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January 2002
The New South Wales government is selling off electricity trading rights, not physical assets. But, post-Enron, investors are looking for physical backbone for trading operations. By Dominic Jones
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Enwrong
01 January 2002
Enron's bankruptcy is a neat bookend to a year when portfolio managers' attention has been more intense than ever before. In a year when PG&E, California, ERCOT and turbine exposures all came under scrutiny, Enron exposure now presents another painful task for banks attempting to fill their books before year-end. But the fall of the asset-light darling of the US stock market may eventually provide a useful fillip for project financiers attempting to pitch the classic model to clients and their own credit committees.
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US power sponsors are staying in the leasing market, despite doubts about the leveraged lease's flexibility, and investor anxiety about accounting-driven structures. And synthetics are threatened by declining corporate credit quality. Tom Nelthorpe reports.
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El Paso was initially singled out as the next Enron by nervous commentators. But quick action, structural enhancements and increased pricing still got two deals done. By Tom Nelthorpe
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Mandated lead arrangers SG and Citigroup have launched retail syndication on a $1.075 billion portfolio financing for PG&E's National Energy Group (NEG). The deal stands out on two counts. The first is that it reached primary close with commitments from eight further institutions at a time when seve...
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Termobahia opens Brazil for power
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The United Arab Emirates' largest project financing to date ? Abu Dhabi's $1.6 billion, 1500MW Shuweihat independent water and power project (IWPP) ? closed successfully in December, 2001. It is the third and most substantial component yet of the Emirate's ambitious IWPP program, spearheaded by the ...
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Can a new electricity law revive India's comatose power market? International lenders and sponsors are still wary. Taimur Ahmad reports.