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Friday, February 22, 2002

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Top Stories

CPUC delays vote on choice cutoff for power users
SAN FRANCISCO, Feb 21 (Reuters) - The California Public Utilities Commission on Thursday delayed until March 6 a vote on whether to amend the cutoff date after which the state's customers can no longer choose their own electricity supplier.

Energy Rate Case: Parties Agree Request Too High
Feb 21, 2002 - www.lvrj.com - Participants in Nevada Power's $922 million deferred energy rate case agree on one thing: The utility is asking for too much.

Carolinas' Leading Utilities Delay Launch of New Transmission Company
The State, Columbia, S.C., Feb. 21 - The Carolinas' three leading utilities are delaying the startup of a new transmission company, even though they recently built a $30 million headquarters in Fort Mill.

FERC OKs 650-MW TransEnergie cable linking NJ-NYC
NEW YORK, Feb 21 (Reuters) - The U.S. Federal Electric Regulatory Commission (FERC) approved TransEnergie U.S. Ltd.'s proposed Harbor Cable project linking New York City and New Jersey, the Canadian transmission company said.

Enron Debacle

Federal Prosecutors Consider Corporate Indictments for Enron, Andersen
Bby Mark Curriden, The Dallas Morning News, Feb. 21 - Federal prosecutors are weighing the possibility of indicting Enron Corp. and Arthur Andersen LLP as part of any criminal charges that result from the collapse of the energy company, lawyers involved in the case said Wednesday.

Enron Has Deal to Sell Wind-Turbine Unit to General Electric
By Eric Berger, Houston Chronicle, Feb. 21 - Enron agreed Wednesday to sell to General Electric Co. its California-based wind-turbine unit, one of its largest remaining assets that could be used to pay creditors.

401(k) Cases against Enron Are No Longer in Limbo as Judge Lifts Stay on Suits
By Rosanna Ruiz, Houston Chronicle, Feb. 21 - The judge overseeing Enron Corp.'s bankruptcy on Wednesday lifted the stay against lawsuits pending against the company.

Clinton Helped Finance Enron Projects Abroad, Maintained Close Ties to Lay
By Patrice Hill, The Washington Times, Feb. 21 - The Clinton administration provided more than $1 billion in subsidized loans to Enron Corp. projects overseas at a time when Enron was contributing millions of dollars to Democratic causes.

Enron haggles through Asian asset liquidation
By Cameron Dueck, SINGAPORE, Feb 21 (Reuters) - Enron's Dabhol Power Co project in India is not its only Asian asset going through a drawn-out sales process as the once mighty energy trader tries to strike deals with creditors and bidders across the region.

Judge orders examiner for Enron's biggest unit
NEW YORK, Feb 21 (Reuters) - A U.S. bankruptcy court judge in New York on Thursday ordered the appointment of a financial examiner to monitor cash flows at Enron Corp.'s biggest division, Enron North America, a move hailed by some creditors.

New Retention Bonuses at Enron Likely So Key Personnel Will Remain
By Bill Murphy, Houston Chronicle, Feb. 21 - Enron will likely pay more retention bonuses to key personnel, despite criticism of previous payments made shortly before the company declared bankruptcy in December.

Former Enron Chairman Lay Told Analysts of His Faith in Financial Officer
By Julie Mason, Houston Chronicle, Feb. 21 - Even after learning of problems with partnerships created by Andrew Fastow, former Enron Corp. Chairman Ken Lay sought to reassure skeptical analysts in a conference call last October that he remained fully confident in his company and chief financial officer.

Government Aid to Enron for India Project Could Haunt Taxpayers
By David Ivanovich, Houston Chronicle, Feb. 21 - Enron Corp. was never shy about tapping the resources of the federal government to finance projects around the globe.

Lawyer Named in Lawsuits Will Retire from Enron Post
By Mary Flood, Houston Chronicle, Feb. 21 - Enron Corp.'s top in-house lawyer, James V. Derrick Jr., will retire March 1, the company announced Wednesday.

Judge Tells Law Firm to Dissolve Order against Former Enron Chairman
Houston Chronicle, Feb. 21 - U.S. District Judge Melinda Harmon on Wednesday ordered a law firm to dissolve a temporary restraining order granted in a state court against former Enron Corp. Chairman Ken Lay and other former Enron executives.

Former Treasury Chief Rubin Was Offered Job on Enron's Board
By Julie Mason, Houston Chronicle, Feb. 21 - Former Enron Corp. Chairman Ken Lay in 1999 offered a seat on the company's board to then-Treasury Secretary Robert Rubin, who later tried intervening to forestall the company's collapse, according to documents released Wednesday.

Enron's Business in Caymans Raised Suspicions on Island
By Gregg Fields, The Miami Herald, Feb. 21 - This lovely island, where scoundrels from Blackbeard to cocaine cowboys have landed looking to launder lucre, was a second home to Enron.

Enron ventures got over $1 bln in U.S. aid-senator
WASHINGTON, Feb 20 (Reuters) - Foreign ventures involving Enron Corp. received over a billion dollars in U.S. government loans and other support since the mid-1980s, a senior Republican senator said on Wednesday.

Enron built fake nerve center for new operation
HOUSTON, Feb 20 (Reuters) - It wasn't only the accounting that was creative at Enron Corp.

Enron traders back in business with former rivals
By Stuart Penson, LONDON, Feb 21 (Reuters) - Enron's European energy traders, axed three months ago when their firm folded, are back in business in dealing rooms across London after clinching well-paid jobs with former rivals.

Technology Enron Saga Plays Like Nighttime Soap
By Bruce Nichols, The Dallas Morning News, Feb. 21 - A corporate titan brought down by greed, bad judgment or both.

Competition & Deregulation

Deadline near to nix utilities' marketing
Feb 20 - Boston Herald - Consumers that don't want to risk bothersome dinner-hour phone calls from electric company marketers flogging services have until Feb. 28 to tell their utility not to release private customer information, Attorney General Tom Reilly's office said yesterday.

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Mergers, Acquisitions & Divestitures

British Energy Supplier Centrica Is in Talks to Buy Enron Spinoff NewPower
By Laura Goldberg, Houston Chronicle, Feb. 21 - NewPower Holdings, created by Enron Corp. and spun off as a retail energy provider in deregulated markets, is in talks to be acquired by Centrica, a large competitor in the United Kingdom.

CLP finalises US$549m PowerGen deal
Feb 21 - South China Morning Post - After 14 months, CLP Holdings has finalised the US$549 million purchase of stakes in PowerGen of Britain's Asian assets.

Itron buys LineSoft in $42 million deal
Feb 21 - Spokesman Review - Itron Inc., one of the area's shining tech companies, has acquired one of Spokane's thriving startups, LineSoft Corp.

California Crisis

PG&E, California Regulators Gear Up for Battle on Utility's Future
By Jennifer Bjorhus, San Jose Mercury News, Calif., Feb. 21 - PG&E and state utility regulators are suiting up to battle for the future of Pacific Gas & Electric, presenting two different visions of what the historic power-provider should do to get itself out of bankruptcy court.

Calif. power bond vote delayed as amount increases
SAN FRANCISCO, Feb 21 (Reuters) - California regulators said on Thursday that a proposed bond issue designed to repay the state for money spent buying electricity during the state's energy crisis last year is set to be increased in size to $11.1 billion from $10.85 billion.

Rates

Florida Power Pledges Lower Rates, Better Service
By Steve Huettel, St. Petersburg Times, Fla., Feb. 21 - Florida Power president William Habermeyer pledged Wednesday to improve service and lower electric rates for the utility's 1.4-million customers.

Eugene, Ore., Utility Wrestles With Power-Rate Hike
By Scott Maben, The Register-Guard, Eugene, Ore., Feb. 20 - A proposed 6 percent power rate increase this spring for Eugene Water & Electric Board customers has been scaled back to less than 3 percent thanks to last week's announcement of a wholesale rate reduction by the Bonneville Power Administration.

Missouri Regulators to Consider Plan for Utility Rate Cut
By Steve Everly, The Kansas City Star, Mo., Feb. 20 - Missouri regulators are expected to decide today whether to support an agreement that would slightly decrease electric rates for Missouri Public Service customers.

Power prices may decline further
Feb 20 - Boston Herald - The cost of electricity should drop further for Massachusetts electric customers this summer, barring unforeseen catastrophes in world oil markets, a spokesman for Nstar Electric Co. said yesterday.

General

FirstEnergy Will Put Name on Reading, Pa., Baseball Stadium
By Tony Lucia, Reading Eagle, Pa., Feb. 20 - The name GPU is about to be switched off.

Trading/Marketing

E.ON, Gaselys start trading on French Powernext
PARIS, Feb 21 (Reuters) - Germany's E.ON and the Gaz de France and Societe Generale venture Gaselys have started to trade on Powernext, raising the number of active members to 12, the French electricity bourse said on Thursday.

Deals/Contracts

Quebec awards power for Alouette smelter expansion
MONTREAL, Feb 21 (Reuters) - Quebec said on Thursday that it had awarded a 500 megawatt block of specially priced electricity to the 243,000 tonne Alouette aluminum smelter consortium to assist a C$1.4 billion ($800 million) project to more than double its production capacity.

Power Projects

Energy Firms Delay, Cancel 16 Power-Plant Projects in Texas
By Charlene Oldham, The Dallas Morning News, Feb. 21 - A slow economy, mild weather and ripple effects from Enron Corp.'s sudden collapse have prompted energy companies to postpone or cancel 16 power plant projects in Texas and dozens of others nationwide.

Calpine Confident Despite South Carolina Regulator's Air-Quality Concerns
By Sula Pettibon, The Herald, Rock Hill, S.C., Feb. 20 - Calpine Corp. officials remain confident in their electric generator project proposed for Bradley Industrial Park despite a study by the Department of Health and Environmental Control that could affect getting its air permit.

Dominion exits Mich. 800-MW power plant project
NEW YORK, Feb 21 (Reuters) - Energy company Dominion said Thursday it is pulling out of a plan to co-develop an 800-megawatt (MW) natural gas-fired power plant in Michigan.

Renewables

Columbia, Mo., City Council Explores Buying Renewable Energy
By Justin Willett, Columbia Daily Tribune, Mo., Feb. 19 - Columbia Water and Light customers might soon be able to pay a premium to help add a chunk of renewable wind energy to the city's power grid.

Experts Promote Alternative Energy Sources in Colorado Springs, Colo., Area
By Steven Saint, The Gazette, Colorado Springs, Colo., Feb. 20 - Whether it's the cell phone, personal computer or solar panel, technologies that serve people outside the traditional communication and power grids are experiencing incredible growth.

Vancouver, Wash.-Area Siemens Plant Expands Production of Solar-Cell Parts
By Mike Rogoway, The Columbian, Vancouver, Wash., Feb. 20 - Rising demand for "green" energy has brought a sunny outlook to Siemens Solar Industries in Orchards.

Alliant extends Iowa deadline for renewable power
SAN FRANCISCO, Feb 20 (Reuters) - Alliant Energy Corp. said on Wednesday it will extend a deadline for companies interested in submitting proposals to add up to 150,000 megawatt hours of renewable power at its Iowa utility.

Cost Suppressing Oregon's Geothermal Power
Feb 20 - Columbian - A decade of discussions about tapping the potential of geothermal energy in Oregon has produced little of substance, but that may change if a new federal mandate is passed by Congress.

ESB gets go-ahead for Shannonbridge peat-fired electrical power plant
Feb 21 - Irish Times - The go-ahead has been given to the ESB by An Bord Pleanla for the construction of a peat-fired electrical power generation plant at Shannonbridge, Co Offaly.

Plants

Oil-Fired Power Plant Draws Support from Milford, Conn., City Officials
By Aaron Leo, Connecticut Post, Bridgeport, Feb. 19 - City officials are having a change of heart about whether an oil-fired plant here is actually a polluter.

$245 Million Upgrade Proposed For City's Grayson Power Plant
Feb 20 - Daily News - Los Angeles - With some of the city's generators more than three decades old, officials are considering investing up to $245 million in new equipment to ensure reliable electricity and compliance with air-quality standards.

Energy Efficiency/Conservation

Glendale, Calif.-Area Firms May Get Free Energy Services, Equipment
By Helen Gao, Daily News, Los Angeles, Feb. 21 - Under a conservation program slated to begin in March, about 400 local businesses would receive a free energy audit and up to $1,000 worth of conservation services and equipment.

Mainers favor conservation over drilling
Feb 21 - Bangor Daily News Bangor, ME - The people of Maine support increasing efforts to conserve energy before building new power plants or drilling for more oil, according to a poll released Wednesday by the Natural Resources Council of Maine, the state's largest environmental organization.

Fuel

Calvert City, Ky., Port Looks to Take Coal
By Bill Bartleman, The Paducah Sun, Ky., Feb. 20 - The Bailey Riverport could be expanded to handle millions of tons of coal for the Tennessee Valley Authority.

Environmental

Lieberman Chides Bush On Alaska Oil Drilling and Clean Air
Feb 21, 2002 - E&E Publishing - Connecticut Sen. Joseph Lieberman (D) announced yesterday that his Senate Governmental Affairs Committee will hold oversight hearings next month on the Bush administration's environmental policies.

Nuclear

Columbia, Mo.-Area Nuclear Plant Resumes Cranking Out Kilowatts
Columbia Daily Tribune, Mo., Feb. 19 - The Callaway Nuclear Plant returned to service Friday night after shutting down Jan. 31 so crews could investigate and repair a problem involving a degraded seal inside the plant's condensate storage tank.

Russian energy official protests plans for nuclear plant near Finland
Feb 21, 2002 - Associated Press - The head of a state energy company in northwest Russia is protesting a proposal to build a nuclear power plant in his region that borders Finland, the company said Thursday.

Potential Waste Shipments to Nevada's Yucca Mountain Worry Some Missourians
By Chris Birk, Columbia Daily Tribune, Mo., Feb. 19 - In a decision that some environmental watchdogs called inevitable, President George W. Bush yesterday approved Nevada's Yucca Mountain as a long-term repository for the nation's nuclear waste, leaving Missouri as a possible crossroads for thousands of shipments of radioactive material.

Financial

New Mexico Utility PNM to Separate Its Auditors and Consultants
By Rosalie Rayburn, Albuquerque Journal, N.M., Feb. 20 - PNM from now on will use separate companies for auditing and consulting, and put its audit contract out to bid, the company's board of directors decided Tuesday.

Centrica share placing set at 215 pence
LONDON, Feb 21 (Reuters) - British gas and home services company Centrica Plc said on Thursday its share placing to fund U.S. growth had been set at 215 pence a share, raising some 426 million pounds ($607 million).

Energis Shares Plunge 70 Percent
Feb 21 - Associated Press - Shares in Energis PLC, a former star among British telecommunications businesses, plunged by almost 70 percent Thursday after the struggling firm expressed concern that bankers might cancel a loan of more than $1 billion.

Financial - Results

PG&E delays earnings, cites accounting issues
SAN FRANCISCO, Feb 21 (Reuters) - PG&E Corp., parent of bankrupt utility Pacific Gas & Electric, on Thursday indefinitely delayed the release of its fourth-quarter earnings after it discovered accounting problems relating to leases signed on power plant projects.

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RESTRUCTURING TODAY

February 22, 2002

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