the construction of a $350 million, 600 MW natural gas-fired plant at Mexicali on Mexico's Baja California peninsula. A New York project financier familiar with the matter says SocGen is in the process of structuring the loan, but could not provide a time frame as discussions are at an early stage. An official at San Diego-based Sempra says the energy concern is currently financing the project through a short-term bridge facility and is in discussions with SocGen about a longer term financing. Bankers at SocGen declined to comment.