Exelon 2003 Annual Report Download - page 8

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6Letter to Shareholders
Exelon also believes that our energy delivery companies, ComEd
and PECO, must be ready, willing and able to meet the needs
of all of our customers,whether they require only delivery
service, or whether, like most small customers, they require
delivery service and a great deal more.In reality, our residential
customers demand a sophisticated “basic service”product,
one uniquely suited to the traditional utility.These customers
are not an afterthought; they form the very core of our busi-
ness,and our commitments.
We are engaged in a vigorous public debate in both Illinois
and Pennsylvania about how best to meet the needs of these
customers.We are actively pursuing a variety of solutions
that work for both customers and shareholders.The outcome
must ensure the right of individual customers to choose com-
petitive suppliers,while preserving the right of other customers
to choose to remain with their traditional utility provider.
Success,as always,depends upon aligning the interests of
customers and investors.
The utility of the future will also face ever-increasing envi-
ronmental challenges. Lately, I have been working with the
National Commission on Energy Policy in an effort to strike
a realistic balance between environmental and energy policy.
The day may soon come when policy makers will conclude
that climate change is a real threat, and it is imperative that
we act now to ensure that lower carbon alternative fuels,
including natural gas, nuclear, and sustainable renewables,
are available to meet the future energy needs of our economy.
the vision remains,but the goals evolve
In 2003,we amended one of the three Strategic Goals included
in our original Vision Statement. Rather than Invest in Our
Consolidating Industry, the third Strategic Goal is now Build
Value Through Disciplined Financial Management.The overall
Vision remains the same–we just intend to get there in a
more deliberate fashion.
Throughout 2003,we have shown that discipline.We have
continued our orderly sale and transition out of various Exelon
Enterprises ventures,including the recent sale of InfraSource,
the result of a long effort by George Gilmore and Pam Strobel.
In July, we announced our intention to transition out of the
ownership of the Boston Generating facilities.Our internal
financial analysis clearly showed that we would be obliged to
make significant equity infusions to preserve the projects with
little prospect for adequate return.Randy Mehrberg and Bob
Shapard have led the effort to disengage from these investments.