fw csfb independent power weekly issue 48 ipps rose 0 6 califor nia contracts get attention major earnings week ahead original message stein neil mailto neil stein csfb com sent monday october 22 2001 7 38 undisclosed recipients subject csfb independent power weekly issue 48 ipps rose 0 6 califor nia contracts get attention major earnings week ahead good morning attached please find latest issue independent power weekly summary 1 ipps rise 0 6 last week ipp composite rose 0 6 outperforming p 500 1 7 nasdaq 1 9 mirant 5 2 strongest generator group international power weakest performer declining 5 8 2 generation oriented utilities fall 0 8 universe generation oriented utilities declined 0 8 outperforming p 500 nasdaq underperforming uty 0 6 constellation energy 3 3 strongest performer group black hills weakest performer declining 5 6 3 california contracts dominate investor attention last week renewed concern among investors state california would attempt renegotiate 53 power sales contracts various power generators marketers long term see minimal risk generators believe california legal options respect agreements signing contracts played key role reigning spot power prices state finally governor davis apparently support massive contract renegotiation effort 4 headline risk remains issue see involves headline risk governor administration appear taking restrained approach regard contracts political pressure renegotiate continues grow cpuc state attorney general office ultimately expect efforts unsuccessful near term issue continue attract media attention 5 earnings season upon us week bulk ipp generation oriented utilities scheduled report earnings ipp group results expected aes cpn rri generation oriented utility group results expected cnl dpl etr fpl ppl xel expect capital discipline recurring theme emphasized companies upcoming conference calls response stock prices trading private market asset values expect management teams across sector de emphasize growth begin using stricter hurdle rates evaluating new investment opportunities regards neil stein 212 325 4217 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