With today's electric utility industry facing rapid and sweeping change as regulation gives way to competition, the New York Power Authority is helping to shape New York's new electricity market while charting its own exciting future. Our employees are playing a key role in that transition. And one thing's certain: It's going to be an eventful ride! Here at the New York Power Authority, we're proud to be America's largest state-owned power organization. We provide some of the lowest-cost electricity in New York State, operating 18 generating facilities and more than 1,400 circuit-miles of transmission lines. We sell power to government agencies; to community-owned electric systems and rural electric cooperatives; to job-producing companies; to private utilities for resale??without profit??to their customers; and to neighboring states, under federal requirements. Our low-cost power helps support more than 400,000 jobs statewide. Our business customers range from Fortune 100 giants competing in international markets to small manufacturing or service firms that are vital to local economies. We are also a national leader in promoting energy efficiency and the development of clean energy technologies and electric vehicles. We commit $100 million a year to energy services, and in 2006 our total investment in these programs surpassed $1 billion. While most of our projects are found at public facilities, with the resulting efficiency improvements helping to reduce taxpayer-funded energy costs, we are proudest of the upgrades made at our administrative offices in White Plains. Because of these measures, NYPA??s Clarence Rappleyea Building has applied for LEED (Leadership in Energy and Environmental Design) certification by the U.S. Green Building Council. The Power Authority has a long and proud history. Governor Franklin D. Roosevelt established New York's model for public power through legislation signed in 1931. This effort to secure public control of New York's hydropower resources was the result of a bipartisan effort that began with Governor Charles Evans Hughes in 1907. Today, the Power Authority remains true to its mission, serving as a non-profit, public-benefit energy corporation that does not use any tax revenue or state credit. We finance construction of our projects through bond sales to private investors, repaying bondholders with proceeds from our operations. As competition in the electric utility industry mounts, the Power Authority is committed to performance excellence as it maintains its generation and transmission facilities safely, reliably and economically. Our long-standing commitment to the environment is yet another way we measure our responsibilities to the people of New York State.