Message-ID: <24416165.1075845461020.JavaMail.evans@thyme> Date: Thu, 17 May 2001 09:15:00 -0700 (PDT) From: owner-eqr_etcorporate@fir.fbc.com Subject: CSFB: Energy Technology Bulletin - Issue 64 (Bush National Energy Policy View) Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: owner-eqr_etcorporate@fir.fbc.com X-To: undisclosed-recipients:, X-cc: X-bcc: X-Folder: \Greg_Whalley_Oct2001\Notes Folders\Discussion threads X-Origin: WHALLEY-G X-FileName: gwhalley.nsf <> Summary: * U.S. President George W. Bush unveiled his National Energy Policy today. In our report we list the recommendations made by the National Energy Policy Development Group (NEPD) as they pertain to Renewable and Alternative Energy. In addition, following each recommendation, we provide our views on the potential impacts on specific CSFB covered companies (AstroPower - APWR, Ballard Power Systems - BLDP, Capstone Turbine - CPST, FuelCell Energy - FCEL, Proton Energy Systems - PRTN) in the Energy Technology sector. * We would note that many of the recommendations instruct certain departments or individuals to conduct further research on various topics and to report back to the President at a later date. Our view is that many were included as a counter point to more contentious issues and may receive somewhat limited action from the Administration. * Overall, we are not changing our estimates or recommendations on any of our companies at this point in time. The proposed solar tax credit when/if passed will cause us to review our forecasts for AstroPower. We are not forecasting incremental unit volume of production given the capacity constraint of the company, although residential installations tend to have a higher revenue per watt and higher margins than non-residential markets and therefore could result in higher EPS contribution. Regards, Marko Pencak 416-352-4580 Cameron Jeffreys (Associate) 416-352-4581 Energy Technology Research CREDIT | FIRST SUISSE | BOSTON - CSFB_EnergyTech_May1701.pdf