-----Original Message-----
From: Stein, Neil [mailto:neil.stein@csfb.com]
Sent: Monday, August 27, 2001 7:32 AM
To: undisclosed-recipients
Subject: CSFB Independent Power Weekly--Issue #41


 <<IPW082701.pdf>> 
Good Morning,

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

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.  The power
generators will speak on the morning of 9/11.  Companies presenting include:
CPN, MIR, NRG, ORN, RRI and TE.

1. IPPs Rise 3.9%   Last week our IPP composite rose 3.9%, outperforming
both the NASDAQ (+2.7%) and the S&P 500 (+2.0%).  This was the strongest
performance for our composite since the second week of July.  Calpine, which
was up 10.9%, was the strongest performer in the group.  Global Power
Equipment Group was the weakest performer, falling 3.4%.

2. Recognition of Attractive Valuations and CPN Conference Call Boost Stock
Prices   We attribute last week's performance to a growing recognition that
the group is simply oversold.  Indeed, on average the pure play IPPs are
trading at 11.6x 2002 EPS, which represents a 40%+ valuation compression
year to date.  More immediately, we believe a conference call hosted by
Calpine on Monday (8/20) helped ease investor concerns regarding the
supply/demand outlook for the sector and the ability of power generators to
attract capital to grow their businesses.  

3. Calpine Hosting Final Special Topic Conference Call   On Tuesday (8/28),
Calpine will conclude its special topic conference call series with a
discussion of the California power market.  The call will take place at 2 pm
EDT.  The dial-in number is 877/692-2137.  On the call, management will
provide a regulatory update and describe the steps it has taken to respond
to the power shortages in the state.

4. California Windfall Profits Tax Bill Resurfaces   Today (8/27), the
California Assembly Revenue and Taxation Committee will consider SB 1 XX-the
power generator Windfall Profits Tax bill.  Importantly, while earlier
versions of the bill implied that the tax would be retroactive and applied
to power sales going back to January 1, 2001, the current version of the
bill suggests that the tax will not be implemented until early 2002.  In
addition, an internal analysis of the bill done by the Assembly Revenue and
Taxation Committee suggests that the bill could be subject to several legal
challenges if it is passed.  

Regards,

Neil Stein   212/325-4217

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