fw ipp update analysis power market conditions indicatesselling overdone focus cpn mir original message stein neil mailto neil stein csfb com sent wednesday july 25 2001 8 09 undisclosed recipients subject ipp update analysis power market conditions indicatesselling overdone focus cpn mir good morning attached please find latest update ipp sector includes analysis recent power market conditions 1 focus cpn mir july 24 2001 ipp composite traded 8 owing heightened market concerns surrounding soft spot forward power prices believe weakness presents buying opportunity across whole section recommend investors focus top 2 picks calpine cpn strong buy mirant mir buy 2 power market analysis note include analysis recent power market conditions conclude power market conditions stable generally believed conditions worsened earnings impact would severe basis believe sell across sector overdone 3 beware national power indices order properly analyze recent power price fluctuations key analyze california market separately outside california spark spreads actually increased 2 7 average since may number key markets within california large declines pricing margins however potential returns capital market remain well anywhere else country 4 ipps call options power prices bulk group contracted substantial portions output particular calpine sold forward 90 output 2001 80 2002 5 current valuations reflect investor uncertainties 2001 2002 p e multiples compressed 40 year date 6 buy weakness extent earnings prospects remain intact view recent weakness irrational regards neil stein 212 325 4217 bryan sifert 212 325 3906 message named person use may contain confidential proprietary legally privileged information confidentiality privilege waived lost mistransmission receive message error please immediately delete copies system destroy hard copies notify sender must directly indirectly use disclose distribute print copy part message intended recipient credit suisse group subsidiaries reserve right monitor e mail communications networks views expressed message individual sender except message states otherwise sender authorised state views entity unless otherwise stated pricing information given message indicative subject change constitute offer deal price quoted reference terms executed transactions treated preliminary subject formal written confirmation