<<IPW111201a.pdf>> Good Morning, Attached, please find the latest issue of our Independent Power Weekly. Summary: 1. IPPs Rise 3.8% Last week our IPP composite rose 3.8%, outperforming the S&P 500 (+3.0%), but underperforming the NASDAQ (+4.7%). Mirant, which was up 12.9%, was the strongest generator in the group. International Power was the weakest performer, declining 2.4%. 2. Generation Oriented Utilities Rise 5.5% Our universe of generation oriented utilities rose 5.5%, outperforming all major indices including the UTY (4.0%). Constellation Energy, which was up 8.6%, was the strongest performer in the group. Cleco Corp was the weakest performer, improving 3.4%. 3. DYN/ENE Deal Removes Overhang We attribute last week's strong performance to indications of an imminent resolution to Enron's financial difficulties in the form of an investment from Dynegy. Late on Friday, these reports proved true with Dynegy agreeing to acquire Enron and provide immediate liquidity support. Over the last few weeks, the group came under pressure owing to concerns about Enron's deteriorating credit quality. In particular, IPP investors were concerned about the level of receivables exposure of various companies to Enron. Further, some industry observers suggested that a damaging reduction in trading liquidity could result if Enron were forced to withdraw from the natural gas and power markets. 4. New Feature: Regional Spark Spread Analysis Inside we include a regional spark spread analysis looking back 2 years. Going forward, this analysis will be a regular feature in the Weekly. 5. Valuations Remain Attractive; Focus On the Major IPPs: Highlighting CPN, MIR and NRG Given diminishing Enron concerns, we would expect investors to refocus on attractive valuations across the sector. The pure play power producers are trading at a 12% average discount to their private market asset values. We continue to highlight Calpine, Mirant and NRG Energy. 6. MIR Hosting Analyst Seminar On Tuesday (11/13), Mirant will host its second major analyst meeting in Atlanta, Georgia. We expect management to discuss the following: 1. Business plan update; 2. 2002 earnings visibility; 3. Financing plans; and 4. Reaction to DYN/ENE deal. 7. CSFB Philippines Energy Forum; Relevant to MIR On 11/15 at 3.30 pm CSFB will host a Philippines Energy Forum at the Waldorf Hotel in NYC. The meeting will feature 3 speakers: 1. Her Excellency Gloria Macapagal Arroyo, The President of the Philippines; 2. the Honorable Vincent S. Perez, Jr., Secretary of the Department of Energy of the Philippines; and, 3. Rick Kuester, CEO of Mirant Asia Pacific. The forum will focus on upcoming developments and opportunities in the power and oil/gas industry in the Philippines. Regards,
Answer: CSFB IPP Weekly: DYN/ENE Deal Mitigates Overhang; MIR MeetingPre view; New Regional Spark Spread Analysis
Here is an email: At the request of Christi, enclosed please find a revised draft of EPMI's response to TVA's recent letter concerning EPMI's transmission requests. This letter has been revised from the earlier draft to reflect comments from Kevin and me. I will call Bill Rust and read the letter to him after all revisions have been made. Please let me know if you have any comments. We would like to get the letter out to TVA as soon as possible, preferably this afternoon if possible Thanks
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A: Draft of EPMI Response Letter to TVA
Q: Chris, Here are the additional manual entry meters. Those highlighted in blue should already be in the database, while green highlighting designates new records. Those without web DRN numbers need Enron designations which I will leave up to you. Let me know if you have any questions. Mat
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A: manual entry meters
IN: Dear Greg, As we discussed, I am attaching our proposed form of ISDA Schedule and Credit Support Annex for your review. If you have any comments or questions, please do not hesitate to call me at 713/853-3399. We look forward to hearing from you. cc: Tom May Ed Sacks, Credit Bob Bruce, Senior Counsel

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OUT: Draft ISDA-Ontario Power Generation, Inc.
IN: This is an email
Williams Launches uE Web Site For Cross Commodity Pricing Tulsa-based Williams on Monday launched uE, a cross-commodity price index for both spot and future energy prices, as a companion to its web-based EnergyNewsLive.com. Similar to the Dow Jones for equity markets, the Williams uE will offer an equivalent benchmark for the overall price of energy, measuring the price average of eight individual commodities: electricity, natural gas, unleaded gasoline, heating oil, ethane, propane, residual fuel and jet fuel. The site includes information on pricing trends including a national spot uE, forward uE, regional uE, commodity quotes, as well as daily, weekly and monthly commentary. Included on the site is EnergyPulse, which will feature Dr. Dennis O'Brien, director of energy and policy at the University of Oklahoma. EnergyPulse now airs every Friday on Williams' EnergyNewsLive site, and offers an analysis of trends in energy pricing and the impact the economy has on energy. Williams uE was introduced a year ago when EnergyNewsLive debuted, and Williams said it has tested and refined the site for the company's own market activity. It also has been reviewed by the Energy Information Administration, said Williams. To view the site, visit www.williams-ue.com.

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OUT: Add This to your Price Discovery Sites
Peggy: Considering where we are in the divestiture process, I don't think it is the right time to have PGE contract for and administer the Health and Welfare Benefits noted in your memo dated 04/20/01. In addition, it is likely that a potential buyer would want PGE to come under its own Health and Welfare Benefits. Switching now could entail having PGE employees being under three Plans in a relatively short period of time. Stan
Answer:
HEALTH & WELFARE BENEFITS