Richard B. Priory
Chairman of the Board
Chief Executive Officer

WE ARE MAINTAINING A SOLID BALANCE SHEET.

Despite a difficult 2002, we maintain a strong balance sheet and sound credit ratings, good cash flow, a diverse earnings base and solid risk management.

For the past two decades, we’ve demonstrated our commitment to maintaining the sound financial ratios that support a solid credit rating. Even though our corporate ratings on unsecured debt were reduced in 2002, they remain among the strongest in the electric and gas sector.

Investors today are hungry for more detailed financial information, and we are striving to provide new levels of transparency and context in our financial reporting. We are providing additional metrics associated with our sales and marketing operations, and new levels of detail related to cash flow, balance sheet and income statements in our quarterly and annual reporting.