Exelon 2006 Annual Report Download - page 5

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3
To our shareholders
Much has changed this past year, most of it good, some not. In Illinois,
Commonwealth Edison won the right to pass through its cost of
purchased power to its retail customers, despite a last ditch effort to
extend a ten-year rate freeze in the Illinois legislature. While the issue
seems likely to arise again, ComEd’s success to date is testament to the
strength of the wholesale competitive market, the strength of its legal
position and the tireless efforts of ComEd’s regulatory and legislative
teams. In New Jersey, however, we were obliged to walk away from our
long-pending merger with PSEG, despite its continuing strategic value,
when it became clear that we could not meet the significant financial
demands of state regulators and other government officials.
Yet each of these outcomes, seemingly very different, demonstrates
the one thing that hasn’t changed here at Exelon. We are value driven.
The same focus and dedication that gave us a successful resolution
of the rate issue in Illinois compelled us to abandon the merger in New
Jersey. And the same commitment and determination that resulted in
a stellar operating year at Exelon Generation enabled PECO to install
a new Common Customer IT system with few complications, while
successfully dealing with record peak demands and a very demanding
summer storm season. We have never lost sight of our commitment
to deliver superior value to you, our shareholders.