Reiterates

Duke Energy on Friday reiterated it plans to meet a 2003 earnings forecast and affirmed that it expects to fully fund its annual dividend. The news sent shares of the Charlotte, NC-based energy company higher than they have been since January, gaining 58 cents to close at $19.53.

In an attempt to dissuade anyone from the notion that power markets are going to become over-built any time soon, Calpine Corp. held the second of a series of three conference calls last week with the financial community, reinforcing that it is not backing off its goal of having 70,000 MW of new capacity on line by the end of 2005, and growth in its $1.4 billion natural gas holdings will increase along with the new plants.

Energy and Environmental Analysis, Inc. (EEA) released a reportyesterday warning that the North American gas market is on coursefor entering the winter heating season with dangerously low storagelevels.

Stung by a negative financial report from an independentnewsletter that dropped its stock price 17%, San Jose, CA-basedCalpine Corp. reacted quickly last week to reiterate its aggressivestrategy for developing groups of gas-fired merchant power plantsthroughout the U.S. over the next five to 10 years. It also said itwould continue to grow its related power and gas marketingoperations.

Stung by a negative financial report from an independentnewsletter that left its stock price down $18/share, or about 17%on Friday, San Jose, CA-based Calpine Corp. reacted quickly Mondayto reiterate its aggressive strategy for developing groups ofgas-fired merchant power plants throughout the U.S. over the nextfive to 10 years. It also said it would continue to grow itsrelated power and gas marketing operations.