Good Afternoon,

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

 <<IPW050701a.doc>>  <<Fuel Econ.xls>>
Summary:
1. IPPs Fall 1.7%   Last week our IPP composite traded off 1.7%,
underperforming both the NASDAQ (+5.6%) and the S&P 500 (+1.1%).  AES and
International Power were the strongest performers, rising 2.2%.  Orion Power
was the weakest performer, falling 7.1%.

2. California Concerns Capture Center Stage   The IPPs took a breather last
week, following investor enthusiasm surrounding strong first quarter
earnings results.  Dampening stock price performance, a number of concerns
related to the California power crisis captured center stage and dominated
investor attention.

3. Looking Ahead For the week ahead, while we are not expecting any major
company specific events, we could continue to see a heavy news-flow out of
California  In particular, we'll be looking for additional news regarding SB
1X-the windfall profits tax bill.  This week it will be considered on the
floor of the California Senate.  Also, on Wednesday (5/9), Governor Davis
will meet with a number of generators to discuss the ongoing power crisis.
While 12 generators have been invited to attend the meeting, it is unclear
if all will accept the invitation.
4. Mirant Hosting Analyst Meeting on 5/14 and 5/15   MIR will host its first
major analyst seminar on May 14 and 15 in Atlanta.  We believe MIR
represents one of the best values in the group.  The stock is currently
trading at 20.6 times our 2001 EPS estimate, representing a 24% discount to
the group average.  Since the beginning of the year, earnings expectations
for Mirant have increased by 58%.  We believe MIR's relative valuation
discount reflects investor confusion surrounding the drivers of the recent
upside as well as skepticism surrounding the sustainability of earnings
growth over the next few years.  We believe management will address these
issues at the analyst meeting, which should help close some of the valuation
gap between MIR and its peers.
5. Prospects for New Coal and Nuclear-fired Capacity   CSFB's monthly
merchant conference call took place on Thursday (5/3).  The topic was "The
Future of Generation: Coal and Nuclear."   Overall, our guest speakers
concluded that the current environment is ripe for the development of new
coal and nuclear fired power plants.  Our analysis indicates that it is
economically attractive for developers to begin pursuing coal and
nuclear-fired power projects.  Having said that, given physical construction
and permitting constraints, it could be some time before these fuels become
a major factor on the new plant construction landscape.  Attached, please
find a spreadsheet highlighting the relative cost economics of natural gas,
coal and nuclear power plants.  This analysis takes into account current
construction costs and a required return of 12%.

Regards,

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



This message is for the named person's use only.  It may contain
confidential, proprietary or legally privileged information.  No
confidentiality or privilege is waived or lost by any mistransmission.
If you receive this message in error, please immediately delete it and all
copies of it from your system, destroy any hard copies of it and notify the
sender.  You must not, directly or indirectly, use, disclose, distribute,
print, or copy any part of this message if you are not the intended
recipient. CREDIT SUISSE GROUP and each of its subsidiaries each reserve
the right to monitor all e-mail communications through its networks.  Any
views expressed in this message are those of the individual sender, except
where the message states otherwise and the sender is authorised to state
them to be the views of any such entity.
Unless otherwise stated, any pricing information given in this message is
indicative only, is subject to change and does not constitute an offer to
deal at any price quoted.
Any reference to the terms of executed transactions should be treated as
preliminary only and subject to our formal written confirmation.




 - IPW050701a.doc
 - Fuel Econ.xls