Delivering on Our Mission

I want to thank all of our employees for maintaining our operational excellence and for delivering superior results for our customers, investors and the communities we serve during an especially challenging year. And I want to thank you, our investors, for your support and loyalty. We remain committed to earning good returns for you on your investments.

On behalf of all of our stakeholders, I also thank our board of directors, who provided important insight and counsel during this period of unprecedented uncertainty. I especially want to thank Dudley Taft, president and CEO of Taft Broadcasting Co., who is retiring from our board in 2010. Dudley has been a director of Duke Energy and its predecessor companies since 1985. In his 25 years of dedicated service on our board, he has been a significant contributor to our continued growth and success. We will miss his business acumen, and his direct and practical approach to finding workable solutions. We wish him well in his retirement.

Last year, we welcomed John Forsgren and Jim Reinsch to our board. John is the retired vice chairman, executive vice president and chief financial officer of Northeast Utilities. He has 35 years of corporate finance experience. Jim is the retired senior vice president and partner of Bechtel Group, and past president of Bechtel Nuclear. He has more than 37 years of nuclear experience. John and Jim bring a wealth of knowledge and experience to an already strong board.

Although there is nothing simple about delivering affordable, reliable and clean energy, we are committed to continue delivering on that mission and balancing the needs of all of our stakeholders. We never know what the future will be, but we can anticipate it by looking around the corner and over the horizon. That focus gives us great clarity about what we must do to honor our commitments — today and tomorrow.


James E. Rogers
Chairman, President and Chief Executive Officer

March 15, 2010