CPN: Calpine Corporation Message Board

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Gold/Mining/Energy : CPN: Calpine Corporation

FRO 23.33

+0.2%

3:59 PM EST

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To: Daniel G. DeBusschere who wrote (258)	2/1/2002 12:51:56 AM
From: Raymond Duray	Read Replies (1) of 555

Do you believe the company's accounting? I'm seeing a lot of backtracking, not only from Calpine, but from a number of other companies that are considering it prudent to go with a less aggressive accounting treatment. I think the Peter Eavis assessment that I posted upstream seems, on the face of things, more realistic than the figures provided by the company. One of my considerations is that the Western forwards markets are now getting a close scrutiny by the Senate Energy Committee. Sen. Ron Wyden was on the news today making the point that the Western wholesale forwards markets went down 30% on Dec. 3, and that the Enron bankruptcy was the only factor to change in the market. The implication is that there was fraud and manipulation in that market, which will have the tendency to give force to the effort on the part of Cal DWR to be able to re-negotiate the LT contracts that it has with Calpine to much less favorable terms for CPN. Have you adequately factored in this risk? -Ray

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