Mr. Huffman: Pepco Holdings is an S&P 500 electric utility that has been in existence for over 100 years. Headquartered in Washington, D.C., Pepco Holdings' primary focus is on the electric power transmission and distribution business, but it also owns competitive energy businesses, including Pepco Energy Services, which is a wholly owned subsidiary. Pepco Energy Services, or I'll refer to it as PES, has been around since 1995, and we're all about energy efficiency. We help our customers save money and help the environment. We are very excited about our growth prospects because of the increasing focus on climate change.
TWST: If we were speaking 12 months ago, what would be the goals and expectations you have for PES? What would be your performance report card for the past 12 months?
Mr. Huffman: I would humbly give PES an "A". In terms of the goals that we set for ourselves, we've not only met each of them, we exceeded our expectations. Overall, our financial performance was excellent. We accomplished some key strategic objectives, but the most important objective we set was to lay the foundation to grow our energy efficiency business. It's very much a people business. Having good talent, engineers, sales people and construction managers is a big key for us to compete successfully in the marketplace. We have been able to attract a tremendous amount of new talent to our organization, and from a strategic standpoint, that was a really important accomplishment.
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