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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Gemlaoshi who wrote (14550)	5/26/2004 6:44:12 PM
From: yard_man	Respond to of 110194

yeah, banks are sitting on a lot of it. Heck, Goldman Sachs went into the biz. We've been offered a couple of NG fired projects that I know of -- one has turned back to the bank -- not quite complete -- another unit is mothballed. We had an energy 'expert' in a couple of weeks back -- and our CEO asked him what he would be doing that the CEO wasn't -- reponse was kind of lame, but talk turned to excess gas generation and someone said something about getting some units for .50 on the dollar -- the energy expert, hallelujah, said forget .50 on the dollar -- wait until it is really distressed -- I agree, of course.

To: Gemlaoshi who wrote (14550)	5/26/2004 6:48:15 PM
From: yard_man	Read Replies (1) \| Respond to of 110194

I started here during the frenzy period -- our company was early. I was invited to an executive meeting where they were discussing a deal -- we needed two peakers, but the company was offering us a pretty nice $/kw discount for getting 3 (I say discount -- keeping in mind that prices for them had already spiked considerably). I questioned whether it was really a "deal" for us given that we didn't need the capacity for a couple of year beyond which it would be operational -- I was ridiculed. I won't tell you how many hours those units have run, I'm sure they haven't averaged a capacity factor of 3%. It was an insurance policy, I s'pose, and everyone wanted one after the spike in energy prices before ...