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Energy trader Dynegy has filed with the Securities and Exchange Commission to periodically sell up to $2.5 billion in debt securities and common stock. The Houston company plans to use the proceeds for general corporate purposes (Reuters, 3/25).

The Securities and Exchange Commission is considering more regulation of credit-ratings agencies, in the wake of questions about their failure to spot the weaknesses that brought down Enron. "We believe it is an appropriate time and in the public interest to re-examine the role of rating agencies in the U.S. securities markets, and to conduct a public examination of the potential need for greater regulation in this area," said SEC Commissioner Isaac Hunt (WSJ, 3/21).

RWE, the German multi-utility, yesterday had its long-term credit ratings cut by Moody's Investors Service because of the cost of taking over Innogy, the U.K.'s largest electricity supplier. Standard & Poor's followed Moody's, placing its AA- rating on review for a possible downgrade.Separately RWE sought to deflect criticism that it had overpaid for Innogy, although analysts said the GBP3.1 billion ($4.4 billion) cash offer was generous compared with other recent deals in the UK power sector (Financial Times, 3/23).

New York regulators have approved Mirant's application to add a 750 MW unit at its Bowline station in Haverstraw in Rockland County, some 35 miles north of New York City (Reuters, 3/26).

Calpine is looking to tap the non-recourse loan market four times this year to finance the construction of a quartet of new peaker plants, say bankers familiar with its plans. The move marks a strategic u-turn for the beleaguered independent power producer. In recent years it has shunned single-asset financing in favor of monster-sized portfolio construction revolvers, which it thought offered more financial flexibility and cheaper funding. The San Jose, Calif.-based IPP blazed a trail with its last construction revolver, a mammoth $2.5 billion loan (PFR, 23/10/00). "It would be really hard to do another," says one official, referring to Calpine's recent credit rating problems. He also argues that with so many banks signed up to its two large construction revolvers, there might be a reluctance to commit more funds to similar paper from the same sponsor.

Belgium's Tractebel is planning to snap up a gas pipeline and more merchant power plants in the U.S., in order to expand its North American portfolio of assets. According to Jacques Van Hee, a spokesman at Tractebel in Brussels, the company is in the process of evaluating potential generation acquisitions, but would not discuss the matter further. Van Hee declined comment on the potential pipeline acquisition. A New York banker says Tractebel is talking to several banks to advise on the acquisitions, but has not yet hired one.

Private equity giantsKohlberg, Kravis, Roberts andMadison Dearborn Partners have emerged as the front runners to acquire Cilcorp, an integrated utility that is being shopped by AES, according to a banker familiar with the matter. He says the cash-strapped independent power producer and its financial advisor Lehman Brothers recently received final bids from five suitors and these two financial players are favorites to land the Illinois utility based on their attractive bids. Dynegy, Duke Energy and Ameren are also involved in the auction, he says.

Demand for Vattenfall's planned EUR500 million ($441 million) bond offering, priced last Wednesday, reached EUR1.3 billion as continental European institutional investors flocked to the deal. Fraser Ross, a syndicate manager at Deutsche Bank, one of the two joint-lead arrangers of the deal, says it received EUR200 million of commitments when it began the book-building effort last Monday and a further $1.1 billion on Tuesday. Healthy investor appetite allowed the Swedish utility to increase the offering to EUR600 million and price the deal at 84 basis points over swaps, inside the 85-90 basis point price talk range. The seven-year deal pays a 6% coupon and was priced at 99.54 to yield 6.08%.

Kansas City, Mo.-based Kansas City Power & Light issued $225 million of five-year notes in mid-March to refund $200 million of outstanding MTNs that mature later this month. An investor relations official at the Midwest utility says it also wanted to take advantage of the tight spread over treasuries and the low interest-rate environment. "It was a great time for us to come to market. There was a lot of demand and the pricing was good," he says.

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 April. 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 Enel Interpower Italy 2,611 - Lehman, Merrill, - CSFB Enron Bahia Las Minas Panama 355 Various 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 (Continued) IVO Energy Brigg U.K. 240 Gas BNP Paribas 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) North Atlantic Energy Seabrook* N.H. 408 Nuclear N/A Must be sold by Dec. 2003. NRG/Xcel CEEP Poland 10 (10% stake) - - Is currently selecting a financial advisor Csepel II Hungary 389 Gas/Oil - ECK Czech Republic 350 (44% stake) Coal/Gas/Oil - Enfield U.K. 380 (25%) Gas-fired - Killingholme A U.K. 680 Natural Gas - MIBRAG Germany 238 (50% stake) Coal - Gladstone Power Australia 1,500 (37.5% stake) Coal - Flinders Australia 760 Coal - Loy Yang A Australia 2,000 (25% stake) Coal - Hsinchu Taiwan 400 (60% stake) Gas-fired - Lanco Kondapalli India 340 (30% stake) Gas/Oil - Collinsville Australia 192 (50% stake) Coal - TermoRio Brazil 1040 (50% sake) Gas - COBEE Boliva 220 (98% stake) Hydro/Gas - Itiquira Energetica Brazil 160 (98% stake) Hydro - Cementos Pacasmayo Peru 66 Hydro/Oil - Bulo Bulo Bolivia 90 (60% stake) Gas-fired - Cahua Peru 45 Hydro - 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 - 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 - 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 - 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.