ComEd 2007 Annual Report Download - page 9

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Our success will inevitably depend upon both economic and political
developments. Rising prices for fuel and commodities complicate the industry’s
ability to deliver affordable electricity, particularly in a time of economic
slowdown. We also need enactment of national and regional energy policies
that foster, rather than frustrate, an affordable, reliable, low-carbon future.
We must have an effective federal loan-guarantee program for the next
generation of nuclear plants, a resolution to the nuclear waste storage issue,
aggressive financial support of research and development, constructive regu-
latory partners and a strong commitment to competitive electricity markets.
This last piece – competitive markets and the prices they yield – is particularly
critical. Competitive markets are essential to the value of your shares and the
needs of our customers. Competition best provides the incentives necessary
to build the lowest cost, most reliable, lowest carbon energy infrastructure.
To ensure competition’s success, we will continue to work with our regulators
to develop the most acceptable competitive procurement processes, we will
demonstrate that competitive markets best encourage conservation efforts,
we will validate PJM’s RPM structure by building new supply resources and
we will increase our activity in competitive retail products.
moving ahead
After a noteworthy year like 2007, I am reminded that General Douglas
MacArthur once said, “There is no security on this earth, there is only oppor-
tunity.” At Exelon, we see our situation in the same light. We have performed
well, we have met your high expectations, but we move forward with the
constant knowledge that you expect us to turn tomorrow’s challenges and
opportunities into real value.
We have the assets, skills and team to deliver sustainable value to you for
years to come. Our assets have us prepared to excel in a carbon-constrained
world. Our financial management skills will allow us to make difficult, yet
well-informed decisions as we look to build a new generation of power plants
and improve the performance of our delivery affiliates. Our management
team will work tirelessly to protect and grow your value, whether through
defending competitive markets, growing and sustaining superior performance,
or hedging the many risks that face our businesses.
Our Vision is unwavering – we are determined to be the best.
“There is no security
on this earth, there is
only opportunity”
John W. Rowe
Chairman, President and CEO
Exelon Corporation
March 10, 2008