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* New York state governor George Pataki ordered state buildings to get 20% of their electricity from renewable energy sources by 2010. The governor also appointed a task force of industry leaders, state officials and environmentalists to find ways to reduce carbon dioxide emissions in New York, to combat global warming, and renewed his call for federal emissions standards for older power plants. The announcements set Mr. Pataki apart from his fellow Republican, George W. Bush, and the governor's aides acknowledged that as he approached a re-election campaign next year, it behooved him to distance himself from the president and his increasingly unpopular environmental policies. The governor signed an executive order mandating that state facilities draw at least 10% of their electric needs from renewable sources by 2005, and 20% by 2010 (New York Times, 6/10).

Bonds Maturity Issue Date Issuer Amount ($ mil) Offer Price Type of Security Coupon (%) OfferYield (%) Moody Rating Standard & Poor's Rating Book Manager(s) 1/12/2005 1/12/2000 GPU Inc 299.4 99.81 Senior Notes 7.700 7.746 Baa1 A- SALOMON-SMITH 7/12/2002 4/12/2000 PSE&G 300.0 100.00 FRNs Floats Floats Baa1 BBB+ LEHMAN Equity - 30/11/2000 NiSource Inc 252.5 25.25 Common Shares - - - - CSFB M&A Date Announced Date Effective Target Name Target Country Acquiror Acquiror Industry Sector Acquiror Country Value ($mil) 11/30/00 - CERJ(Empresa Nacional de) Brazil Chilectra Electric, Gas, and Water Distribution" Chile 75.0 11/30/00 11/30/00 Djuro Djakovic Thermo Electric Croatia Austrian Energy & Environment Machinery Austria - 12/04/00 - Apollo Gas Canada Eagle Tail Energy Oil and Gas; Petroleum Refining Canada 5.4 12/04/00 - GEW Koeln (Cologne) Germany RWE Oil and Gas; Petroleum Refining Germany - 12/04/00 12/04/00 MidSouth Utilities United States Conumers North Carolina Water Electric, Gas, and Water Distribution" United States 1.1 Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

CIBC WORLD MARKETS POWER TECHNOLOGY INDEX Company Ticker Price 52-Week Low 52-Week High Market Cap ($ MM) 4-Week Change % 8-Week Change % 2001 YTD Change % Active Power ACPW $24.87 $12.75 $79.75 983.5 -3.6 21.9 13.4 American Superconductor AMSC 26.58 10.75 61.88 583.4 43.3 89.5 -6.9 AstroPower APWR 52.67 13.13 63.92 839.7 9.0 69.4 67.9 Ballard Power Systems BLDP 54.99 32.75 121.50 4,995.9 15.0 25.2 -12.9 Beacon Power BCON 6.30 3.65 10.75 270.8 52.5 40.0 -37.0 Capstone Turbine CPST 31.50 17.75 98.50 2,464.9 1.4 8.4 12.5 Evergreen Solar ESLR 12.99 6.00 20.75 146.9 16.6 18.6 92.4 FuelCell Energy FCEL 80.05 19.38 108.75 1,264.1 9.4 51.9 16.8 H Power HPOW 13.00 5.25 35.94 694.3 30.5 91.2 69.1 Hydrogenics HYGS 5.67 2.75 15.02 221.8 -14.7 41.4 29.6 Mechanical Technology MKTY 9.34 2.00 16.50 331.2 31.0 110.1 166.9 Plug Power PLUG 29.70 9.13 71.63 1,307.2 32.2 98.9 102.2 Proton Energy PRTN 12.25 5.25 36.00 417.8 6.4 69.0 16.7 SatCon Technology SATC 13.78 8.00 41.00 191.4 24.8 34.0 39.5 Power Technology Index1, 2, 3 . 612.43 . . . 12.4 44.7 20.9 NASDAQ . 2,233.66 . . . 4.9 13.9 -9.6 100 as of 12/31/98 2. Equally weighted 3. Includes Plug Power as of October 29, 1999, Capstone Turbine as of June 28, 2000, Active Power as of August 7, 2000 and H Power as of August 8, 2000 The Power Technology Index has dramatically outperformed the NASDAQ Stock Market in recent months. Over the past month the tech index has outshone the NASDAQ almost threefold, rising 12.4% compared to the NASDAQ's 4.9% rally. Over the past eight weeks the Power Technology Index has surged a very impressive 44.7% against the NASDAQ's 13.9% rise. Year-to-date the NASDAQ remains underwater, down 9.6%, but the Power Technology Index is up 20.9%.

* Electricity generator International Power is close to buying the Rugeley coal-fired power station in Staffordshire from U.S. giant TXU Corp. in a deal worth up to GBP250 million ($355 million). The sale which could be finalised this week would add 1,000 MW of capacity to the 500 MW that IP already owns in the U.K.(The Observer, 6/3).

* A California unit of Public Service Enterprise Group will sell up to 430 MW of electricity to the state's Department of Water Resources under a 10-year contract. Power deliveries are expected to begin in September (Reuters, 6/5).

BONDS Maturity Issue Date Issuer Amount ($ mil) Offer Price Type of Security Coupon (%) Yield"(%) Moody's S&P's Book Manager(s) PUT04/21 05/24/2001 Mirant Corp 750 100 Cvt Senior Nts 2.5 2.5 Baa2 BBB- SALOMON-SMITH 06/15/2011 05/28/2001 Tokyo Electric Power 412.8 100 Bonds 1.4 na Aa2 AA NIKKO-SSB EQUITY Issue Date Issuer Amt ($mil) Type of Equity Book Manager 05/24/2001 Allete 153.9 Common Shares UBS-WARBURG M&A Date Announced Date Effective Target Target Country Acquiror Name Acquiror Country Target Industry Sector Value ($mil) 05/24/01 - Alternative Energy U.S. Boralex Canada Electric, Gas, and Water Distribution 27 05/24/01 05/24/01 Northstone Power Canada AlterPower Capital Canada Electric, Gas, and Water Distribution - 05/24/01 - Tychy Thermal Power Plant Poland SNET France Electric, Gas, and Water Distribution - 05/25/01 05/25/01 Ares Strom Direkt Germany Stadtwerke Kiel Germany Electric, Gas, and Water Distribution - 05/28/01 05/28/01 Ares Energie-Power Retail Unit Germany TXU Europe Group U.K. Electric, Gas, and Water Distribution - 05/29/01 - Herc Oil Canada Zargon Oil & Gas Canada Electric, Gas, and Water Distribution 16 05/29/01 05/29/01 Humber Power U.K. Centrica U.K. Electric, Gas, and Water Distribution 423 Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

BONDS Maturity Issue Date Issuer Amt ($ mil) Offer Price Type of Security Coupon (%) Yield (%) Moody's S&P Book Manager(s) 7/6/04 18/5/01 Hong Kong Electric (Cayman) 64.1 100 Bonds 5.3 N/A NR NR SCBHK 18/5/01 Puget Sound Energy Cap Tr II 200 25 TOPRS N/A N/A baa2 BBB- MERRILL 1/6/06 21/5/01 KeySpan Corp 499.1 99.83 Bonds 6.15 6.19 A3 A JPM 1/6/11 22/5/01 Nevada Power(Sierra Pac Res) 349.9 99.96 Notes 8.25 8.255 Baa1 A- CSFB 23/5/01 Consumers Energy(CMS Energy) 125 25 Trust Pfd Sec's N/A N/A ba1 BB MERRILL/MSDW 1/6/06 23/5/01 DTE Energy Co 499.2 99.83 Notes 6.45 6.49 Baa2 BBB GS 1/6/04 23/5/01 DTE Energy Co 249.4 99.78 Notes 6 6.083 Baa2 BBB GS 1/6/11 23/5/01 DTE Energy Co 598.4 99.74 Notes 7.05 7.087 Baa2 BBB GS 7/6/07 23/5/01 Ente Nazionale per l'Energia 1,728.5 99.93 Fxd/Straight Bd 5 5.013 Aa3 A+ BNP/MEDIO Source: Thomson Financial Securities Data

CIBC WORLD MARKETS POWER TECHNOLOGY INDEX Company Ticker 9-May-01 Price 52 Week Price Low 52 Week Price High Market Cap ($ MM) 4-Week Change % 8-Week Change % 2001 YTD Change % Active Power ACPW $16.38 $12.75 $79.75 $1,012.9 31.6 45.0 19.0 American Superconductor AMSC 11.31 10.75 61.88 420.0 44.9 28.1 -31.3 AstroPower APWR 27.69 13.13 63.92 611.1 44.3 50.5 43.9 Ballard Power Systems BLDP 35.25 32.75 121.50 4,267.4 11.2 17.3 -25.6 Beacon Power BCON 5.03 3.90 10.75 166.4 -6.5 -43.6 -61.2 Capstone Turbine CPST 24.50 17.75 98.50 2,356.8 2.6 26.2 7.6 Evergreen Solar ESLR 8.56 6.00 20.75 116.9 -2.6 14.2 53.3 FuelCell Energy FCEL 44.75 18.13 108.75 1,145.7 44.8 52.7 5.8 H Power HPOW 6.72 5.25 35.94 534.1 42.9 67.5 30.1 Hydrogenics HYGS 3.63 2.75 15.02 226.1 48.2 5.1 32.1 Mechanical Technology MKTY 3.78 2.00 16.50 254.9 35.7 54.4 105.4 Plug Power PLUG 12.88 9.13 71.63 992.1 20.2 52.2 53.5 Proton Energy PRTN 6.75 5.25 36.00 312.3 33.2 11.8 -11.3 SatCon Technology SATC 8.88 8.00 41.00 154.7 10.2 3.6 12.8 Power Technology Index1, 2, 3 . 370.26 . . . 24.7 24.5 3.2 NASDAQ . 1,638.80 . . . 9.0 6.7 -15.7 100 as of 12/31/98 2. Equally weighted 3. Includes Plug Power as of October 29, 1999, Capstone Turbine as of June 28, 2000, Active Power as of August 7, 2000 and H Power as of August 8, 2000 The Power Technology Index has staged a sharp 24.7% rally over the past four weeks, comprehensively outshining the broader technology-laden NASDAQ Stock Market, which has risen a more modest 9%. Over an eight-week timeframe the power tech index's outperformance has been even more marked. It has rallied 24.5% compared to the NASDAQ's 6.7% climb. Last month's strong performance puts the power tech index in the black year-to-date, up 3.2%. The NASDAQ remains underwater for 2001, down 15.7%.

This article describes a Monte-Carlo approach that not only prices weather derivatives, but allows traders of power and gas to arrive at a set of "weather delta" values that quantify the sensitivity of various assets and obligations to systematic weather risk. It also suggests using a weather-based approach for valuing both power and gas contracts, even in the absence of an interest in weather derivatives per se.

BONDS Maturity Issue Date Issuer Amt ($ mil) Offer Price Type of Security Coupon (%) Yield (%) Moody's S&P Book Manager(s) 05/25/2006 05/10/2001 Okinawa Electric Power 81.5 100 Bonds 0.610 na NA NA MIZUHO-SEC 05/25/2001 05/11/2001 Hokuriku Electric Power 163.2 100 Bonds 1.42 na NA NA DAIWA-SMBC 05/11/2041 05/11/2001 Scottish Power 142.2 99.951 Fxd/Straight Bd 6.5 6.503 A1 A UBS-WARBURG 05/15/2002 05/14/2001 TECO Energy 400 100 FRNs Floats Floats A3 A- CSFB 05/17/2016 05/14/2001 Western Mass Series 155 Market Asset Bkd Certs NA Market Aaa AAA LEHMAN 05/30/2011 05/16/2001 Israel Electric Corp. 596.8 99.473 Notes 7.95 8.027 A3 A- SS/DEUTSCHE-ALEX-B EQUITY Issue Date Issuer Amt ($mil) Type of Equity Book Manager 05/11/2001 Orion Power Holdings 373.9 Common Shares GS M&A Date Announced Date Effective Target Target Country Acquiror Name Target Industry Sector Acquiror Country Value ($mil) 05/10/01 05/10/01 Salcon Singapore PICA Electric, Gas, and Water Distribution Malaysia - 05/11/01 - Akca Enerji Turkey Undisclosed Acquiror Electric, Gas, and Water Distribution Unknown - 05/11/01 - Agder Energi Norway Lyse Energi Electric, Gas, and Water Distribution Norway 1561 05/11/01 05/11/01 FieldTech U.S. Invensys Management Services Electric, Gas, and Water Distribution U.S. 18 05/11/01 05/11/01 First Choice Watercoolers U.K. Perrier-Vittel Electric, Gas, and Water Distribution France - 05/12/01 - Elektrizitaetsversorgung Wikon Switzerland Centralschweizerische Electric, Gas, and Water Distribution Switzerland - 05/14/01 - Ueberland Strom Austria Steirische Wasserkraft und Electric, Gas, and Water Distribution Austria - 05/15/01 05/15/01 Enron 800 MW Pastoria U.S. Calpine Electric, Gas, and Water Distribution U.S. - 05/15/01 - Stadtwerke Telgte Germany Thuega Electric, Gas, and Water Distribution Germany - 05/15/01 - WestCoast Energy-Cogen Plants Canada CANADA POWER HOLDINGS Electric, Gas, and Water Distribution Canada 253 Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.