Good morning. I am delighted to join you today. The timing of today’s discussion is felicitous.

“Felicitous” is a term often associated with Thomas Jefferson. It was once used to describe his writing style—although more in the sense of his remarks being “well said” than my reference to today’s topic as being “well suited” or “apt” to what is going on in our industry.

I should tell you that we have a rule in Virginia that any speech with at least one reference to Jefferson is, by definition, a good speech. And given that I am an alumnus of Mr. Jefferson’s university, it has become a running joke at my company that I never make a speech without at least one reference to him.

So there it is. I have now fulfilled the requirement.

But the word “felicitous” really is appropriate in the present instance. Last fall, I gave a speech in which I described the potential for an “energy train wreck” looming ahead for our country if we do not grapple with some serious challenges. I cited four key issues:

• First, a growing imbalance between energy supplies and consumer demands.
• Second, our congested and inadequate energy transportation network.
• Third, rising environmental costs and uncertainties.
• And, fourth, the nation’s aging fleet of electric generating stations.

Today, I want to expand on that theme.

Unfortunately, all of those challenges are still there. If we do not rise to meet these challenges—and do it soon—our country’s economy could derail. No 21st-century economy can move forward unless it is running along a strong, dynamic and reliable energy infrastructure. When the power stops flowing, both the knowledge economy and the information superhighway shut down.