TXU's aim is to extract as much value as possible from its assets, including its plants, mines, land, fuel reserves, equipment, and electric infrastructure. Left to right, Chairman and CEO John Wilder with Shawn Glacken, environmental policy, and Gerald McDaniel and Brad Jones, corporate development.

All in all, I'm proud of our turnaround results so far and the efforts of our employees in driving the improvements. We've moved to top-quartile performance on many measures. We're focused on areas that matter. Our success has earned us the right to pursue growth, and David Campbell and Jonathan Siegler have provided a great roadmap toward a prudent, achievable strategy. Mike Childers is focused on executing the development aspects of our new strategy as we leverage TXU's industrial skill set and strong cash flows to deliver solid earnings growth and superior returns over the next five years. We're driving continuous improvements across our business with a target of 3 to 5 percent annual productivity gains, a mandate for high performance, and top-quartile shareholder returns for you, the owners of TXU. I'm excited about the prospects ahead.

I am honored to lead this great company, and I sincerely appreciate you and your continued confidence and support.