<<IPPupdate092001.pdf>> 
Good Morning,

Attached, please find our latest FC note on the Power Generation sector.  

Summary:
1. IPPs Down 6%; Generation Oriented Utilities Down 2%   On September 17,
2001, our IPP composite traded off 6.2%, outperforming the NASDAQ (-6.8%),
but underperforming the S&P 500 (-4.9%).  Reflecting their more defensive
characteristics, our universe of generation oriented utilities traded off
only 1.9%, outperforming all the major market indices.  

2. CSFB Hosting Conference Call on Thursday at 11 AM EDT   This Thursday
(9/20/01) at 11 AM EDT we will be hosting a conference call featuring Judah
Rose-a power generation expert with ICF Consulting.  The dial-in number is
877/715-5321.  Among other topics to be discussed, the relationship between
economic conditions and power demand growth will be explored in greater
detail.  In the near-term, we believe the key analytical challenge for all
equity investors will be to determine how the prospect of slower economic
growth will impact the outlook for corporate earnings across sectors.  

3. MIR Outperforms Following 2 Key Announcements   MIR issued revised 2001
EPS guidance of $1.95 versus its prior forecast of $1.90.  Management noted
that this revision reflects its continued success in using its trading and
marketing operation to optimize the value of its asset base.  Concurrently,
management announced that its board has approved the repurchase of up to 10
million shares over the next 30 days.  We have revised our EPS estimate
accordingly in a separate First Call note issued today.  

4. ORN Down on NYC Power Market Concerns; Con Ed Filing Indicates Intact
Fundamentals   Orion Power traded off 14.6% owing to concerns surrounding
the potential impact of the WTC tragedy on the New York City power market.
In particular investors are questioning the magnitude of lost power demand
and the potential impact on the supply/demand balance in the region.  In an
8K filing issued yesterday, Con Ed notes that lost demand approximates 140
MW-30% below the low end of the initial range of estimates.  In addition, a
portion of this demand will likely be relocated to other parts of the city.
Overall, Con Ed's filing gives us greater comfort in our conclusion that the
fundamentals of the New York City power market remain intact.  

Regards,

Neil Stein   212/325-4217

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