fw : csfb independent power weekly ; notes from eei included - - - - - original message - - - - -
from : stein , neil [ mailto : neil . stein @ csfb . com ]
sent : monday , november 05 , 2001 7 : 24 am
to : undisclosed - recipients
subject : csfb independent power weekly ; notes from eei included
>
good morning ,
attached , please find the latest issue of our independent power weekly .
summary :
1 . ipps fall 3 . 7 % last week our ipp composite declined 3 . 7 % ,
underperforming both the s 2 . development activity slowing / value driven
m and , 3 . enron exposure .
4 . prevailing mood at eei : uncertainty versus last year ' s conference , the
prevailing mood at eei was one of uncertainty . given developments in the
equity market , commodity market and regulatory arenas , some investor concern
is not surprising . however , we remain positive on the prospects of the
owners and developers of power generation assets for 2 reasons : 1 . long - term
industry fundamentals remain intact ; and , 2 . current concerns are
discounted / ipps trading at 20 % below private market value .
5 . selectivity is important ; focus on the major ipps : highlighting cpn , mir
and nrg we continue to highlight calpine ( cpn , strong buy ) , mirant ( mir ,
buy ) and nrg energy ( nrg , buy ) . owing to their combination of geographic
diversification , large scale operations and substantial hedging , our
analysis indicates that these companies are best positioned to deliver
sustainable earnings and growth in the face of volatile power market
conditions . we believe the current environment should serve as a catalyst
to differentiate these companies from their peers .
6 . debt market update last week enron remained the focus of debt investor
attention , fueling a high level of trading activity for the ipps . credit
spreads continue to be negatively influenced by concerns regarding exposure
to enron .
regards ,
neil stein 212 / 325 - 4217
this message is for the named person ' s use only . it may contain
confidential , proprietary or legally privileged information . no
confidentiality or privilege is waived or lost by any mistransmission .
if you receive this message in error , please immediately delete it and all
copies of it from your system , destroy any hard copies of it and notify the
sender . you must not , directly or indirectly , use , disclose , distribute ,
print , or copy any part of this message if you are not the intended
recipient . credit suisse group and each of its subsidiaries each reserve
the right to monitor all e - mail communications through its networks . any
views expressed in this message are those of the individual sender , except
where the message states otherwise and the sender is authorised to state
them to be the views of any such entity .
unless otherwise stated , any pricing information given in this message is
indicative only , is subject to change and does not constitute an offer to
deal at any price quoted .
any reference to the terms of executed transactions should be treated as
preliminary only and subject to our formal written confirmation .
fw : csfb independent power weekly ; notes from eei included
- - - - - original message - - - - -
from : stein , neil [ mailto : neil . stein @ csfb . com ]
sent : monday , november 05 , 2001 7 : 24 am
to : undisclosed - recipients
subject : csfb independent power weekly ; notes from eei included
>
good morning ,
attached , please find the latest issue of our independent power weekly .
summary :
1 . ipps fall 3 . 7 % last week our ipp composite declined 3 . 7 % ,
underperforming both the s 2 . development activity slowing / value driven
m and , 3 . enron exposure .
4 . prevailing mood at eei : uncertainty versus last year ' s conference , the
prevailing mood at eei was one of uncertainty . given developments in the
equity market , commodity market and regulatory arenas , some investor concern
is not surprising . however , we remain positive on the prospects of the
owners and developers of power generation assets for 2 reasons : 1 . long - term
industry fundamentals remain intact ; and , 2 . current concerns are
discounted / ipps trading at 20 % below private market value .
5 . selectivity is important ; focus on the major ipps : highlighting cpn , mir
and nrg we continue to highlight calpine ( cpn , strong buy ) , mirant ( mir ,
buy ) and nrg energy ( nrg , buy ) . owing to their combination of geographic
diversification , large scale operations and substantial hedging , our
analysis indicates that these companies are best positioned to deliver
sustainable earnings and growth in the face of volatile power market
conditions . we believe the current environment should serve as a catalyst
to differentiate these companies from their peers .
6 . debt market update last week enron remained the focus of debt investor
attention , fueling a high level of trading activity for the ipps . credit
spreads continue to be negatively influenced by concerns regarding exposure
to enron .
regards ,
neil stein 212 / 325 - 4217
this message is for the named person ' s use only . it may contain
confidential , proprietary or legally privileged information . no
confidentiality or privilege is waived or lost by any mistransmission .
if you receive this message in error , please immediately delete it and all
copies of it from your system , destroy any hard copies of it and notify the
sender . you must not , directly or indirectly , use , disclose , distribute ,
print , or copy any part of this message if you are not the intended
recipient . credit suisse group and each of its subsidiaries each reserve
the right to monitor all e - mail communications through its networks . any
views expressed in this message are those of the individual sender , except
where the message states otherwise and the sender is authorised to state
them to be the views of any such entity .
unless otherwise stated , any pricing information given in this message is
indicative only , is subject to change and does not constitute an offer to
deal at any price quoted .
any reference to the terms of executed transactions should be treated as
preliminary only and subject to our formal written confirmation .