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Bonds Maturity Issue Date Issuer Amt ($ mil) Offer Price Type of Security Coupon (%) Moody's S&P Bookrunner(s) 01/10/03 7/12/01 Empresa Distrb Electr Mendoza 49 100 Negotiable Obl Floats - AA- EUROPEO 07/14/31 7/12/01 Nova Scotia Power 49.1 99.856 MTNs 7.45 - - CIBC 06/7/29 7/12/01 Severn Trent Water 176 95.073 Fxd/Straight Bd 6.25 A1 A+ MORGAN STANLEY 05/30/28 7/12/01 Severn Trent Water 84.5 102.793 Fxd/Straight Bd 3.86 A1 A+ HSBC 07/13/01 6/1/08 CPFL 170.2 Market Debentures 11.0 - - BANCO-BRADESCO/BK-BRASIL/VOTORANTIM 07/13/01 6/1/06 CPFL 174.1 Market Debentures Floats - - BANCO-BRADESCO/BK-BRASIL/VOTORANTIM M&A Date Announced Date Effective Target Name Target Country Acquiror Name Acquiror Industry Sector Acquiror Country Value ($mil) 7/12/01 7/12/01 Aciloe Spain Caja del Mediterraneo Commercial Banks, Bank Holding Companies Spain 2.059 7/12/01 - Aciloe Spain Caja del Mediterraneo Commercial Banks, Bank Holding Companies Spain - 7/12/01 - Canadian Hydro Developers Canada ARC Canadian Vent Fund II Investment & Commodity Firms,Dealers,Exchanges Canada 2.335 7/13/01 - Oslo Energi Norway Hafslund Electric, Gas, and Water Distribution Norway 64.32 7/14/01 - PEC Poland MVV Esco Polska Electric, Gas, and Water Distribution Poland 13.154 7/16/01 - BG Storage U.K. Dynegy Oil and Gas; Petroleum Refining U.S. 589.568 7/17/01 - Stadtwerke Gmunden Gaswerk Germany Oberoestereichische Ferngas Electric, Gas, and Water Distribution Austria - Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

The Lebanese government is looking to begin deregulating its state-run power industry within the next two years, say industry officials. Chakib Cortbaoui, a partner at Beirut law firm Ramzi Joreige, says liberalization is likely to take place within the next 18 months.

Qatar Electricity and Water Co. and its financial advisorRoyal Bank of Scotland have selected eight banks to arrange a $160 million non-recourse loan to fund the expansion of Ras Abu Fontas from a 600 MW gas-fired plant to a 1,000 MW facility.

Société Générale and Bank Muscat have signed up nine banks at the co-arranger and participation level to fund the roughly $75 million Al Kamil power project loan. Peter Conway, a project financier at SocGen in London, says the bulk of the syndicate team are local and regional lenders. He adds that syndication is likely to close at the end of this month.

Bonds Maturity Issue Date Issuer Amount ($ mil) Offer Price Type of Security Coupon (%) OfferYield (%) Moody Rating Standard & Poor's Rating Book Manager(s) 7/6/01 11/1/03 Cia Energetica de Sao Paulo Brazil 93.2 Market Debentures UNIBANCO 7/10/01 7/15/11 Florida Power Corp United States 300 99.857 Fst Mtg Bonds 133 A1 BBB- BofA 7/10/01 7/27/20 National Grid Company PLC United Kingdom 281.4 100 Fxd/Straight Bd 145 Aa3 A+ MS/RBS 7/10/01 7/29/30 National Grid Company PLC United Kingdom 56.3 100 Fxd/Straight Bd 145 Aa3 A+ MS/RBS 7/10/01 7/27/28 National Grid Company PLC United Kingdom 506.5 99.93 Fxd/Straight Bd 145 Aa3 A+ MS/RBS 7/11/01 7/1/05 Entergy Arkansas Inc(Entergy) United States 100 99.53 Fst Mtg Bonds 216 Baa2 BBB+ BNY-CAP 7/11/01 7/15/06 NRG Energy Inc United States 160 103.343 Notes 204 Baa3 BBB- BofA/DB 7/11/01 7/15/06 NRG Energy Inc United States 340 98.875 Senior Notes 265 Baa3 BBB- BofA/DB M&A Date Announced Target Name Target Country Acquiror Acquiror Country Value ($mil) 7/5/01 New Power Co United States CoEnergy Trading Co-Customers United States 7/5/01 New Power Co United States AES Power Direct-Customer Base United States 7/5/01 Investor Group India Jindal Tractabel Power India 49.82 7/5/01 Energie Baden-Wuerttemberg Germany Stadtwerke Duesseldorf Germany 378.529 7/5/01 Calpine Corp United States Saltend United Kingdom 784.56 7/6/01 Powergen United Kingdom Gujarat PowerGen Energy India 6.106 7/6/01 Origin Energy Australia Fletcher Challenge South West Australia 34.798 7/6/01 Energia Paulista Participacoes Brazil AES Tiete Brazil 247.043 7/9/01 Tractebel Power United States Hopewell Cogeneration United States 7/9/01 Pegasus Technologies LLC United States Pavilion Technologies-Pwr Gen United States 15 Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

Qatar Electricity and Water Co. and its financial advisorRoyal Bank of Scotland met late last week in Qatar to select banks to lead a $160 million non-recourse loan to fund the expansion of Ras Abu Fontas from a $600 MW gas-fired plant to a 1,000 MW facility.

The Power Technology Index has experienced far greater volatility than the NASDAQ Stock Market in recent months. Though both indices show almost identical losses for the year, down some 20%, the power tech index has suffered much greater swings. Over the past month, for example, the power tech index has slumped 27%, compared to a 9.5% drop by the NASDAQ. Over the past two months it has nose-dived 39.9% compared to a 14.9% decrease by the NASDAQ.

Bonds Maturity Issue Date Issuer Amount ($ mil) Offer Price Type of Security Coupon (%) OfferYield (%) Moody Rating Standard & Poor's Rating Book Manager(s) 1/12/2005 1/12/2000 GPU Inc 299.4 99.81 Senior Notes 7.700 7.746 Baa1 A- SALOMON-SMITH 7/12/2002 4/12/2000 PSE&G 300.0 100.00 FRNs Floats Floats Baa1 BBB+ LEHMAN Equity Maturity Issue Date Issuer Amount ($ mil) Offer Price Type of Security Coupon (%) OfferYield (%) Moody Rating Standard & Poor's Rating Book Manager(s) - 30/11/2000 NiSource Inc 252.5 25.25 Common Shares - - - - CSFB M&A Date Announced Date Effective Target Name Target Country Acquiror Acquiror Industry Sector Acquiror Country Value ($mil) 11/30/00 - CERJ(Empresa Nacional de) Brazil Chilectra Electric, Gas, and Water Distribution" Chile 75.0 11/30/00 11/30/00 Djuro Djakovic Thermo Electric Croatia Austrian Energy & Environment Machinery Austria - 12/04/00 - Apollo Gas Canada Eagle Tail Energy Oil and Gas; Petroleum Refining Canada 5.4 12/04/00 - GEW Koeln (Cologne) Germany RWE Oil and Gas; Petroleum Refining Germany - 12/04/00 12/04/00 MidSouth Utilities United States Conumers North Carolina Water Electric, Gas, and Water Distribution" United States 1.1 Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

IntesaBci is looking to build a presence in the Middle Eastern and North African power finance markets and is currently pitching for several projects at the co-arranger level, says Carlo Bongianni, global head of utilities at Bci in Milan.

The tenor of future Middle Eastern power project finance deals are likely to extend to 25 or even 30 years as banks become more comfortable with the risks involved and the continued strength of the regional economy, predict project financiers.