This is the content of an email: <<IPW091001.doc>> Good Morning, Attached, please find the latest issue of our Independent Power Weekly. Also note that today and tomorrow (9/10 and 9/11), CSFB will host a Power Generation Supply Chain Conference at the Plaza Hotel in New York City. This event is designed to provide investors with a wholistic perspective on all aspects of the sector-from coal and natural gas companies, to equipment and service providers, to the power producers themselves. The major power generators are scheduled to speak on Tuesday morning (9/11). Between 9.25 am - 11.50 am presentations will be given by the following companies: Aquila, Calpine, Mirant, NRG Energy, Orion Power, Reliant Resources and TECO Energy. In addition, at 8 am on Tuesday there will be a panel discussion focusing on the state of the generation market. Finally, at 12 pm on Tuesday Judah Rose a power market consultant with ICF Consulting will offer his perspectives on the outlook for the sector during a luncheon presentation. Summary: 1. IPPs Fall 3.7% Last week our IPP composite declined 3.7%, outperforming both the NASDAQ (-6.5%) and the S&P 500 (-4.2%). Shaw Group, which was up 14.4%, was the strongest performer in the group. AES Corp was the weakest performer, falling 10.7%. 2. Awaiting a Bottom We attribute last week's stock price performance to broader market concerns regarding the health of the macro economy and its ability to recover by the end of 2001. Our sense is that investors recognize that IPP valuations are extremely attractive. However, prior to moving aggressively back into the sector, they await some indication that stock prices have stabilized and a bottom has indeed been achieved. 3. Shell Terminates Contract with CPN; Concerns Unwarranted Following its exit from the retail marketing business, Shell terminated a 5 year 3,000 MW requirements contract with Calpine. We believe some investors concluded that this announcement had negative implication for CPN's earnings outlook and its overall hedging strategy. In our view these concerns are unwarranted for 4 reasons: 1. The Shell contract was unusual; 2. There is no earnings impact; 3. Remarketing the output will not be an issue; and, 4. The status of CPN's hedging objectives is unaffected. 4. Legal and Administrative Issues Remain for California Windfall Profits Tax Bills Recently, two bills that would impose a windfall profits tax on California generators have been advancing through the California legislature and will likely by heard on the floor of the Assembly this week. The current legislative session will end this Friday (9/14), requiring any pending bills to be passed by that time. In our view these bills are best understood as a negotiating tactic by Governor Gray Davis and Democrats in the legislature designed to extract additional concession from the FERC and the state's power generators. While we expect at least one or both of these bills to advance through the legislative process, full implementation is likely to be prevented by a number of legal and administrative impediments. Regards,

Subject: CSFB Independent Power Weekly-Issue #42

This is the content of an email: Bobbie, Chris Walker said that this is a revival of the product that was worked on long ago and never finalized. Do you remember what our concerns were? I have sleep since then and do not remember.

Subject: Secondary firm delivery

This is the content of an email: Here are the people who handle confirms in Houston: Melissa Ann Murphy Sharen Cason Kim Hundl EB 3115 1400 Smith Street Houston, Texas 77002 Hope that helps! Let me know if you need anything else. Kate

Subject: Confirms contacts in Houston

This is the content of an email: Jim: In connection with our disussion regarding Market Quotation and "Reference Market - makers" in the Schedule (specifically Enron's request to delete clause (b) to the Section 12 definition), I am advised that it would be difficult to locate four leading dealers with offices in the same city. With respect to the outstanding trades, for example, we would like to know which city has four leading dealers for quoting Mid-Columbia prices? Please let us know. Thanks. Sara
Subject: Reference Market - makers