Duke Energy 2006 Annual Report Download - page 6

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Looking back. Looking forward.
2006 was a transformational year for Duke Energy. By taking decisive actions, we lowered
our risk profile and repositioned the company. As a leading pure-play electric company
with a strong balance sheet, we are in a favorable position to achieve our 2007 goals,
which will drive earnings and dividend growth over the long term.
Goals for 2007*
Establish the identity and culture of the new
Duke Energy, unifying our people, values,
strategy, processes and systems.
Optimize our operations by focusing on
safety, simplicity, accountability, inclusion,
customer satisfaction, cost management
and employee development.
Achieve public policy, regulatory and legislative
outcomes that balance our customers’ needs
for reliable energy at competitive prices with our
shareholders’ expectation of superior returns.
Invest in energy infrastructure that meets rising
customer demands for reliable energy in an
efficient and environmentally sound manner.
Achieve 2007 financial objectives and position
the company to meet future growth targets.
*See the 2007 Duke Energy Charter on page 9.
4
2006 Major Achievements
✔
Merged with Cinergy to increase the scale
and scope of our power business.
✔
Reduced our risk profile by selling our unregulated
power plants outside the Midwest and by selling
our Commercial Marketing and Trading business.
✔
Formed a joint venture with Morgan Stanley
Real Estate Fund for Crescent Resources.
✔
Repurchased $500 million of stock.
✔
Acquired, filed for certificate, or announced our
intent to build new generation assets throughout
our five states. We estimate that we will need to
increase our generating capacity by approximately
6,400 megawatts over the next 10 years.
✔
Announced numerous expansions of
our gas transmission system.
✔
Achieved our 2006 employee incentive target.
✔
Spun off Spectra Energy on Jan. 2, 2007.