Message-ID: <20061910.1075840408999.JavaMail.evans@thyme> Date: Wed, 6 Feb 2002 07:07:59 -0800 (PST) From: angela.mcculloch@enron.com To: jason.biever@enron.com, stephane.brodeur@enron.com, steven.burnham@enron.com, ian.cooke@enron.com, mike.cowan@enron.com, derek.davies@enron.com, chris.dorland@enron.com, lon.draper@enron.com, dean.drozdiak@enron.com, paul.dunsmore@enron.com, gerry.hrap@enron.com, kyle.kitagawa@enron.com, sean.lalani@enron.com, nicole.laporte@enron.com, mike.macphee@enron.com, rob.milnthorp@enron.com, cooper.richey@enron.com, paul.rodger@enron.com, howard.sangwine@enron.com, michael.savidant@enron.com, fabian.taylor@enron.com, carlos.torres@enron.com, ryan.watt@enron.com, john.zufferli@enron.com Subject: FW: Distributed Energy Investment Challenge--Expectations Meet New Realities - CERA Private Report Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: McCulloch, Angela X-To: Biever, Jason , Brodeur, Stephane , Burnham, Steven , Cooke, Ian , Cowan, Mike , Davies, Derek , Dorland, Chris , Draper, Lon , Drozdiak, Dean , Dunsmore, Paul , Hrap, Gerry , Kitagawa, Kyle , Lalani, Sean , Laporte, Nicole , Macphee, Mike , Milnthorp, Rob , Richey, Cooper , Rodger, Paul , Sangwine, Howard , Savidant, Michael , Taylor, Fabian , Torres, Carlos , Watt, Ryan , Zufferli, John X-cc: X-bcc: X-Folder: \ExMerge - Dorland, Chris\Inbox X-Origin: DORLAND-C X-FileName: chris dorland 6-26-02.PST -----Original Message----- From: webmaster@cera.com@ENRON Sent: Wednesday, February 06, 2002 7:29 AM To: clients@cera.com Subject: Distributed Energy Investment Challenge--Expectations Meet New Realities - CERA Private Report Title: Energy Technology Investing: The Bubble Bursts URL(s): http://www.cera.com/eprofile?u=35&m=2978; *********************************************************************** DISTRIBUTED ENERGY INVESTMENT CHALLENGE--EXPECTATIONS MEET NEW REALITIES Between 1998 and 2001, investors poured some US$4.36 billion into companies developing distributed energy (DE) technologies. This investment boom and the subsequent capital market correction were created by overly optimistic expectations regarding the size of the opportunity and speed of the market's development. * DE's failure to capture a substantial portion of the California market during the power crisis in early 2001 and the collapse of the telecommunications and information technology sectors undermined investors' confidence. Shifting power market fundamentals and growing uncertainty over the pace and direction of regulatory change also contributed. * Although the short-term market for DE technologies has suffered, in the long run the revised expectations are part of a healthy trend toward greater maturity among companies and their backers. * Restricted access to capital will slow commercialization of new technologies and drive consolidation among energy technology companies. Public policy will become an increasingly important source of funds and other support in the future. **end** Follow above URL for complete Private Report (16 printed pages). E-mail Category: Private Report CERA Knowledge Area(s): Distributed Energy ***************************************************************************************** CERAWeek2002 - February 11-15, 2002 - 21st Annual Executive Conference and Related Events REGISTER ONLINE TODAY AT: http://www.cera.com/ceraweek ** Two- and Four-day Passes Available ** Special Enrollment Programs ** Partnership Opportunities ** CERAWeek Online Premium Access ***************************************************************************************** To make changes to your cera.com profile go to: http://www.cera.com/client/updateaccount Forgot your username and password? Go to: http://www.cera.com/client/forgot This electronic message and attachments, if any, contain information from Cambridge Energy Research Associates, Inc. (CERA) which is confidential and may be privileged. Unauthorized disclosure, copying, distribution or use of the contents of this message or any attachments, in whole or in part, is strictly prohibited. Terms of Use: http://www.cera.com/tos Questions/Comments: webmaster@cera.com Copyright 2001. Cambridge Energy Research Associates