Duke Energy 2008 Annual Report Download - page 10

8 Duke Energy
To permit the economy to adjust rationally to the policy, legisla-
tion should establish a long-term program that first slows the
growth of emissions, stops them and then reverses them by
creating a gradually declining emissions cap. This will provide
the time needed for the development and deployment of
new lower- and zero-emitting technologies. Legislation should
also include adequate cost containment measures to protect
our economy.
Duke Energy is one of the more than two-dozen member
companies in the U.S. Climate Action Partnership. Along with
environmental and other advocacy groups, we worked for two
years to craft a blueprint for action that is workable and fair.
It protects consumers by smoothing out the energy price
increases that will result from capping carbon emissions.
We presented our plan to Congress in January 2009 and
we are aggressively pushing for its enactment. I urge you
to review it at www.us-cap.org.
A PRIVILEGE TO SERVE
On Oct. 27, 2008, I celebrated my 20th year as a utility CEO.
This milestone was possible because I’ve had the privilege to
work over these years with so many supportive stakeholders —
our employees, investors, customers, suppliers, bankers,
regulators and communities. I am grateful for your continuing
confidence. I have also been blessed with great management
teams and dedicated board members throughout this time.
One such board member was Mary Schapiro, who served
as a director of Cinergy and then Duke Energy since 1999.
In December of 2008, she was nominated by President Obama
to chair the U.S. Securities and Exchange Commission (SEC).
She was unanimously confirmed by the U.S. Senate to that
position in January 2009. We miss Mary’s insights and
thoughtful debate on our board, but we know she will
excel at the SEC. We thank her for her 10 years of service
to our company.
Judging Our Performance
In this business, we are judged every day when our customers
throw their switches and expect power to flow into their lives.
We are judged monthly on the affordability of our product when
customers open up or download their bills. We are judged by
investors when they look up our stock price and receive their
dividend checks. We are judged by the communities we serve,
who expect us to keep our rates competitive and the environ-
ment clean.
But I think the toughest judgment will come from the future —
it’s what I call “the grandchildren’s test.” When my eight grand-
children look back, I want them to understand why we pushed
so hard for clean air and climate change legislation, why we
introduced innovative plans like our save-a-watt program to
save energy and reduce emissions. I want them to know that
we always tried to do the right thing.
We live in uncertain times, but our value proposition remains
unchanged. We are maintaining a strong balance sheet, invest-
ing in the future, and protecting and growing our dividend. I
look forward to continuing our journey as we work to redefine
our boundaries and meet our challenges. Thank you for your
continued interest and investment in Duke Energy.
James E. Rogers
Chairman, President and Chief Executive Officer
March 12, 2009