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Bonds Date Maturity Issuer Amount Price Type of Security Coupon (%) Moody's S&P Book Manager(s) 01/17/02 02/01/12 Vivendi Environnement 660.5 99.52 Fxd/Straight Bd 5.875 NA A BNP PARIBAS/NBP 01/17/02 01/29/07 RWE 132.5 99.841 Fxd/Straight Bd 4.75 Aa3 AA- BNP PARIBAS 01/22/02 03/25/26 United Utilities (Norweb) 143.6 143.165 Fxd/Straight Bd 8.875 A2 NA RBS 01/23/02 12/28/05 Nederlandse Waterschapsbank 100 99.081 Fxd/Straight Bd 4.25 Aaa AAA RBC M&A Date Announced Date Effective Target Name Target Country Acquiror Acquiror Country Value ($mil) 01/18/02 01/18/02 Emelec Ecuador AES U.S. - 01/18/02 - Houay Ho Power Laos Houay Ho Tahi Thailand 10 01/18/02 01/18/02 Vermont Yankee Megawatt Plant U.S. Investor Group U.S. 5.4 01/21/02 - Arcos de la Frontera Power Spain Electrabel Belgium - Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

The Abu Dhabi Water & Electricity Authority (ADWEA) has decided to forge ahead with plans to privatize and expand capacity at Um Al Nar Power Co. and has asked international developers to submit initial bids within the next few weeks.

Goldman Sachs has transferred Richard Bronks, managing director and co-head of commodities in New York, to its London office in a move that appears to signify a sharper focus on the European commodity market. Bronks, who landed in London earlier this month, referred calls to Isabelle Ealet, managing director in the commodity group in London. Ealet did not return calls.

Isabelle Hayen, European utility analyst at Goldman Sachs in London, has crossed the bulge bracket firm's Chinese wall to join its power sector M&A advisory business. Richard Morse, managing director and head of Goldman's U.K. power advisory franchise, explains the move reflects Goldman's desire to bulk up the business.

The Kingdom of Saudi Arabia plans to begin deregulating its power sector shortly with the establishment of an independent regulator and the break up of its state-run utility. With the power sector needing over $26 billion of investment over the next five years, the reforms must win the support of international banks and developers, writes James Gavin, a freelance journalist.

Vittorio Perrona, an investment banker at Dresdner Kleinwort Wasserstein in Rio de Janeiro covering Latin American utilities, relocated to the firm's London headquarters earlier this month to cover the European power industry and lessen his focus on Latin America, say bankers familiar with the matter. This move is part of the firm's strategy to reduce its presence in Latin America in light of the lull in merger & acquisitions activity last year, they say.

Argentina's devaluation may have caused panic among utility sector investors exposed to the region, but analysts say the reaction has been exaggerated and that the crisis is unlikely to impact companies' earnings significantly. The power companies with the most assets in Argentina, including Endesa, AES, PSEG Global and Duke Energy International, all have minimal exposures compared to their overall financial strength, they add.

UBS Warburg's attempt to acquire Enron's wholesale power and gas trading operation had veterans of the Swiss bank's commodities trading business scratching their heads at the firm's apparent strategic U-turn last week. UBS shut most of its profitable commodity trading operation in 1998. The bid to acquire Enron's trading unit was awaiting bankruptcy court approval as PFR was going to press Friday. A UBS spokesman in Zurich declined comment, pending the court's decision.

DTE Energy issued $180 million of trust preferred securities last week in order to refinance at cheaper levels some of the debt load carried by its recently acquired gas outfit MCN Energy Group.

Duke Energy bulked up a recent bond issue from $750 million to $1 billion, when pricing the deal with its banks Jan. 9, to take advantage of sagging interest rates and tighter credit spreads. David Hauser, senior v.p. and treasurer in Charlotte, N.C., says the company likes to take a pro-active approach in upsizing deals. "This went up more than normal. But it was an opportunity too good to pass up."