Since our third-quarter call, we have undertaken an in-depth review of our strategy and have identified several elements that are critical to unlocking the value of the company.

We have a number of new products rolling out. Some of them are contingent on what happens to natural gas prices.

Our priorities for 2006 will include completing the transition to a fully competitive retail market in Texas, converting to an open model in our wholesale business, improving the commercial capacity factor of our generating plants and managing our collateral exposure to reduce postings by $1 billion by year-end.

Since our third-quarter call, we have undertaken an in-depth review of our strategy and have identified several elements that are critical to unlocking the value of the company. Our priorities for 2006 will include completing the transition to a fully competitive retail market in Texas, converting to an open model in our wholesale business, improving the commercial capacity factor of our generating plants and managing our collateral exposure to reduce postings by $1 billion by year end. These measures, combined with recent commodity prices, are expected to yield more than $1 billion in annual open EBITDA.

Reliant is committed to supporting our customers and the communities where we do business. That's why when Royce Builders approached us to help this family, we gladly said yes.

We concluded that the hedging of our coal plants, which was intended to reduce earnings volatility, actually added complexity and cost to our business.