<<CSFB_EnergyTech_May1701.pdf>>


Summary:

* U.S. President George W. Bush unveiled his National Energy Policy
today.  In our report we list the recommendations made by the National
Energy Policy Development Group (NEPD) as they pertain to Renewable and
Alternative Energy.  In addition, following each recommendation, we provide
our views on the potential impacts on specific CSFB covered companies
(AstroPower - APWR, Ballard Power Systems - BLDP, Capstone Turbine - CPST,
FuelCell Energy - FCEL, Proton Energy Systems - PRTN) in the Energy
Technology sector.
* We would note that many of the recommendations instruct certain
departments or individuals to conduct further research on various topics and
to report back to the President at a later date.  Our view is that many were
included as a counter point to more contentious issues and may receive
somewhat limited action from the Administration.
* Overall, we are not changing our estimates or recommendations on any
of our companies at this point in time.  The proposed solar tax credit
when/if passed will cause us to review our forecasts for AstroPower.  We are
not forecasting incremental unit volume of production given the capacity
constraint of the company, although residential installations tend to have a
higher revenue per watt and higher margins than non-residential markets and
therefore could result in higher EPS contribution.


Regards,


Marko Pencak
416-352-4580
Cameron Jeffreys (Associate)
416-352-4581

Energy Technology Research
CREDIT | FIRST
SUISSE | BOSTON






 - CSFB_EnergyTech_May1701.pdf