-----Original Message-----
From: Stein, Neil [mailto:neil.stein@csfb.com]
Sent: Monday, November 05, 2001 7:24 AM
To: undisclosed-recipients
Subject: CSFB Independent Power Weekly; Notes from EEI Included


 <<IPW110501.pdf>> 
Good Morning,

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

Summary:
1. IPPs Fall 3.7%   Last week our IPP composite declined 3.7%,
underperforming both the S&P 500 (-1.6%) and the NASDAQ (-1.3%).
International Power, which was up 4.0%, was the strongest generator in the
group.  Mirant was the weakest performer, declining 15.1%.

2. Generation Oriented Utilities Fall 0.2%   Our universe of generation
oriented utilities declined 0.2%, outperforming all major indices including
the UTY (-1.2%).  Black Hills, which was up 5.2%, was the strongest
performer in the group.  Entergy was the weakest performer, declining 3.8%.

3. Notes from EEI Conference   The 36th annual Edison Electric Institute
financial conference was held on October 28-31 in New Orleans, LA.  This
event was attended by the bulk of the investor-owned utilities and a few of
the pure play Independent Power Producers.  Discussions between the
conference participants at EEI revolved around 3 dominant themes: 1. The
state of the generation market; 2. Development activity slowing/Value driven
M&A activity possible; and, 3. Enron exposure.

4. Prevailing Mood at EEI: Uncertainty   Versus last year's conference, the
prevailing mood at EEI was one of uncertainty.  Given developments in the
equity market, commodity market and regulatory arenas, some investor concern
is not surprising.  However, we remain positive on the prospects of the
owners and developers of power generation assets for 2 reasons: 1. Long-term
industry fundamentals remain intact; and, 2. Current concerns are
discounted/IPPs trading at 20% below private market value.

5. Selectivity is Important; Focus On the Major IPPs: Highlighting CPN, MIR
and NRG   We continue to highlight Calpine (CPN, Strong Buy), Mirant (MIR,
Buy) and NRG Energy (NRG, Buy).  Owing to their combination of geographic
diversification, large scale operations and substantial hedging, our
analysis indicates that these companies are best positioned to deliver
sustainable earnings and growth in the face of volatile power market
conditions.  We believe the current environment should serve as a catalyst
to differentiate these companies from their peers.  

6. Debt Market Update   Last week Enron remained the focus of debt investor
attention, fueling a high level of trading activity for the IPPs.  Credit
spreads continue to be negatively influenced by concerns regarding exposure
to Enron.  


Regards,

Neil Stein   212/325-4217

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