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[6] What about the company’s character?
In the energy business – in any business – integrity, character, trust and respect are critical success factors.
Tough times test a company’s character and staying power. In 2001, we faced challenges and disruptions, in our industry and our world. The California energy crisis. Major energy companies in bankruptcy or decline. Downward pressure on energy prices. An economy in recession. The horrific events and aftershocks of September 11.
Our company’s strength comes from its focus on resolving problems, not avoiding them. It’s a simple formula: We run a good business, we tell the truth, we work from facts and we find solutions.
In California, for example, through all the political rhetoric, we focused on real solutions – keeping the plants running, and adding new supply to smooth out price volatility in wholesale markets for the long term. I’m extremely proud of our employees, who worked long hours under intense scrutiny to keep the lights on during the crisis.
Turbulent times and volatile markets call for strong leadership.
The seven executives who join me on Duke Energy’s policy committee are at the top of their fields. They bring together diverse backgrounds and expertise, and set the true-north direction of our company. Behind them we have bench strength – an outstanding management team leading 24,000 talented energy professionals who span the disciplines of our business.
Ours is a team that does well from a business perspective, and does good from the perspective of our many stakeholders. The men and women of Duke Energy work to improve their communities and better the lives of their neighbors with charitable giving, volunteer work and civic involvement. And to prepare the next generation for a better tomorrow, we invest our time, talent and resources to support advancements in education at all levels.
The company’s core values, business model, earnings ability, demonstrated performance, management discipline and future outlook – those are the critical elements I would question as an investor. The answers speak to a company’s character, progress and potential.
Our company rose to the challenges of 2001 by focusing on the basics: Value creation. Consistently strong financial performance. Integrity and candor in our financial reporting. Positioning our businesses for future growth and opportunity. Diversity and balance. Trust and respect.
I believe those basics are the mark of a good company and of a good investment. They are the foundation that grounds us – and the spark that inspires us to new heights.
Richard B. Priory
FEBRUARY 19, 2002
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[2] | How does the company make money? |
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[3] | How has the company performed? |
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[4] | How does the company manage its risk? |
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[5] | What is the company's future outlook? |
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[6] |
What about the company’s character? |
RICHARD B. PRIORY
