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TECO Energy made its debut in the convertible market last week with a $400 million offering of mandatory convertible trust preferred securities. The company was looking to strengthen its balance sheet, but didn't want to issue common stock immediately because of the dilutive effect on earnings, says Mark Kane, director of investor relations in Tampa, Fla. The company has announced a raft of development projects that will be phased in next year and generate a full year's earnings in 2004. So, when the securities convert in 2005, the effect will not be dilutive, he explains.

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 Edison Mission Fiddler's Ferry U.K. 1,440 Coal Goldman Sachs Examining possible sale. Ferrybridge U.K. 1,900 Coal 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 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 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. Powergen Powergen CHP Ltd. U.K. 600 CHP Dresdner Hopes to sell business by year-end. 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 Public Service Co. of New Amoskeag N.H. 17.5 Hydro Subject to approval for rate settlement by Hampshire (Northeast Utilities) Ayers Island N.H. 9.1 Hydro PUC and state legislature. 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 ScottishPower Hazelwood Victoria, Australia 1,600 Coal CSFB Final bids due this summer. 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.

Enron Global Services has shortlisted Endesa, AES, Duke Energy International, Tractebel and RWE, to purchase its largest Latin American asset, Elektro Eletricidade e Servicos, according to bankers familiar with the sale. Elektro, Brazil's sixth largest electricity distributor, is seen by many commentators as the jewel in Enron's Latin American crown and could fetch some $1.5 billion for the embattled energy trader, says an M&A banker involved in the discussions.

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 Edison Mission Fiddler's Ferry U.K. 1,440 Coal Goldman Sachs Examining possible sale. Ferrybridge U.K. 1,900 Coal 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 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 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. Powergen Powergen CHP Ltd. U.K. 600 CHP Dresdner Hopes to sell business by year-end. 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 Public Service Co. of New Amoskeag N.H. 17.5 Hydro Subject to approval for rate settlement by Hampshire (Northeast Utilities) Ayers Island N.H. 9.1 Hydro PUC and state legislature. 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 ScottishPower Hazelwood Victoria, Australia 1,600 Coal CSFB Final bids due this summer. 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) 01/04/02 03/30/07 Nederlandse Waterschapsbank 303 96.92 Fxd/Straight Bd 2.5 Aaa AAA UBS Warburg 01/09/02 01/15/05 Duke Energy 250 100 FRNs Floats A1 A+ UBS Warburg/Wachovia 01/09/02 01/15/12 Duke Energy 750 99.728 Notes 6.25 A1 A+ UBS Warburg/Wachovia 01/9/02 02/9/05 Williams 1,000 100 Convertible 9 - - Merrill/SSB 01/10/02 01/10/32 El Paso 1,100 99.17 Senior Notes 7.75 - - BofA M&A Date Announced Date Effective Target Name Target Country Acquiror Acquiror Country Value ($mil) 01/03/02 - Electra Italia Italy BKW FMB Energie Switzerland - 01/04/02 - Jiao Zuo Dan He Power Gen China - Hong Kong - 01/04/02 - Jiao Zuo Dan He Power Gen China Sunfast China - 01/07/02 - CEZ Elektrarna Pocerady Czech Republic Investor Group Spain - 01/08/02 - Aguas de Portugal Portugal Electricidade de Portugal Portugal 89.28 01/08/02 - Aguas de Portugal Portugal Electricidade de Portugal Portugal - 01/08/02 01/08/02 Rede Electrica Nacional Portugal Caixa Geral de Depositos Portugal - 01/09/02 - Daegu City Gas (Daesung) South Korea Daesung Industrial South Korea 2.789 Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

Chivor, a subsidiary of AES Gener and Colombia's fourth largest generator, defaulted on a $336 million internationally syndicated non-recourse project loan late last month, after failing to refinance the facility in the Colombian capital markets, according to a member of the bank syndicate.

El Paso tapped the bond market late last week with a $1.1 billion 30-year senior unsecured note offering to help pay down debt maturing this year. The Houston-based power and gas giant has $16.8 billion of corporate debt, of which some $2 billion is due over the next 12 months, notesJoseph Walker, a fixed-income analyst at SWS Securities in Dallas. El Paso filed the deal with the U.S. Securities and Exchange Commission last Monday and the offering was due to close last Friday.

Williams will use the proceeds from last week's $1 billion convertible bond sale to repay existing liabilities and strengthen its balance sheet. The Tulsa, Okla.-based telecommunications and energy trading concern issued $1 billion of five-year mandatory convertible notes last Tuesday to repay $300 million in short-term debt to Fuji Bank and to redeem $240 million in preferred stock, say analysts. The remaining funds will be used to help pay down a $1.3 billion commercial paper program, they say.

Debt Date Maturity Issuer Amount Price Type of Security Coupon (%) Moody's S&P Book Manager(s) 12/20/01 04/20/16 RWE Finance 180.1 103.512 Fxd/Straight Bd 6.25 Aa3 AA- DEUTSCHE BANKDrKW/MERRILL 12/29/01 02/25/08 Hokkaido Electric Power 76.3 100 Bonds 1.13 NA NA TOKYO-MITSUBISHI M&A Date Announced Date Effective Target Name Target Country Acquiror Acquiror Country Value ($mil) 12/20/01 12/20/01 European Energy Consult Germany P&T Technology Germany 0.016 12/20/01 . TXU Corp-Power Plants(2) U.S. Exelon U.S. 443 12/28/01 12/28/01 Enron Wind-Wind Facilities U.S. American Electric Power U.S. 175 12/28/01 . TDE(Union Electrica Fenosa) Bolivia REDESA(ENDESA) Spain 119.165 Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

CMS Energy has chosen J.P. Morgan as its advisor and expects to sell the bulk of its Latin American electricity assets over the next six months, says a banker familiar with the matter. Kelly Farr, a spokesman at Dearborn, Mich.-based CMS, says, "We have a lot of international assets and we feel that the best way to narrow our strategic focus, reduce debt and improve our balance sheet is to sell some of those assets." He declined to comment on the value of its Latin American assets or on its banking advisor.