The likelihood that Innogy will spin off its electricity storage business next year rather than this means that Credit Suisse First Boston (CSFB), one of the few banks with a strong equity capital markets pipeline for the fourth quarter, is seeing the bulk of that business slide back to 2002.

Innogy, the UK power group, had considered listing Regenesys, a unit that develops electricity storage technology, in 2001. It is now going to come to market next year at the earliest.