What made 1999 such a good year?
We delivered on what we said we would do. We met our goals.

In Asia, we're achieving better numbers than the business case that led us there. We completed construction and began producing power at Sual. It now provides the cleanest and lowest cost energy in the Philippines.

Our competitive energy business is doing very well. We now own, are building or have control of about 12,000 megawatts in the highest growth areas of the United States outside the Southeast. That's about halfway to our goal. Overall, we now have nearly 50,000 megawatts of generation, more than anyone else in the United States.

We've done all this while maintaining our focus on customers and continuing our financial success.

So our strategy is working.
It is. We continue to expand our growth. And we've sharpened our focus, targeting high-growth, high-use markets where we can be a leading supplier. But we haven't met our overall goal. That's to be the best investment in our industry. Financially, we had our best year ever in 1999. But when you achieve so much and it doesn't show up on the scorecard of our owners – our shareholders – it doesn't give me a warm feeling.

What are we doing to help improve our return to shareholders?
We're going to continue to execute our strategy. And work to continue increasing our earnings. As a competitive energy company, we've become unique in our industry. I think our success should earn us a higher multiple (stock price divided by earnings per share) than the rest of our industry. I also think our stock is significantly undervalued.