Buyers line up for Enron projects in the Far East. (Finance)

Modern Power Systems, February, 2002

In the wake of the failure of the US energy company Enron, the fates of Enron energy companies around the world are now under discussion. These include Enron-owned operations in the Philippines, India and Australia.

In the Philippines the US company owns an oil-fired power plant in Batangas in the south of Luzon and a second at Subic Bay, north of Manila. Both were set up under build-operate-transfer deals with the government and supply power to the state-owned National Power Corp (NPC). The supply contract for Batangas expires in 2003 and that for Subic Bay in 2009.

The government wants to buy these two power contracts and is likely to be seeking a good deal in the face of Enron's difficulties. Enron has already offered a 12 percent discount to NPC, which,...