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Good morning, and thank you for joining us for Fuel Cycle 99.

I would like to thank Wes Taylor for his Texas hospitality and his kind welcome to Austin and the Lone Star State.

Since I grew up in a neighboring state, before I get started I thought I'd share a tip that might help you better appreciate the unique character of Texans.

If a person is from Texas, he or she will tell you.

If they don't tell you, don't embarrass them by making them admit that they're not a native!

I am delighted to be able to address this fuel cycle conference—and this vital sector of the nuclear energy industry.

No matter how bright the future of our industry—and I believe it is brilliant—without a robust, stable and predictable fuel cycle, nuclear energy cannot prosper.

You and your companies are integral to our current success and will become even more so in a competitive electricity marketplace.

And like nuclear power generation, your business is a global industry—as the large international presence at this conference clearly demonstrates.

Other similarities exist. Like the power generation side of the business, the nuclear fuel industry is experiencing consolidation.