Here is an email: <<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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A: CSFB Independent Power Weekly--Issue #44
Here is an email: Dear Ken, Good morning. Today is a new day! I know yesterday and the entire past week have been extremely difficult for you, your family, and the entire Enron family. I just wanted you to know that I'm keeping you in my thoughts and prayers. We all are extremely fortunate to have you as a leader and continue to support you stronger than ever as you navigate us through this time. As you mentioned yesterday, times like these make us stronger and build character - so important for all employees to remember. Please know that I will do whatever possible to carry that message forward. Best Regards,
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A:
All-Employee Meeting Follow-Up