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Gold/Mining/Energy : CPN: Calpine Corporation

FRO 23.66

-0.3%

Nov 7 9:30 AM EST

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To: Roger A. Babb who wrote (181)	12/13/2001 6:13:49 PM
From: Bob Rudd	of 555

<<simply recognizing that deregulation as we have known it is dead>>Deregulation as they did it in California is certainly dead...but it was so ill-conceived it was DOA, IMO. States are at different stages and many are looking to learn from the Ca. debacle eia.doe.gov I would guess that deregulation will be considerably further along in 5 years than it is today, but short of where it would have been forecasted to be prior to the Ca. problems. Doubt they will just go back to old style regulated utilities.

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