Once considered the most complex solution, we are now driven by performance. We are not a project company. We are a market company. We consistently seek out and enter into market opportunities. We rely on the combination of our people, our intellectual capital and our collective market experience to determine where to compete. And we pride ourselves on our ability to adapt and change and our tenacity in upholding standards. Our success lies in the dedication of the people who make Enron a successful company. You have the opportunity to get a great job with highly competitive pay and benefits package at a company that gives you an enormous amount of freedom and supports your personal growth. It all starts with superior people. On April 16, we celebrate the one year anniversary of Enron
,s most recent acquisition, Azurix. In just one year, we have made enormous progress in creating a comprehensive gas and power trading operation to serve the growing market in the eastern United States. Our vision for the future, however, is not simply to celebrate what we
,ve done, it is to look ahead to the future and determine what new opportunities exist in order to build on our successes. As a part of our new vision, we have reorganized our Global Risk Management Operations (GRMO) to better align this key business unit with our other business unites to ensure optimal coverage of earnings, cash flow and bookings. The new GRMO will be headed by Don Powell, managing director of Gas Trading North America, who will report to Phil Lowry, chief technical architect reporting to Jim Fallon. Given the critical nature of this business unit
,s operations, Jim and I will also be joined by Don in the daily management meeting. We also understand that GRMO faces some challenges arising out of the commodity price and demand volatility and communicated to Jim, Phil and Don that the immediate mission is to stabilize earnings and cash flow. To accomplish this immediate objective, the following changes are being made: Reduce overall costs and expenses Focus on our core strengths: Structured Transactions and Ercot business. This will include a direct reduction of costs associated with Ercot procurement, including the United Illuminating deal, as well as incentives for on-line transactions and management support for GRMO. Consider the formation of a pool with other wholesale trading floors, including American Meteorology Associates and the Intercontinental Exchange. Jim, Phil and Don, along with Greg Blair, George Wasoff, Rudy Adami and Tom Gros will also form our Integrated Risk Management Team, which will help resolve issues and lead trading opportunities with counterparties. I have asked Rick Causey to take a leading role in this effort given his unique risk management background. Again, thank you for your continued dedication and support. It is people like you that Enron has been successful. Your individual efforts continue to excel. Regards