Good Morning,

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

 <<IPW082001.doc>> 
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 power
generators will speak on the morning of September 11.  Companies presenting
include: CPN, MIR, NRG, ORN, PPL, RRI, and TE.

Summary:
1. IPP's Fall 5.1%   Last week our IPP composite fell 5.1%, underperforming
both the NASDAQ (-4.6%) and the S&P 500 (-2.4%).  Orion Power, which was up
4.2%, was the strongest performer in the group-for the second consecutive
week.  Global Power Equipment Group was the weakest performer, falling
12.9%.

2. Negative Sentiment Overhangs Group   Last week negative investor
sentiment continued to overhang the Independent Power Producers as evidenced
by the continued underperformance of our composite versus the broader market
indices.  In particular, lingering concerns persist surrounding the
potential for overcapacity in the industry.  Further, the market reacted
harshly and drew negative conclusions across the entire sector following the
resignation of Enron CEO Jeffrey Skilling on Tuesday (8/14).  

3. Calpine Hosting Conference Call   Today (8/20), Calpine will host the
second of 3 special topic conference calls designed to address particular
investor concerns.  The purpose of today's call will be to provide an update
on the company's progress in achieving its capacity buildout goal for 2005.
The call will take place at 2 pm EDT.  The dial-in number is 877/692-2137.
While there was speculation to the contrary last week, we expect management
to reaffirm comfort with both its 70,000 MW goal for 2005 as well as in its
ability to grow EPS by 40% over the period.  

4. Bush Appoints Wood as FERC Chairman   As expected, President Bush named
Pat Wood as Chairman of the Federal Energy Regulatory Commission (FERC).  In
this role, Wood will replace Curt Hebert who announced his resignation on
August 3.  While Wood has acknowledged the importance of encouraging new
investment, he has been more receptive to the view that some players may
have driven up power prices artificially through the exercise of market
power.  

Regards,

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


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