This is new as of Magento CE 1.9.1.0. The password is no longer stored in plain text, but stored encrypted into the database (security reasons). Therefore the space behind the password in the confirmation email is blank. I guess the Magento Core Team forgot to remove this from the email templates.

You could remove the password label from the email template entirely or change the email template to something like this:

Password: The password you used to create your account

Also refer to this question and my answer.

This is new as of Magento CE 1.9.1.0. The password is no longer stored in plain text, but stored encrypted into the database (security reasons). Therefore the space behind the password in the confirmation email is blank. I guess the Magento Core Team forgot to remove this from the email templates.

You could remove the password label from the email template entirely or change the email template to something like this:

Password: The password you used to create your account

Also refer to this question and my answer.