Good Morning,

Attached, please find the latest issue of our Independent Power Weekly.

 <<IPW052101.doc>>
Summary:
1. IPPs Rise 4.6%   Last week our IPP composite closed up 4.6%,
outperforming both the NASDAQ (+4.3%) and the S&P 500 (+3.7%).  NRG Energy
and Mirant Corp. were the strongest performers in the group, rising 8.0% and
7.9%, respectively.  International Power was the weakest performer, falling
1.2%.

2. Mirant Shines at Analyst Meeting   The major event last week was Mirant's
analyst meeting on Monday and Tuesday (5/14 and 5/15).  Following the
meeting, we raised out target price to $62 from $48.  We left the meeting
with 3 major conclusions: 1) The whole is greater than the sum of the MWs;
2) Mirant is executing; 3) Mirant is undervalued.  We believe investors have
overlooked the value in MIR's integrated asset/trading and marketing energy
merchant platform by solely focusing on the company's power generation
business.  MIR clearly represents one of the best values in the IPP group.
The stock is trading at 23.9 times our 2001 EPS estimate, which represents a
14% discount to the IPP group average of 27.8x.

3. President's "Free Market" Based Energy Plan Positive for IPPs   On
Thursday (5/17), President Bush presented the framework of a comprehensive
national energy plan that emphasizes more supply, efficiency, fuel
diversity, and conservation.  To the extent the plan emphasizes "free
market" approaches to solving the nation's energy shortages, we regard it as
positive for the Independent Power Producers.  The plan resists calling for
interventionist measures, such as price caps, to mitigate high wholesale
power prices.  In addition, the report attributes the California power
crisis to poor public policy and a fundamental supply/demand imbalance.  It
does not embrace the theory, put forth by many local California politicians,
that power generator market manipulation and price gouging gave rise to the
situation.
4. NERC Releases Summer Assessment Report   On May 15, the North American
Reliability Council (NERC) published 2001 Summer Assessment Report.  NERC
believes that going into the Summer most regions of the US have adequate
generation resources to meet demand, barring a major heat wave or an
unplanned outage of a large plant.  However, the study finds California and
the Northwest to be major areas of concern.   Further, the report cites
Texas, New England and New York City as areas that should be closely
watched.
5. Looking Ahead: Brazilian Government to Announce Measures to Increase
Power Supply    This week the Brazilian government is expected to unveil a
series of proposals to stimulate generation supply, which should include the
removal of regulatory obstacles to new investment.  We believe this
announcement will be positive for AES Corp. shares.  Recently, management
indicated it would suspend nearly $2 billion of planned Brazilian generation
investments due to regulatory issues that have impeded AES's ability to
finance these investments.  The removal of these project financing
impediments would result in an important growth opportunity for the company.
Regards,

Neil Stein   212/325-4217
Bryan Sifert   212/325-3906



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 - IPW052101.doc