All of these investments require access to capital, and during the first half of 2009 access to the financial markets was challenging. However, we successfully financed our needs due to our investment grade debt rating. That is why it is imperative that we maintain our investment grade rating and continue to have the ability to pay our dividend at its current level. Our plans are designed to achieve both goals and provide appropriate service levels to customers.
In 2009 our earnings per share were $1.94, a slight increase over 2008 earnings per share of $1.92. This is an excellent result at any time, but even more so given the current economic environment. This result required constant attention to our operating and maintenance costs while keeping our commitment to quality customer service and first quartile performance in reliability.
Our dedicated and resourceful employees are committed to providing the best service they can for our customers. This was clearly evidenced by their resolve to restore service during storms. They also recognize the goal of providing top quartile returns to our shareowners as well. In the past we have demonstrated that these dual goals can be attained and trust that, with our committed employees, we will continue to meet our goals in the future.
Sincerely, |
