As I sit down to write this letter, I start from a perspective I know we share. Like many of you, I am a long-term holder of Duke Energy stock, having acquired much of it over the years prior to the merger of PanEnergy and Duke Power. When I left the company in 1998 to become CEO of Australian based BHP Ltd., Duke Energy was prospering, the stock price was buoyant and the industry seemed to be entering an era of unprecedented growth and prosperity. Since returning to the U.S. and rejoining...

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