Good Morning,

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

 <<IPW073001.pdf>>
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 event is
designed to provide investors with a wholistic perspective on all aspects of
the sector-from coal and natural gas companies, to equipment and
construction service providers, to the power producers themselves.  Please
contact us if you would like additional information.

Summary:
1. IPPs Fall 0.9%   Last week our IPP composite traded off 0.9%, slightly
underperforming both the NASDAQ (0.0%) and the S&P 500 (-0.4%)  Reliant
Resources was the strongest performer, rising 6.9%.  NRG Energy was the
weakest, declining 10%.

2. One of the Most Volatile Weeks of the Year   In terms of stock price
performance, last week was one of the most volatile weeks of the year for
the Independent Power Producers.  On Monday (7/23) and Tuesday (7/24) the
group declined by over 10% before staging a dramatic recovery to end the
week barely unchanged.  We attribute the week's initial downturn to concerns
early in the week surrounding "soft" power market conditions.  The recovery
during the second half of the week reflected a number of factors, including:
1) Analysis indicates that power markets have been more stable than
generally believed; 2) Earnings results continue to exceed expectations; 3)
Depressed valuations provide a cushion for stock prices; and, 4) On 7/25 the
FERC issued a favorable order on generator refunds.

3. Credit Spreads Continue to Improve   Importantly, while our IPP equity
composite has traded off more than 10% over the last few weeks, IPP credit
spreads continue to tighten.  For example, while Calpine shares have traded
off 11% since July 6, the spreads on CPN's 10 year 8.5% notes due 2011 have
actually tightened by about 40 basis points.  We regard this movement as
bullish from an equity perspective.

4. Q2 Earnings Reported for AES, CPN, NRG and PPL   Last week second quarter
earnings results were reported by AES, Calpine, NRG Energy and PPL.  Upside
surprises were reported by AES, CPN, and NRG.  Versus expectations, CPN's
results were the strongest coming in 30% above our estimate.  While AES's
results were 14% above our estimate, we reduced our 2001 full-year forecast
owing to currency weakness in Brazil.

5. Looking Ahead: Q2 Results Expected from BKH, CNL, DPL, ETR, MIR and ORN
This week we await earnings reports from Black Hills, Cleco, DPL, Entergy,
Mirant and Orion Power.  We do not expect any major upside or downside
surprises from this group.  In particular, our estimates for BKH, ETR and
MIR are in-line with company guidance that had been publicly reaffirmed over
the last few weeks.


Regards,

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


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 - IPW073001.pdf