<<IPW092401.pdf>>  Good Morning,  Attached, please find the latest issue of our Independent Power Weekly.
Also note that there is a replay available of our conference call, which took place last week.
The dial-in number is 402/220-7493.
The PIN # is 7493.
The call featured Judah Rose from ICF Consulting.
Topics discussed included: 1.
Recent trends in the US power market; 2.
Their impact on the generation supply chain; and, 3.
The relationship between GDP and power demand.
A copy of the slides that accompanied Judah's presentation is available upon request.
Summary: 1.
IPP's Fall 5.1%   Last week our our IPP composite declined 15.4%, outperforming the NASDAQ (-15.7%), but underperforming the S&P 500 (-11.1%).
NRG Energy, which was down 8.8%, was the strongest generator in the group.
International Power was the weakest performer, declining 30.5%.
2.
Generation Oriented Utilities Fall 6.9%   Our universe of generation oriented utilities fell 6.9%, outperforming all the major market indices.
DTE Energy, which was down 2.7%, was the strongest performer in the group.
PPL was the weakest performer, declining 13.5%.
3.
IPPs Trading 24% Below Private Market Asset Value   Importantly, our analysis indicates that all the major US IPPs are now trading at or below the private market values of their assets.
As a group, the major IPPs are trading at a 24% average discount to their private market asset values.
NRG Energy and Reliant Resources are trading at the most significant discounts to their private market values-33% and 34%.
4.
Disparity Between Public and Private Market Valuations is Unsustainable We believe this situation is unsustainable and envision 3 scenarios that could play out.
1.
Stock prices may simply rebound correcting the valuation disparity; 2.
IPPs limit the amount of capital allocated to new plant construction and pursue share buybacks or acquisitions of other IPPs; or, 3.
Traditional utilities (both domestic and foreign) or other entities from outside the industry pursue acquisitions of IPPs.
Regards,

CSFB Independent Power Weekly--Issue #44
<<IPW000000.pdf>> Good Morning, Attached, please find the latest issue of our Independent Power Weekly.
Also note that there is a replay available of our conference call, which took place last week.
The dial-in number is <PHONE>.
The PIN # is <NUMBER>.
The call featured Judah Rose from ICF Consulting.
Topics discussed included: <NUMBER>.
Recent trends in the US power market; <NUMBER>.
Their impact on the generation supply chain; and, <NUMBER>.
The relationship between GDP and power demand.
A copy of the slides that accompanied Judah's presentation is available upon request.
Summary: <NUMBER>.
IPP's Fall <NUMBER>% Last week our our IPP composite declined <NUMBER>%, outperforming the NASDAQ (<NUMBER>%), but underperforming the S&P <NUMBER> (<NUMBER>%).
NRG Energy, which was down <NUMBER>%, was the strongest generator in the group.
International Power was the weakest performer, declining <NUMBER>%.
<NUMBER>.
Generation Oriented Utilities Fall <NUMBER>% Our universe of generation oriented utilities fell <NUMBER>%, outperforming all the major market indices.
DTE Energy, which was down <NUMBER>%, was the strongest performer in the group.
PPL was the weakest performer, declining <NUMBER>%.
<NUMBER>.
IPPs Trading <NUMBER>% Below Private Market Asset Value Importantly, our analysis indicates that all the major US IPPs are now trading at or below the private market values of their assets.
As a group, the major IPPs are trading at a <NUMBER>% average discount to their private market asset values.
NRG Energy and Reliant Resources are trading at the most significant discounts to their private market values-<NUMBER>% and <NUMBER>%.
<NUMBER>.
Disparity Between Public and Private Market Valuations is Unsustainable We believe this situation is unsustainable and envision <NUMBER> scenarios that could play out.
<NUMBER>.
Stock prices may simply rebound correcting the valuation disparity; <NUMBER>.
IPPs limit the amount of capital allocated to new plant construction and pursue share buybacks or acquisitions of other IPPs; or, <NUMBER>.
Traditional utilities (both domestic and foreign) or other entities from outside the industry pursue acquisitions of IPPs.
Regards,
plant construction pursue capital allocated new ipw000000 pdf good judah phone pin number trends power market analysis indicates major scenarios play foreign entities outside