Enron, and on, and on: Enron's Indian troubles: The world's biggest power 
trader cannot shake off its Indian headache
The Economist, 04/21/01

Hines will add to skyline
Houston Chronicle, 04/20/01

EDP in Talks to Buy Brazil's Elektro From Enron, Diario Says
Bloomberg, 04/20/01

PORTUGUESE PRESS: EDP In Talks to Buy Brazil's Elektro
Dow Jones International News, 04/20/01

INDIA: Enron may sell majority stake in India unit - paper.
Reuters English News Service, 04/20/01

INDIA PRESS: Enron May Sell Majority Stake In Dabhol
Dow Jones Asian Equities Report, 04/20/01

Enron plans to sell majority stake in Indian power venture
Agence France-Presse, 04/20/01

Enron plans to shed majority DPC stake
Business Standard, 04/20/01

Gas Diversification: Long-term Contracts are not the Best
Polish News Bulletin, 04/20/01

Enron Dumps Romania Venture.
The Oil Daily, 04/20/01

Energy Services Firms, Utilities Continue to Log BigQuarterly Earnings.
The Oil Daily, 04/20/01

USA: ICE power, gas trading volumes soar.
Reuters English News Service, 04/19/01

Enron Renews Efforts to Sell Stake in Indian Unit, Paper Says
Bloomberg, 04/19/01


Business
Enron, and on, and on: Enron's Indian troubles: The world's biggest power 
trader cannot shake off its Indian headache

04/21/2001
The Economist
Copyright (C) 2001 The Economist; Source: World Reporter (TM) - FT McCarthy

IT IS the world's largest trader of energy, and this week it announced a 
glowing set of first-quarter results, with revenue quadrupling and profits up 
20%. But Texas-based Enron Corp cannot seem to shake off its Indian headache. 
For the umpteenth time in six years, it has become locked in a dispute over 
its power project at Dabhol, in the Indian state of Maharashtra. And again, 
the dispute is with its sole customer, the Maharashtra State Electricity 
Board (MSEB). 
A government-committee report published on April 12th recommends 
renegotiation of the project to reduce the price of its electricity, even 
though this has already been renegotiated once, in 1996, shortly after 
construction work started. To "protect its rights", Enron has started 
arbitration proceedings against the authorities and has issued a "political 
force majeure" notice against the MSEB.
Perhaps most important of all, Enron has asked the finance ministry to honour 
a financial guarantee that the ministry provided for the project, in order to 
recoup $47m that the MSEB failed to pay for power in December and January. 
The MSEB has lodged an $86m counter-claim against Enron for failing to build 
up generation to full load quickly enough on one day in January. Suspicions 
that the MSEB is trying to avoid paying its dues prompted Richard Celeste, 
America's ambassador to India, to suggest that Maharashtra was "taking refuge 
behind legalities". 
The mood is not yet calm enough to negotiate a way out - although there is 
some talk of the state or a private investor buying out Enron, which is 
losing interest in owning power plants in poor countries. Enron's force 
majeure notice as good as accuses the state government of slowing the project 
for political reasons. Enron says that it is willing to discuss the report, 
but that there is no basis for proper talks until Maharashtra restructures 
the MSEB's parlous finances and thus gives the project a chance of surviving 
its planned 20-year life without further crises. Government officials are 
repeating accusations thrown around in the mid-1990s that Enron is behaving 
arrogantly. 
But India too has much to lose. Suresh Prabhu, India's power minister, 
insists that the dispute does not reflect any "anti-foreign-investment 
attitudes". However, if it is not resolved soon, it could do further harm to 
India's already blighted image as a destination for foreign direct investment 
(FDI). India has long hoped to attract up to $10 billion of FDI a year, but 
it peaked in 1997-98 at $3.6 billion and last year was down to $2.1 billion. 
That compares dismally with other Asian countries. The shortfall is due 
mainly to India's failure to turn large infrastructure proposals into actual 
projects. Plans for power and oil-refining projects with nearly $20 billion 
of FDI have been approved in the past decade, for instance, but only $1.6 
billion has actually been invested - and a large amount of that went to 
Dabhol.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. 







April 20, 2001
Houston Chronicle
Hines will add to skyline 
32-story tower to be downtown near Jones Hall 
By RALPH BIVINS 
Copyright 2001 Houston Chronicle 
The Hines real estate development firm is preparing to make another mark on 
the downtown Houston skyline with the creation of a 32-story office tower. 
Hines will begin construction in July on Texas Avenue near Jones Hall, the 
Alley Theater, Chase Tower and the Houston Chronicle building. 
Over the last 30 years, Hines has developed a number of major buildings 
downtown. 
"We are tremendously excited to add our 10th signature building to the 
downtown Houston skyline," said Charlie Baughn, executive president of Hines. 
The 689,000-square-foot building will be named after the main tenant, the 
Calpine Corp., a San Jose, Calif., company that produces electricity. Calpine 
has agreed to lease 300,000 square feet. It has not been determined whether 
the building will be christened Calpine Plaza, Calpine Center or some other 
variation on the Calpine name. 
The tower is scheduled to be complete in the fourth quarter of 2003. A 
parking garage on the block will be torn down, but the historic Lancaster 
Hotel, the Longhorn Cafe and Clive's restaurant will be retained. The 
building will cover about three-fourths of the block, said Larry Margolis, 
project manager for Hines. 
Houston-based Hines is developing the building in partnership with Prime 
Asset Management, which also owns the nearby 75-story Chase Tower. Prime 
Asset is led by Lebanese billionaire Rafik Hariri. 
Shaped like an oval with a flattened side, the tower will be wrapped in an 
exterior of rose-tinted granite with bluish windows. A granite-paved 
pedestrian plaza will be built at the corner of Texas and Milam, leading into 
the entrance at 717 Texas Ave. 
The project is designed by Hellmuth, Obata & Kassabaum, the architecture firm 
that did Enron Field for the Houston Astros. 
Seven levels will be devoted to an enclosed parking garage with 900 spaces. 
Above the parking garage will be 24 floors of office space, with about 26,500 
square feet of space per floor. 
Calpine will be moving about 1,100 employees into the building. The company 
now has its workers in three downtown buildings: Bank of America Tower, Wells 
Fargo Plaza and Pennzoil Place. 
Calpine's choices for office space in downtown Houston were slim. The prime 
"Class A" space in downtown is more than 96 percent occupied, and large 
blocks of top-quality vacant space are nonexistent. 
The downtown office market has made a comeback from the 1980s, when more than 
one-third of its office space was vacant. For more than a decade after the 
Texaco Heritage Plaza was completed in 1986, downtown had no new buildings. 
And no new space was needed. 
With no new construction, the vacancy numbers turned around. At the end of 
1993, the overall downtown vacancy rate was 22.43 percent. By the end of this 
year's first quarter, downtown vacancy had fallen to 6.3 percent, according 
to the CB Richard Ellis realty firm, and rental rates are climbing. 
The Calpine building will join other significant downtown towers under 
construction: 
? The 36-story Century Development tower at 1000 Main, near Foley's. It will 
have 783,000 square feet of office space and 50,000-square feet of retail 
space. Reliant Resources will be the primary tenant. The Gensler architecture 
firm designed the building, which is to open in early 2003. 
? Crescent Real Estate Equities is developing the 5 Houston Center building, 
a 27-story project on the block bounded by McKinney, Austin, LaBranch and 
Walker. Ernst & Young has leased 127,000 square feet in the 
570,000-square-foot building, scheduled to open in 2002. HKS Architects 
designed it. 
? Enron Center South, a 40-story tower under construction at the corner of 
Smith and Bell. Cesar Pelli & Associates designed the 1.2 million-square-foot 
building. The first tenants will move into Enron Center South this year, and 
the building will be complete in 2002. Hines is the developer. 
Hines has been a key player in shaping the downtown skyline. 
The firm began with the development of One Shell Plaza in 1971. It later 
added Two Shell Plaza, Pennzoil Place, 700 Rusk, 1100 Louisiana, Chase Tower, 
the Wortham Theater Center and Bank of America Center, which formerly was 
known as RepublicBank Center. 
With the Calpine building, Hines is, in effect, giving its endorsement to the 
north part of downtown, said Derrell Curry of CB Richard Ellis. 
"You're running out of land in downtown. You have to go somewhere," Curry 
said. "You don't see Hines building in unproven sites very often. If they 
aren't comfortable with it, they don't build on it." 




EDP in Talks to Buy Brazil's Elektro From Enron, Diario Says
2001-04-20 04:55 (New York)


     Lisbon, April 20 (Bloomberg) -- EDP-Electricidade de Portugal
SA, the country's biggest electricity company, is in talks with
Enron Corp to buy a stake in a Brazilian unit of the world's
largest energy trader, Diario Economico said, citing no sources.
     The talks have dragged on for several months over
disagreements about the price of Elektro-Eletricidade e Servicos
SA, as the unit is called, the newspaper added, without citing its
sources.
     The Brazilian purchase would fit into EDP's strategy of
expanding in Brazil and Spain as it shores up its business before
losing its monopoly at home. Elektro would add size to Empresa
Bandeirantes de Energia SA, an electricity distributor EDP and a
local partner bought three years ago and now plan to split.
     Other companies considering Elektro include Spain's Endesa
SA, Spain's largest utility, Diario Economico said.


PORTUGUESE PRESS: EDP In Talks to Buy Brazil's Elektro

04/20/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LISBON -(Dow Jones)- Utility Electricidade de Portugal SA (EDP) is in talks 
with the U.S.'s Enron (ENE) to buy Brazilian electricity distributor Elektro 
Eletricidade e Servico SA (E.EKO), Diario Economico reports. Elektro is 
valued at EUR1.56 billion, but, according to analysts, EDP's offer stands at 
EUR878 million. 
Newspaper Web site: http://www.de.iol.pt
Lisbon Bureau, Dow Jones Newswires; 351-21-319-1863

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. 


INDIA: Enron may sell majority stake in India unit - paper.

04/20/2001
Reuters English News Service
(C) Reuters Limited 2001.

BOMBAY, April 20 (Reuters) - U.S. energy giant Enron Corp plans to sell a 
major share in Dabhol Power Company, its controversy-ridden power project in 
the western Indian state of Maharashtra, a business daily said on Friday. The 
Economic Times newspaper said leading investment bankers were making 
presentations to Enron for the mandate to sell its stake in the $3 billion 
venture. 
Enron could not be immediately reached for comment.
The 2,184 MW power project has four equity partners - Houston-based Enron 
with 65 percent, U.S. giants General Electric and Bechtel with 10 percent 
each, and Indian utility Maharashtra State Electricity Board (MSEB) with 15 
percent. 
Under the original project plan finalised four years ago, MSEB's stake was to 
increase to 30 percent, and Enron's to fall to 50 percent, through additional 
investment by the state electricity board to finance construction of the 
second phase of the project. 
But faced with financial problems, MSEB informed Enron last year that it 
would be unable to buy the additional 15 percent, leaving Enron to scout 
around for another buyer. Enron said in January it plans to sell the 15 
percent stake. 
But a payment row with the MSEB and growing political opposition to Enron's 
expensive power project has raised speculations that the U.S. energy giant 
may pull out of the project. 
The Economic Times, quoting unnamed sources, said Enron will require an 
approval from its lenders if it wants to pull out of DPC. 
Enron may seek this approval at its lenders meet in London on April 23, it 
said. 
The MSEB has been defaulting on payments since October for electricity 
purchased from Dabhol's 740 MW power plant on the state's west coast. The 
amount outstanding totals 2.26 billion rupees ($48.24 million). ($1 = 46.84 
Indian Rupees).

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. 


INDIA PRESS: Enron May Sell Majority Stake In Dabhol

04/20/2001
Dow Jones Asian Equities Report
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW DELHI -(Dow Jones)- U.S. energy company Enron Corp. (ENE) is reported to 
be in the process of appointing a merchant bank to sell a majority stake in 
India's $3 billion Dabhol Power Co., reports the Economic Times Friday. Enron 
is expected to select a bank within a few days. 
Enron holds 65% stake in Dabhol Power, while Maharashtra State Electricity 
Board holds 15% and U.S. companies Bechtel Group Inc. and General Electric 
Co. (GE) each hold 10%.
Enron officials declined to comment, the newspaper said. 
Newspaper Web Site: http://www.economictimes.com 

-By New Delhi Bureau, Dow Jones Newswires; 91-11-461-9427; 
sonal.singh@dowjones.com

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. 


Enron plans to sell majority stake in Indian power venture

04/20/2001
Agence France-Presse
(Copyright 2001)

BOMBAY, April 20 (AFP) - US-based energy company Enron Power Corp is putting 
in place plans to sell its majority stake in the troubled Dabhol Power Co. in 
western India, reports said Friday. 
"Enron is believed to be in the process of appointing a merchant banker to 
sell its majority stake in the Dabhol Power Co (DPC)," The Economic Times 
said, quoting unnamed sources.
Leading investment banks are currently making presentations to Enron to win 
the mandate, which is expected to be awarded in a few days. 
"Enron will always consider a legitimate proposal to sell an asset if it 
makes strategic sense, but we are not currently selling our stake in DPC," an 
Enron spokesman told AFP. 
Enron holds about 65 percent of DPC, the Maharashtra State Electricity Board 
(MSEB) has 15 percent and two other US companies hold 10 percent each. 
Enron is putting up a three-billion-dollar, 2,184 megawatts power station in 
the port town of Dabhol, some 200 kilometres south of here. 
The project was signed in 1993 and construction began a year later. It was 
scrapped in 1995 by Maharashtra state's Hindu nationalist government which 
had just been voted to power. 
Opponents of the project had by then built up a campaign, accusing Enron of 
bribing local politicians and officials to win the contract. 
The Hindu nationalists re-negotiated the power purchase agreement and phase 
one, generating 714 megawatts of power, began operating in 1999. 
In 2000, MSEB began defaulting on payments forcing Enron to invoke government 
counter-guarantees in January 2001. 
The Hindu nationalists were replaced by a Congress-party led government which 
said the cost of Enron's power was "unaffordable". 
The government set up a panel to review the project. The panel, early this 
month, said the power project agreement should be renegotiated. 
man/gh/lh

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. 


Enron plans to shed majority DPC stake
Baburajan K & Arijit De MUMBAI

04/20/2001
Business Standard
1
Copyright (c) Business Standard

Enron, the Houston-based embattled power transnational, is finally planning 
to divest its stake in Dabhol Power Company (DPC). Leading investment bankers 
in Mumbai, on conditions of anonymity, told Business Standard that Enron had 
sounded them out on finding a buyer for its stake in DPC. 
An agreement with the lenders to DPC, however, bars Enron from selling its 
entire 65 per cent equity stake at this stage. Enron will have to continue 
retaining a 26 per cent stake till all the $2.1 billion in loans for the 
project are repaid over a 15-year period.
Enron officials in Mumbai declined to comment on the matter. However, the 
Financial Times reported on Wednesday that Enron chief executive Jeff 
Skilling in an interview said that the company "would be interested in 
talking to potential buyers" for its $900 million interest in the Dabhol 
project. 
DPC is the largest greenfield project in India. Only the first 740 mw phase 
of the $3-billion, 2,184-mw power project is running now. The second phase is 
scheduled to go on stream in December 2001. 
Enron, which was to hold only 50 per cent of the project's equity, now has a 
65 per cent stake as the cash-strapped Maharashtra State Electricity Board 
(MSEB) did not pick up all the equity it had committed to buying. General 
Electric and Bechtel hold 10 per cent each, while MSEB has a 15 per cent 
stake. Enron last year appointed Credit Suisse First Boston to find a buyer 
for the additional 15 per cent stake, but no buyer was found. The divestment 
of equity will virtually complete Enron's exit from India. 
Five years ago, the power company announced its intention to invest $10 
billion in India. Enron's projects then included a string of power plants, a 
5-million-tonne LNG project, an LNG pipeline from West Asia to India, besides 
an optic fibre broadband network in Maharashtra. Its oil and gas subsidiary 
recently announced its exit from all the oil blocks it had an interest in. 
The future of MetGas, the LNG terminal project which was to supply a large 
chunk to Dabhol phase II, remains unclear. Though DPC officials have denied 
this, work on MetGas too, after the initial construction work, seems to have 
been put on the backburner. 
Industry sources argue that, given the controversy over DPC's high price for 
power and the state government's insistence on renegotiating the power 
purchase agreement (PPA), Enron may find it difficult to get a buyer.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. 


Gas Diversification: Long-term Contracts are not the Best

04/20/2001
Polish News Bulletin
Copyright (C) 2001 Polish News Bulletin of the British and American 
Embassies; Source: World Reporter (TM)

No longer being only a consumer of gas, Poland will increasingly become a 
transit country, which will greatly increase the security of supplies. The 
construction of the second line of the Russia-Europe pipeline through 
Poland's territory has to a large extent been already decided. It is also 
necessary to create stronger direct links between Poland's gas transit system 
and EU systems to ensure better access to the EU's physical and financial 
short- and medium-term futures market, wrote Jarek Astramowicz, chief 
executive of Enron Poland, a subsidiary of the US energy group, in a recent 
issue of Rzeczpospolita. 
The plans of extending the existing inter-system links and creating new ones 
make it possible to give a more balanced assessment of the optimal level of 
long-term direct gas supplies, and the level of diversification of supplies 
ensuring the country's energy security. Only the execution of these plans 
will make it possible to satisfy Poland's demand for gas in the most 
flexible, diversified and cheapest way. On the other hand, new, rigid 
long-term contracts for the direct supply of gas from other sources (such as 
those negotiated now by PGNiG with Norway's GFU and Denmark's DONG) will not 
ensure even the lowest level of flexibility - and that is necessary because 
the actual level of future demand for gas remains unclear. Long-term 
contracts are the most expensive way of satisfying gas demand, something that 
Poland cannot afford. A solution in which Poland buys from different 
directions and from many suppliers also enables the buyer to achieve a 
stronger negotiating position, wrote Astramowicz.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. 


Enron Dumps Romania Venture.

04/20/2001
The Oil Daily
(c) 2001 Energy Intelligence Group. All rights reserved.

Enron Capital BV, a unit of energy group Enron, has given up a marketing deal 
with Romania's state oil company SNP Petrom by assigning its stake in a gas 
joint venture to SNP, officials said Thursday. Enron agreed to freely 
transfer its 50% stake to SNP, SNP's Gabriel Nastase said. Enron left the 
venture after it was unable to handle gas imports for SNP as planned. 
Petrom-Enron Gas SRL was created in 1998 as a 10-year joint venture, with the 
two firms each owning 50%. Nastase said Enron had complained that it could 
not get access to Romania's national gas transport pipelines to handle the 
planned imports. He said SNP is seeking a new partner to replace Enron in the 
venture, but gave no other details. 
(c) Copyright 2001. The Oil Daily Co.
For more infomation, call 800-999-2718 (in U.S.) or 
202-662-0700 (outside U.S.).

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. 


Energy Services Firms, Utilities Continue to Log BigQuarterly Earnings.

04/20/2001
The Oil Daily
(c) 2001 Energy Intelligence Group. All rights reserved.

Integrated utilities and midstream natural gas/energy services companies are 
doing quite well with or without large trading and marketing operations. Duke 
Energy, Kinder Morgan Inc. (KMI), and Kinder Morgan Energy Partners (KMP) 
continued the earnings growth trend established earlier this week by Dynegy, 
Enron, and Reliant Energy, coming in with double-digit increases in profits 
(OD April18,p5). 
- Duke: Recurring earnings climbed 50% to $550 million (73?/share) on 
revenues of $16.5 billion from recurring earnings of $388 million (53?/share) 
on revenues of $7.3 billion a year ago. Earnings applicable to common shares 
were $454 million (60?/share), up from $388 million. Earnings from regulated 
electric utility and interstate natural gas pipeline operations still exceed 
those of unregulated field services, trading and marketing, and international 
ventures, but the growth in both profits and revenues clearing is coming from 
the latter sectors. Wholesale electricity volumes exceeded 56.9 million 
megawatt hours, up from 50.4 million MWh. Marketed natural gas, including 
wholesale and field services volumes, rose to 15.2 billion cubic feet per day 
from 12.5 Bcf/d. Duke is a major independent electricity supplier to 
California. The company said it has managed the level of questionable 
receivables from buyers there to a lower level and has not added to the $110 
million reserve previously established against potential bad debts.
- KMI: An asset transfer to affiliate KMP held KMI's earnings increase to a 
relatively modest 15% and also reduced revenues. Recurring income was $56.8 
million (47?/share) on revenues of $347.5 million, compared with earnings of 
$46.3 million (41?/share) on revenues of $480 million a year ago. Earnings 
applicable to common shares for the first quarter of 2001 were $44.7 million 
(37?/share), reflecting a charge for the early extinguishment of 
high-interest debt. Chairman and Chief Executive Rich Kinder said the company 
is on track for 50%-60% growth in second-quarter results. Increased cash 
distributions from KMP and continued expansion of KMI's electricity business 
are behind the improved outlook. 
KMP: Acquisition of Kinder Morgan Texas Pipeline from KMI, full ownership of 
the carbon dioxide business, and improvements in the products pipeline sector 
were the major contributors to a 71% jump in first quarter-results, but all 
business lines reported better performance. The pipeline limited partnership 
had net income of $101.2 million (89?/share) on revenues of $1 billion, 
dramatically higher than the year-ago earnings of $59.6 million (63?/share) 
on revenues of $157.4 million. 
Barbara Shook. 
(c) Copyright 2001. The Oil Daily Co. 
For more infomation, call 800-999-2718 (in U.S.) or 
202-662-0700 (outside U.S.).

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. 


USA: ICE power, gas trading volumes soar.

04/19/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, April 19 (Reuters) - IntercontinentalExchange (ICE) continues to 
enjoy rocketing volumes in power and natural gas trading on its 
Internet-based platform, but activity in options and oil products is falling, 
the company said Thursday. 
In addition, growth in crude oil and precious metals trading volumes has 
levelled off in the past month, said ICE, which is in merger talks with 
London's International Petroleum Exchange (IPE).
ICE hosts 'over the counter' (OTC) trading - trading done outside regular 
exchanges - of derivatives in crude and refined oil products, natural gas, 
power and metals. 
Power volumes have risen from about 0.4 million megawatt hours (Mwh) per day 
in December to 2.8 million Mwh per day in April. The most liquid hub is 
Cinergy, with almost 11 million Mwh traded last week, according to a 
newsletter published on the ICE Web site. 
After hovering at dismal levels between December and February, natural gas 
trading also shot up on ICE, reaching almost 60 million MMBtu per day in 
April, the exchange's data showed. 
Options trading ran the opposite course, peaking in late February at above 
$20 million in daily notional trading and then slumping to about $10 million 
a day in April. The most traded were Brent crude options, which approached 3 
million barrels last week. 
Oil products trading is also off its heyday. After more than doubling between 
December and February to about 2 million barrels per day (bpd), trading eased 
off to around 1.5 million bpd. The most traded products are gasoline and fuel 
oil swaps, as well as gasoline and gasoil/heating oil cracks. 
Crude oil volumes on ICE were mostly stagnant at about 3.5 million bpd during 
the last month after rising from less than 2 million bpd late last year. The 
most active products were crude grade differentials, trading more than 11 
million barrels last week. 
Precious metals trading also leveled off in the past month at around 275 
million ounces per day. The most traded last week was sliver, with more than 
5 million ounces. 
At the end of March, ICE total notional volume reached $70 billion since its 
inception last year. That is an average of about $350 million, a tenth of 
that of EnronOnline, where Enron is on one side of every transaction. 
Last month, ICE set new records of 19 million barrels of oil, 97 billion 
cubic feet of natural gas and 4.6 million megawatt hours of power for daily 
trading on its system. 
On the New York Mercantile Exchange, trading regularly exceeds 400 million 
barrels of crude in a day. 
Oil majors BP Amoco , Royal Dutch/Shell and TotalFinaElf joined international 
banks to establish ICE last year, with several U.S. power companies joining 
the consortium later in 2000. 
ICE has put in a $65 million share-swap bid for IPE to better position itself 
for competition with enymex, the Internet exchange the New York Mercantile 
Exchange (NYMEX) will launch in the second quarter, according to reports.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. 


Enron Renews Efforts to Sell Stake in Indian Unit, Paper Says
2001-04-19 23:07 (New York)


     Mumbai, April 20 (Bloomberg) -- Enron Corp., the world's
largest energy trader, has renewed efforts to sell part of its
stake in its Indian unit, the Business Standard reported, citing
investment banking sources it didn't name.
     Enron, which owns 65 percent of Dabhol Power Co., has been
embroiled in a dispute with Maharashtra state over the cost of its
power and non-payment of bills.
     The Maharashtra State Electricity Board, Dabhol's only
customer, hasn't paid 3 billion rupees ($65 million) for power
generated by Dhabol, the paper said.
     Enron's, $3 billion, 740 megawatt-a-year project, is the
biggest foreign investment in India. The project faced numerous
delays and at one point was canceled after a change of state
government. Enron revived it after agreeing to cut power prices by
22 percent and sell a 30 percent stake to the state.
     Enron last year named Credit Suisse First Boston Inc. to try
to find a buyer for 15 percent of Dabhol, but was unsuccessful.