fw csfb independent power weekly issue 32 original message sifert bryan enron mailto imceanotes 22 sifert 2 c 20 bryan 22 20 3 cbryan 2 esifert 40 csfb 2 ecom 3 e 40 enron enron com behalf stein neil sent monday june 25 2001 6 34 undisclosed recipients enron subject csfb independent power weekly issue 32 good morning attached please find latest issue independent power weekly summary 1 ipps fall 10 4 last week ipp composite fell 10 4 underperforming nasdaq 0 3 p 500 0 9 international power strongest performer group rising 1 7 shaw group weakest performer falling 18 1 2 old story politics last week lackluster stock price performance reflected lingering political regulatory uncertainties concerns heightened ferc latest order issued monday 6 18 calling expanded price controls western markets addition subject retroactive refunds received renewed attention 3 litmus test impact forward earnings returns growth rates view market litmus test evaluating stories must focus whether event taken place negatively impacts forward earnings returns growth rates sector analysis recent events points unchanged forward earnings profile sector basis regard recent stock price activity irrational 4 significant roic possible ferc plan best case scenario assuming power prices remain maximum allowable levels power emergency estimate new combined cycle natural gas fired power plant earn 68 roic likely scenario assuming average power prices approximate 60 maximum allowable level plant could earn 25 roic importantly 2 3 years ago power plant developers predicating investment decisions targeted 12 roic attached spreadsheet containing analysis 5 ferc settlement conference begins today today ferc hosted settlement conference begin bringing together california power generators utilities goal get parties arrive agreement issue refunds repayment past receivables possibility retroactive refunds presents uncertainties ipp believe closure issue could imminent settlement conference may bring resolution situation regardless agreement reached ferc issue final decision matter 6 rri analyst meeting tuesday tuesday 6 26 reliant resources host first major analyst meeting since april 2001 ipo meeting expect management clarify longer term exposure ferc expanded price controls 7 csfb hosting lunch uk chief regulator friday friday 6 29 noon csfb hosting luncheon callum mccarthy chief executive uk office gas electricity markets ofgem position mccarthy serves chief power gas regulator uk luncheon take place offices 11 madison avenue 27 th floor please contact us would like attend 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 ipwo 62501 pdf roic _ _ ferc xls