If the indeterminate X in a Fréchet algebra A of power series is a power series generator for A, then either A is the algebra of all formal power series or is the Beurling-Fréchet algebra on non-negative integers defined by a sequence of weights. Let the topology of A be defined by a sequence of norms. Then A is an inverse limit of a sequence of Banach algebras of power series if and only if each norm in the defining sequence satisfies certain closability condition and an equicontinuity condition due to Loy. A non-Banach uniform Fréchet algebra with a power series generator is a nuclear space. A number of examples are discussed; and a functional analytic description of the holomorphic function algebra on a simply connected planar domain is obtained.