Message-ID: <18599487.1075851593817.JavaMail.evans@thyme> Date: Mon, 20 Aug 2001 05:36:34 -0700 (PDT) From: neil.stein@csfb.com To: undisclosed-recipients@enron.com Subject: CSFB Independent Power Weekly-Issue #40 Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Stein, Neil X-To: undisclosed-recipients X-cc: X-bcc: X-Folder: \Dasovich, Jeff (Non-Privileged)\Dasovich, Jeff\Deleted Items X-Origin: DASOVICH-J X-FileName: Dasovich, Jeff (Non-Privileged).pst Good Morning, Attached, please find the latest issue of our Independent Power Weekly. <> Also note that on September 10 and 11, CSFB will host a Power Generation Supply Chain Conference at the Plaza Hotel in New York City. This power generators will speak on the morning of September 11. Companies presenting include: CPN, MIR, NRG, ORN, PPL, RRI, and TE. Summary: 1. IPP's Fall 5.1% Last week our IPP composite fell 5.1%, underperforming both the NASDAQ (-4.6%) and the S&P 500 (-2.4%). Orion Power, which was up 4.2%, was the strongest performer in the group-for the second consecutive week. Global Power Equipment Group was the weakest performer, falling 12.9%. 2. Negative Sentiment Overhangs Group Last week negative investor sentiment continued to overhang the Independent Power Producers as evidenced by the continued underperformance of our composite versus the broader market indices. In particular, lingering concerns persist surrounding the potential for overcapacity in the industry. Further, the market reacted harshly and drew negative conclusions across the entire sector following the resignation of Enron CEO Jeffrey Skilling on Tuesday (8/14). 3. Calpine Hosting Conference Call Today (8/20), Calpine will host the second of 3 special topic conference calls designed to address particular investor concerns. The purpose of today's call will be to provide an update on the company's progress in achieving its capacity buildout goal for 2005. The call will take place at 2 pm EDT. The dial-in number is 877/692-2137. While there was speculation to the contrary last week, we expect management to reaffirm comfort with both its 70,000 MW goal for 2005 as well as in its ability to grow EPS by 40% over the period. 4. Bush Appoints Wood as FERC Chairman As expected, President Bush named Pat Wood as Chairman of the Federal Energy Regulatory Commission (FERC). In this role, Wood will replace Curt Hebert who announced his resignation on August 3. While Wood has acknowledged the importance of encouraging new investment, he has been more receptive to the view that some players may have driven up power prices artificially through the exercise of market power. Regards, Neil Stein 212/325-4217 Bryan Sifert 212/325-3906 This message is for the named person's use only. It may contain confidential, proprietary or legally privileged information. No confidentiality or privilege is waived or lost by any mistransmission. If you receive this message in error, please immediately delete it and all copies of it from your system, destroy any hard copies of it and notify the sender. You must not, directly or indirectly, use, disclose, distribute, print, or copy any part of this message if you are not the intended recipient. CREDIT SUISSE GROUP and each of its subsidiaries each reserve the right to monitor all e-mail communications through its networks. Any views expressed in this message are those of the individual sender, except where the message states otherwise and the sender is authorised to state them to be the views of any such entity. Unless otherwise stated, any pricing information given in this message is indicative only, is subject to change and does not constitute an offer to deal at any price quoted. Any reference to the terms of executed transactions should be treated as preliminary only and subject to our formal written confirmation.