The deal deluge

Rankings 2004

If 2003 provided energy company financiers with a chance to innovate, or as some analysts argue, “go back to basics”, it also provided them with some lost opportunities. While some companies, such as NRG Energy, managed to complete a dramatic reversal of fortune by surviving bankruptcy, others, such as Drax, were dogged by problems.
Whereas some began 2003 with hope that specialist boutiques would be able to pick up distressed energy company assets for a pittance, the year ended with few su