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* 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.

BONDS Maturity Issue Date Issuer Amt ($ mil) Offer Price Type of Security Coupon (%) Yield (%) Moody's S&P Book Manager(s) NA 05/04/2001 American Electric Power 249.6 99.828 Global Bonds 5.500 5.591 Baa1 BBB+ CSFB/MERRILL/UBS-WARBURG 05/15/2006 05/04/2001 American Electric Power 997.0 99.696 Global Bonds 6.125 6.196 Baa1 BBB+ CSFB/MERRILL/UBS-WARBURG 05/11/2011 05/04/2001 Hydro-Quebec 748.7 99.831 Global Bonds 6.300 6.323 A2 A+ MERRILL/CSFB 05/15/2011 05/04/2001 SCANA Corp 299.9 99.962 Notes 6.875 6.880 A3 A- CSFB/UBS-WARBURG 05/25/2009 05/08/2001 Shikoku Electric Power 164.8 100 Bonds 1.180 NA NA NA NIKKO-SSB 03/18/2011 05/08/2001 Tohoku Electric Power 329.4 99.92 Bonds 1.460 NA NA NA MIZUHO-SEC 05/25/2011 05/09/2001 Chubu Electric Power 247.1 99.92 Bonds 1.440 NA Aa2 AA- NOMURA M&A Date Announced Date Effective Target Target Country Target Industry Sector Acquiror Name Acquiror Industry Sector Acquiror Country Value of Deal ($mil) 05/03/01 - Rivenoblenergo Ukraine Electric, Gas, and Water Distribution AES Electric, Gas, and Water Distribution U.S. 23 05/07/01 - Enercan Brazil Electric, Gas, and Water Distribution VBC Energia Electric, Gas, and Water Distribution Brazil - - EQUITY Issue Date Issuer Amt ($mil) Type of Equity Book Manager 05/03/2001 PPL 500.0 Trust Pfd Sec's MSDW Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

Equity Issue Date Issuer Amt ($mil) Type of Equity Book Manager 04/19/2001 First Canadian Electric Common Shares HAYWOOD-SEC/RAYMOND 04/20/2001 Eletrobras 33.9 Common Shares IPANEMA CM 04/30/2001 Reliant Resources Inc 1560.0 Common Shares GS 04/26/2001 Allegheny Energy 598.3 Common Shares GS/ML M&A Date Announced Date Effective Target Target Country Acquiror Name Acquiror Industry Sector Acquiror Country Value ($mil) 04/26/01 Canadian Midstream Services Canada Duke Energy Field Services Oil and Gas; Petroleum Refining U.S. - 04/26/01 Chocolate Bayou Water U.S. North Harris County Regional Electric, Gas, and Water Distribution U.S. 100 04/26/01 Merchant Energy U.S. TransAlta Electric, Gas, and Water Distribution Canada 2 04/27/01 04/27/01 BC Energy Malaysia Cochran Boilers Electric, Gas, and Water Distribution U.K. - 04/27/01 Stadtwerke Goerlitz Germany Vivendi Environment Electric, Gas, and Water Distribution France 49 Bonds Maturity Issue Date Issuer Amt ($ mil) Offer Price Type of Security Coupon (%) Yield (%) Moody's S&P's Book Manager(s) 05/04/2013 04/19/2001 Singapore Power Pte 166.6 100.000 Fxd/Straight Bd 4.050 4.050 NR AAA JPSESI/OCBC 04/25/2016 04/20/2001 PSNH 2001-1 75.2 Market Rate Red Certs Market SSB 04/24/2016 04/20/2001 PSNH 2001-1 214.6 Market Rate Red Certs Market SSB 04/25/2016 04/20/2001 PSNH 2001-1 235.1 Market Rate Red Certs Market Aaa AAA SSB 4/30/07 04/24/2001 Central Illinois Public 250.0 Senior Notes NR A+ TO-BE-ANNOUNCED 04/30/2007 04/24/2001 Officine Idroelettriche 5.9 101.250 Fxd/Straight Bd 4.000 3.766 NR NR STATO PUT02/21 04/25/2001 Calpine 850.0 100.000 CARZ na NR NR GS 05/01/2011 04/26/2001 TECO Energy 398.9 99.733 Notes 7.200 7.238 A3 A- JPM 03/01/2011 04/27/2001 AES 72.8 100.000 Fxd/Straight Bd 8.375 8.375 Ba1 BB SSSB 08/31/2002 04/27/2001 EnBW International Finance 437.9 100.000 Convertible Bds 3.000 3.000 NR A+ DEUTSCHE BANK /UBS-WARBURG 05/25/2004 04/27/2001 Shikoku Electric Power 80.6 100.000 Bonds .400 na NA NA NOMURA 05/23/2011 04/30/2001 Innogy Holdings 427.0 99.353 Fxd/Straight Bd 7.000 7.091 Baa1 BBB+ BARCCG/HSBC /BNP-PARIBAS 05/08/2003 05/01/2001 Georgia Power 90.0 100.000 Notes 5.250 5.250 A2 A SSB 05/23/2008 05/02/2001 Innogy Holdings 444.0 99.531 Fxd/Straight Bd 6.250 6.333 Baa1 BBB+ BARCAP/BNP/HSBC

BONDS Maturity Issue Date Issuer Amt ($mil) Offer Price Type of Security Coupon (%) Yield (%) Moody's S&P Book Manager(s) 4/5/13 19/4/01 Singapore Power Pte 166.6 100.00 Bonds 4.050 NA NR AAA JPSESI/OCBC (JB) 1/5/08 20/4/01 Calpine 1,500.0 99.77 Senior Notes 8.500 8.544 Ba1 BB+ CSFB 04/25/16 - - - - - - - - - - 04/25/16 - - - - - - - - - - 04/25/16 20/4/01 PSNH 524.9 Market Rate Red Certs NA NA Aaa AAA SALOMON-SMITH 02/21 25/4/01 Calpine 850.0 100.00 CARZ Zero NA NR NR GS EQUITY Issue Date Issuer Amt ($mil) Type of Equity Book Manager 19/4/01 First Canadian Electric - Common Shares HAYWOOD-SEC/RAYMOND (JB) M&A Date Announced Date Effective Target Target Country Target IndustrySector Acquiror Name Acquiror IndustrySector Acquiror Country Value of ($mil) 04/19/01 04/19/01 MEC Koszalin Poland Electric, Gas, and Water Distribution Sydkraft Electric, Gas, and Water Distribution Sweden 3.0 04/20/01 - Metan SudGas Italy Electric, Gas, and Water Distribution Ente Nazionaleperl Energia Electric, Gas, and Water Distribution Italy - 04/23/01 - Power Facilities Pty New Zealand Electric, Gas, and Water Distribution Meridian Energy Electric, Gas, and Water Distribution NewZealand 42.0 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 (%) Mood'y S&P's Book Manager(s) 3/15/11 4/12/01 Chugach Electric Association 149.8 99.835 Revenue Bonds 6.55 na Aaa AAA J-P-MORGAN 4/13/05 4/12/01 Malakoff Bhd 39.5 100 Bonds 4.406 na NA NA MAYBAN/CITIMY(JB) /COMMERCE-INTL(JB) 4/13/08 4/12/01 Malakoff Bhd 31.1 98.43 Zero Coupon Bnd Zero na NA NA MAYBAN/CITIMY(JB) /COMMERCE-INTL(JB) 4/13/08 4/12/01 Malakoff Bhd 26.3 99.912 Bonds 5.01 na NA NA COMMERCE-INTL /CITIMY(JB)/MAYBAN(JB) 4/12/07 4/12/01 Transelec(Hydro Quebec) 158.7 Market Bonds Serial Serial SALOMON-SMITH 4/12/01 Transelec(Hydro Quebec) 84.6 Market Bonds Serial Serial SALOMON-SMITH 4/25/13 4/17/01 Chubu Electric Power 202.6 100 Bonds Floats Floats Aa2 AA- DAIWA-SMBC Equity Issue Date Issuer Amt($mil) Offer Price Type of Equity Book Manager 4/12/01 Duke Energy 2000 Debt Sec, Pfd TO-BE-ANNOUNCED 4/12/01 Thunder Energy Common Shares GRIFFITHS 4/18/01 Black Hills 156 52 Common Shares CSFB M&A Date Announced Target Target Country Acquiror Name Acquiror Industry Sector Acquiror Country Value ($mil) 4/12/01 Powercor Australia-Electricity Australia Origin Energy Electric, Gas, and Water Distribution Australia 160 4/12/01 Specialized Energy Products U.S. Chapeau Electric, Gas, and Water Distribution U.S. 4/13/01 Kapar Power Station Malaysia Kapar Energy Ventures Electric, Gas, and Water Distribution Malaysia - 4/13/01 Total Fina Elf-Italian Gas Italy Eni Electric, Gas, and Water Distribution Italy - 4/13/01 Zhongshan Jiaming Electricity China China National Offshore Oil Electric, Gas, and Water Distribution China 39 4/17/01 Powergen-Hung & Ger Assets Germany NRG Energy Electric, Gas, and Water Distribution U.S. 185