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The first loan to include a fee covering the risk associated with a borrower being on negative credit watch was wrapped up in syndication late last week, after being strongly oversubscribed.

El Paso is involved in active discussions with several banks to refinance the $700-800 million construction costs of its Macae power plant, a 400 MW gas-fired facility in Rio de Janeiro. According to a New York project financier familiar with the deal, El Paso originally financed construction of the project last year with equity capital and is now considering a project loan to leverage its investment and share the risk with banks. He says the details of the refinancing have yet to been determined.

U.S. independent power producer Aquila is looking to tap the U.K. power project finance market for the first time within the next few months to fund the development of a brownfield generation project near Southampton, on the south coast of England.Bernard Kaufhold, director at Aquila in London, says the IPP has retained Credit Lyonnais to advise on capital raising and hopes to achieve financial close this summer.

Viridian Power & Energy, the unregulated energy affiliate of Northern Irish Electricity, has hiredBarclays Capital to arrange a roughly EUR200 million ($176 million) non-recourse loan this spring tied to a generation project slightly north of Dublin in the Republic of Ireland.

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 Expected to send out RFPs in December. 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 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 Bahia Las Minas Panama 355 PwC Intention to sell. Pueto Quetzal Guatemala 110 (administrator) PQPLLC Guatemala 124 Margarita II Nicaragua 70.5 EcoElectrica Puerto Rico 507 Puerto Plata Dominican Republic 185 Cuiaba Brazil 480 Nowa Sarzyna Poland 116 Sarlux Italy 551 Trakya Turkey 478 Chengdu Cogen China 284 Enron Northern Marianas Guam 80 PwC Intention to sell. Bantagas Philippines 110 (administrator) Dabhol India 2,184 Subic Bay Philippines 116 Teesside U.K. 1875 Wilton U.K. 154 IVO Energy Brigg U.K. 240 Gas BNP Paribas Preparing information memo. South Humber U.K. 1,240 Gas Grangemouth*** U.K. 130 Gas Edenderry Ireland 120 Peat Independent Energy Various U.K. 130 N/A KPMG KPMG is handling the asset sale after Independent Energy went into receivership. MARCOR Remediation - Calif. 5.7 Wood - - (A broker acting for an undisclosed seller) 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 North Atlantic Energy Seabrook* N.H. 408 Nuclear N/A Must be sold by Dec. 2003. 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. 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 Public Service Co. of New Schiller N.H. 18 Diesel Subject to approval for rate settlement by PUC Hampshire (Northeast Utilities) White Lake N.H. 23 Diesel and state legislature. 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. * North Atlantic Energy owns 34.8% of Seabrook *** Fortum owns 75% of Grangemouth. Mitsubishi owns the remainder.

Bonds Date Maturity Issuer Amount Price Type of Security Coupon (%) Moody's S&P Book Manager(s) 03/06/02 03/15/12 Commonwealth Edison 400 99.911 Fst Mtg Bonds 6.15 A3 A J.P. Morgan/SSB M&A Date Announced Date Effective Target Name Target Country Acquiror Acquiror Country Value ($mil) 02/28/02 - Allete Inc Water Svcs Unit, FL U.S. Florida Government Utility U.S. 520.000 03/01/02 - Amerada Hess U.K. Supply U.K. Texas Utilities U.S. 165.719 03/01/02 03/01/02 Sydkraft Sweden Statkraft SF(Norway) Norway - 03/01/02 03/01/02 Watt (Electrowatt) Switzerland Nordostschweizerische Switzerland 333.678 03/01/02 - Watt (Electrowatt) Switzerland Nordostschweizerische Switzerland - 03/02/02 - Enron Wind Espana Spain Iberdrola Spain - Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

Merrillville, Ind.-based NiSource has launched a $500 million 364-day revolver to partly refinance a $1.25 billion facility from last year. Sole lead Barclays Bank has invited a limited number of banks to sign up for $50 million tickets, which will earn a 17.5 basis point upfront fee, the same pricing as the previous revolver. The size of the revolver reflects the reduced financing needs versus last year when the company was digesting the acquisition of Columbia Energy Group, says one banker.

Peru set a price of $0.20 per share for the auction of a first tranche of 110 million state-held shares in electricity distributor Edelnor, expected later this month. The sale could net at least $24 million, according to Peru's privatization commission. Peru owns a total of 428 million Edelnor shares, equivalent to 36.45% of the company. The remainder is controlled by Chilean group Enersis, a unit of Spain's Endesa (Reuters, 3/5).

The U.S. Supreme Court upheld federal rules granting access for competing wholesale power providers to interstate transmission lines. The justices unanimously affirmed an appeals court ruling that the Federal Energy Regulatory Commission had the authority to implement its 1996 rule requiring investor-owned utilities to open their power lines on an equal basis to competitors (Wall Street Journal, 3/5).

Three Enron executives contradicted testimony by former CEO Jeff Skilling, who told lawmakers he was not involved in financial transactions that contributed to the company's collapse. The trio's statements are contained in a series of documents released by House investigators, who want Skilling to explain discrepancies raised by the new information (Houston Chronicle, 3/1).