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Good morning, everyone. It's certainly a pleasure to be back here with you all again and to have a chance to participate with this very distinguished group.

Well, like many of you, I have the responsibility for maximizing the return on our corporate assets. And, of course, as we all know, we are managing these assets today in a rapidly changing electric utility industry where uncertainty seems to be the only constant.

And, of course, among the most rapidly changing areas in our business, arguably presenting the greatest uncertainty, are the variables surrounding the U.S. nuclear industry. So that's why I'm here today to discuss an approach that we've taken to managing these changing variables.

At last year's NEI conference, I shared some of my thoughts on a different strategy. Today I'm happy to be able to describe in greater detail how this approach is now in motion. And if you invite me back next year, I'll tell you how well these initial steps performed against our very high expectations for them.

Let me use just a quick mountain climbing analogy. I would say this: As we look at the challenge of maximizing the value of our nuclear assets in a changing industry, we find ourselves poised on the precipice of change. And mountain climbers tell me that when standing on a precipice, life seems to be both perilous and exhilarating at the same time.