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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.

BONDS Maturity Issue Date Issuer Amt ($ mil) Offer Price Type of Security Coupon (%) Yield (%) Moody's S&P Book Runner(s) 7/31/09 6/21/01 Energie Finanzierungs 84.2 100.15 Fxd/Straight Bd 4.000 3.978 N/R N/R CSFB 6/15/12 6/21/01 Tampa Electric 248.9 99.58 Bonds 6.875 6.931 A1 A BoA 6/1/06 6/26/01 Cemar 66.8 Market Float Rte Debs Floats Floats - BBB DRES BRASMULTI /BANCO-ITAU /BANCO-UNIBANCO /BNK-BSTN-BRAZIL 7/1/04 6/26/01 Sempra Energy 499.8 99.95 Bonds 6.800 6.818 A1 A JPM/SSB 7/15/08 6/27/01 Mission Energy Holding 782.3 97.79 Sr Secured Nts 13.500 14.000 Ba2 BB- GS EQUITY Issue Date Issuer Amt ($ mil) Type of Equity Book Manager 6/21/01 ATCO - Preferred Shs RBC-DOM/BMO-NES M&A Date Announced Date Effective Target Target Country Target Industry Sector Acquiror Name Acquiror Industry Sector Acquiror Country Valueof Deal ($mil) 06/21/01 - Demkolec Netherlands Electric,Gas,andWaterDistribution Nuon Electric,Gas,andWaterDistribution Netherlands 87.0 06/21/01 - MicrogyCogenerationSys U.S. Electric,Gas,andWaterDistribution EnvironmentalPower ConstructionFirms U.s. - 06/25/01 - Edelnor(SouthernElectric) Chile Electric,Gas,andWaterDistribution LosChorosPower&Gas Electric,Gas,andWaterDistribution Chile - Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.