Nancy SouthernPresident &Chief Executive Officer
2009 is a year that will not easily be forgotten; the global financial crisis and a looming severe international recession shook the foundations of corporate and consumer confidence throughout the developed world.
Against this backdrop, in January 2009, Canadian Utilities (CU) implemented two key performance enhancement objectives:
With a self-imposed urgency on these matters, a capital budget of close to $1 billion and commodity prices, particularly power pool prices, negatively impacted by over supply and curtailed demand, our executive teams in our principal operating subsidiaries and corporate office aggressively engaged on a line-by-line basis to find efficiency improvements in our general and administrative costs as well as applying a stern rigour to our capital projects.
The net result was improved profitability by year end of almost $467 million, a record year for CU, and close to $800 million of cash available on a consolidated basis.
These performance measures have also provided a more competitive base for CU as we enter 2010.
I want to thank my colleauges in the Office of the Chairman, the Presidents, and their Executive Teams, and the more than 5,700 men and women of CU who, amidst the rippling effects of a deep global recession, preemptively prepared to husband our resources, strengthen our internal processes and still delivered growth in our earnings. They did this with a commitment to the safe, reliable and environmentally conscious delivery of goods and services to our customers.
Brian BaleSenior Vice President &Chief Financial Officer