IN: Sally, Happy New Year! I just wanted to let you know that I've gone back to my roots and accepted a position with the Employment Agency, The Tinsley Group. They helped me place several people within your group over the last couple of years. My focus is to help Enron people get back to work (Permanent or Contract openings). Please refer to me anyone in the Accounting/Risk/Tax or Audit areas for an additional avenue in their job search. I have opportunities in Houston for all industries. Some critical openings are: Corporate Controller - League City (approx $110), public, Home manufacturing co. Revenue Accountant (joint interest) for Exploration & Production co. Cost Accountant with percentage of completion experience, construction industry Federal & International Tax, several companies Internal Audit (1-3 yr), several companies I hope your spirits are high and I sincerely wish you the best of luck! Thanks!

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OUT: Just an FYI

IN: The following filings by NYISO are pending at FERC: - Filing to extend the expiration date for NYISO's Automated Mitigation Procedure to October 31, 2002, effective no later than November 1, 2001. (Docket No. ER01-3155) Enron is filing a protest and also participating in drafting the Independent Power Producers of New York protest. - Filing to implement multi-hour block transactions in the NYISO Day-Ahead Market, effective on December 1, 2001. (Docket No. ER01-3147). Enron is intervening in order to monitor this proceeding. - Compliance filing in ER01-2536 pursuant to FERC's Sept. 4 order requiring filing of revenue-neutral translation calculation of the in-city price cap into UCAP terms. If you have any questions or concerns, please contact either Howard Fromer (518.427.0531) or me.

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OUT: NYISO filing update

IN: We are closing to finalizing a Lotus Notes Database for us to keep track of approvals for online trading counterparties and any amendments to online trading documents. Once the database is done, I (and you, I guess) will have to input the data for the Houston and London based Credit counterparties. I am forward to you this early draft of the database for you to see what it looks like. You will have to go into "create new counterparty" to see the format once you opened the database up. We're still revising it to add a drop down for amendments to online trading documents, and then we're going to have a sort similar to the Pending Swap Update sort on Lotus Notes, that will show the Counterparty Name, Approved for Online Trading: Yes or No, and then follow with any amendments to the online agreements. This will, obviously, help us keep track of if and why we've approved a counterparty, and also help us generate reports to the online trading team. Access will currently be granted to the same people who have access to the Master Swap Agreement Database. If you have any additional Credit Online People to add let me know. We hope to have it ready within the week so we can start populating it with the information.

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OUT: online trading db

IN: <<IPW092401.pdf>> Good Morning, Attached, please find the latest issue of our Independent Power Weekly. Also note that there is a replay available of our conference call, which took place last week. The dial-in number is 402/220-7493. The PIN # is 7493. The call featured Judah Rose from ICF Consulting. Topics discussed included: 1. Recent trends in the US power market; 2. Their impact on the generation supply chain; and, 3. The relationship between GDP and power demand. A copy of the slides that accompanied Judah's presentation is available upon request. Summary: 1. IPP's Fall 5.1% Last week our our IPP composite declined 15.4%, outperforming the NASDAQ (-15.7%), but underperforming the S&P 500 (-11.1%). NRG Energy, which was down 8.8%, was the strongest generator in the group. International Power was the weakest performer, declining 30.5%. 2. Generation Oriented Utilities Fall 6.9% Our universe of generation oriented utilities fell 6.9%, outperforming all the major market indices. DTE Energy, which was down 2.7%, was the strongest performer in the group. PPL was the weakest performer, declining 13.5%. 3. IPPs Trading 24% Below Private Market Asset Value Importantly, our analysis indicates that all the major US IPPs are now trading at or below the private market values of their assets. As a group, the major IPPs are trading at a 24% average discount to their private market asset values. NRG Energy and Reliant Resources are trading at the most significant discounts to their private market values-33% and 34%. 4. Disparity Between Public and Private Market Valuations is Unsustainable We believe this situation is unsustainable and envision 3 scenarios that could play out. 1. Stock prices may simply rebound correcting the valuation disparity; 2. IPPs limit the amount of capital allocated to new plant construction and pursue share buybacks or acquisitions of other IPPs; or, 3. Traditional utilities (both domestic and foreign) or other entities from outside the industry pursue acquisitions of IPPs. Regards,

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OUT:
CSFB Independent Power Weekly--Issue #44