Here is an email: <<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,
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A: CSFB IPP Weekly: DYN/ENE Deal Mitigates Overhang; MIR MeetingPre view; New Regional Spark Spread Analysis
Q: Hey guys, I just wanted to give you a friendly reminder to please have someone go through all your books to look for any deals with ECC and a third counterparty for October and November 2001 production. I'll try to find as many as I can, but I'm not as familiar with all of your books as you are, and I don't want any deals to be missed. If you come across any deals can you please flip them to the FT-US/CAND-ERMS book as soon as possible as there are only a couple more days left this month, and settlements needs to get started on invoicing. Please let me know if you have any questions on this. Thanks
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A: ECC deals in Houston books to be flipped
IN: I'd say, "What next? ", but I'm afraid to ask.... Regarding our California strategy, preventing the merger would seem to be right up there with "end the price caps" in our list of priorities. At today's FERC hearing, a hair-brained consumer advocate called for merging the PX and the ISO. During the panel I was on, I made the point that a merger would make California's problems worse than they are today. The FERC Commissioners seemed somewhat responsive to my concerns. P.S. After the panel, Heber lobbied me hard to support transcos. DJ Freeman Sees Cal/ISO, PX Merger, Lower Price Cap Copyright , 2000 Dow Jones & Company, Inc. By Jason Leopold Of DOW JONES NEWSWIRES SAN DIEGO (Dow Jones) -- David Freeman, seen a likely replacement for

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OUT: DJ Freeman Sees Cal/ISO, PX Merger, Lower Price Cap
IN: This is an email
Although this is definitely not the best way to announce it, today is my last day at Enron Canada Corp. and I wanted to let you know that it has been a real pleasure working with you over the last couple of years. I apologize for letting you know by e-mail instead of giving you a call. Unfortunately, the mechanics of my employment change required me to avoid phoning you all earlier. Just so you know, I am returning to my old job in the world of private practice at Bennett Jones LLP here in Calgary. I do not have my new e-mail address or phone number yet but you can reach me at the main switchboard at (403) 298-3100 starting December 3, 2001. My mugshot, direct line and e-mail address should be appearing on the Bennett Jones website (www.bennettjones.ca) within the next month. In the meantime, I will be taking a couple of weeks to spend with my wife and 3 month old son Jimmy. I wish nothing but the best for you and if you ever find yourself in the Great White North of Calgary, please give me a call. All the best,

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OUT: Personal News
QUESTION: Per Sara's request, I'm forwarding to you her Enron Corp. Equity Trading Status Report. She is planning to be back in the office on Wed., July 19. Kaye
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ANS: Sara Shackleton's Status Reports
IN: Michelle, Our Coal group is planning to close an office we have in WV at the end of this year. There are 4 employees in this location; one has been offered a job in Houston and has declined, another employee may be offered a job with a JV we have nearby. I wanted to see if there are any notification requirements in WV and if so, what they are. Thanks,

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OUT:
W. Virginia office