NV Energy, Inc. (NYSE:NVE)
2013 Annual Shareholders Meeting Conference
May 8, 2013 11:00 a.m. ET
Philip Satre – Chairman
Michael Yackira – President and Chief Executive Officer
Kevin Bethel – Vice President and Chief Accounting Officer
Good morning ladies and gentlemen. Glad to have you here. I want to welcome you to 2013 Annual Meeting of Stockholders of Nevada NV Energy, Inc. that’s the full form after these years. My name is Philip Satre and I am the Chairman of the Board of Directors and I will be presiding during this meeting and at this time I would like to call the meeting to order. Well, please reflect that call.
The first thing I want to say is how pleased we are to be holding this meeting at the Smith Center for the Performing Arts which was opened in March of last year and is spectacular jewel in the crown of Las Vegas. We are also pleased to welcome those shareholders who are listening to this meeting via webcast. This is the first for our company. So welcome to our shareholders meeting over the web.
Before we begin I would like to take a moment to point out the location of the emergency exists as you can see they are located over here exit there stairwell here and a stairwell there and an exit there. In the event of emergency evacuation of the building please exit calmly and assemble directly in front of the building and across the street in Symphony park.
Now I like to introduce the Directors and the Officers of the company and I would like to ask each of them to stand as I introduce them in alphabetical order.
Starting with our Directors Joseph Anderson Jr. Joe is the Chairman and the CEO of TAG Holdings a global provider of manufacturing and supply chain services in the aerospace automobile construction in defense industry. He has served on our board since 2005.
Glenn Christenson, Glenn is now Managing Director of Velstand Investments. He has formerly served as a CFO of Station Casinos and as a partner of Deloitte & Touche and Glenn joined our board in 2007.
Susan Clark, Susan is an attorney with Radey, Thomas Yon & Clark specializing in energy and telecommunication law and utility regulation. She served as a commissioner of the Florida public service commission for nine years and served on our board since 2008.
Stephen Frank, Steve is the retired Chairman and CEO of Southern California Edison. He was first elected to our Board in 2009.
Brian Kennedy, Brian is the President and CEO of Argonaut, LLC, a private equity group. He has extensive experience in the Nevada mining industry and joined our board in 2007.
Maureen Mullarkey, Maureen is the member of Blue Heron Investments and retired CFO of International Game Technology and she has served on our Board since 2008.
John O’ Reilly, John is an attorney with the Reilly Law Group here in Las Vegas. He has experience in the Gaming and Accounting industry and is our longest serving Director. He joined the Board of Nevada Power in 1995.
Donald Snyder, Donald is the Dean of the UNLV College of Hotel Administration and formerly served as the President of Boyd Gaming. He joined our Board in 2005. And since we are meeting here at the Smith Center it is especially noteworthy that Don as Chairman during the inception and currently has been extraordinarily instrumental in bringing the Smith Center for the performing arts into existence. As I say he currently serves as the Chairman of this Smith Center and we are very proud of Don and what he has accomplished here.
Michael Yackira, Michael is our President and Chief Executive Officer and has been a member of the Board since 2007. He joined the company in 2003. The Board is delighted about the fact that Michael is also the incoming Chair of the Edison Electric Institute, Electric Utility Industry Association located in Washington D.C. a very influential and important role and Michael we are delighted to have to serving in that function.
And finally, my name is Philip Satre and as I said I joined the Board in 2008 and I am the retired CEO and Chairman of Harrah’s Entertainment. Inc.
Now I would like to introduce officers of the company Kevin Bethel, Vice President and Chief Accounting Officer and Controller.
Bruce Bullock, Vice President Corporate Services.
Alice Cobb, Senior Vice President Human Resources and IT.
Roberto Denis, Senior Vice President Energy Delivery.
Frank Gonzales, Vice President Distribution Operations.
Jonathan Halkyard, Executive Vice President and Chief Financial Officer.
Kevin Judice, Vice President and Chief Information Officer.
Paul Kaleta, Executive Vice President Shared Services, General Counsel and Corporate Secretary.
Gary Lavey, Vice President, Internal Audit and Chief Risk Officer.
Dilek Samil, Dilek is the Executive Vice President and Chief Operating Officer.
Tony Sanchez, Senior Vice President, Government and Community Strategy.
Mary Simmons, Vice President, External Affairs.
Robert Steward, Senior Vice President, Customer Relationship.
Mario Villar, Vice President, Transmission.
Next I want to introduce a few more people and briefly explain their roles in this meeting. In addition to Mr. Yackira at the center table sits Mr. Kaleta. He will act as secretary of the meeting. Next to Mr. Kaleta sits Mr. Steve Nut from Broadridge Financial Solutions. Mr. Nut has been appointed to act as the Inspector of Elections. He has previously taken his oath as Inspector of Elections.
Also present in this room are Robin Casperson, Mr. Cliff Olson, and Mr. Charlie Noah of the Independent Accounting Firm the Deloitte & Touche. Deloitte audits and financial statements of NV Energy and is available to answer questions related to company’s financial status.
Also available for questions about the financial statements, our people I previously introduced. Our Vice President and Chief Accounting Officer and controller Mr. Bethel and our Vice President Internal Audit and Chief Risk Officer Mr. Lavey and if you don’t get the right answer from them talk to Jonathan Halkyard.
Now I will review the rules of conduct for this annual meeting. Upon entering the meeting, each of you were presented with the meeting agenda. On the reverse side of the agenda, you will find rules for conduct of the annual meeting to conduct an early meeting I ask the participants to abide by these rules.
As stated in the rules, should you desire to ask a question or speak during the meeting please proceed to the nearest microphone after being recognized please state your name and status as a stockholders or representative of the stockholder, then ask your question or state your comment.
During the business portion of the meeting, we ask that you limit your remarks to the items on the agenda that are before us and limit your remarks to three minutes. I have asked our microphone attendants to raise your hand when three minutes are exceeded. Please post only question or comment once all stockholders have had a chance to ask the question a stockholder may return to ask another question. Thank you in advance for your cooperation of these rules.
With the proxy statement filed with the SEC on March 27, Mr. Kaleta our Corporate Secretary provided notice of the Annual Meeting of Stockholders. I now ask Mr. Kaleta to confirm that he has the affidavit distribution which states that the notice of internet availability of proxy materials was distributed prior to March 29, 2013, to all stockholders’ record at the close of business on March 11, 2013.
Yes we do.
Thank you Paul. A copy of the notice and the meeting of the affidavit will be incorporated in the minutes of the meetings. All Stockholders have record at the close of business on March 11, 2013, are entitled to both at the annual meeting.
Our first order of business at this meeting is to determine what are the shares represented at the meeting either in person or by proxy are sufficient to constitute a quorum to the purpose of transacting business.
Mr. Kaleta do you have a report.
Yes Mr. Satre. The stockholders listed list shows that holders of 235,515,172 shares of common stock of NV Energy. Inc. are entitled to vote at this meeting. We are informed by Mr. Nut that they are represented in person or by proxy 213,880,756 shares of common stocks were approximately 91% of all the shares entitled to vote at this meeting.
Because the holders of the majority of the shares entitled for vote at this meeting are present in person or by proxy, I declare that our quorum is present and that this meeting is duly convened for purposes of transacting such business has may properly come before it. The next order of business is the consideration of the matters to be voted on as today’s meeting as meeting in the proxy statement.
There are four proposals for our stockholders. The first proposal is the election of all time Directors to serve until the Annual Meeting of Stockholders in 2014 and until their successors are duly elected and qualified. The Board of Directors has nominated the following persons previously introduced to be elected. Joseph Anderson, Glenn Christenson, Susan Clark, Stephen Frank, Brian Kennedy, Maureen Mullarkey, John O’ Reilly, Donald Snyder, Michael Yackira, and I have been nominated to serve as Directors of the company.
If any stockholders has questions or comments specifically relating to the election of Directors, please approach the microphone. Any comments or questions. Then let’s proceed to agenda item.
The second proposal before the stockholders is the proposal to prove an advisory board on the company’s executive compensation. Are there any comments or questions specifically on this proposal. I see no request, we will proceed to the next item on the agenda.
The third proposal before the stockholders is the approval of the 2013 long-term incentive plan. Are there any comments or questions specifically on this proposal. I see none. We will proceed to the next item on the agenda.
The fourth proposal before the stockholders is the ratification of the appointment of the Deloitte & Touche as the company’s independent registered public accounting firm 2013. Are there any comments or questions on this proposal. I see none. We will proceed to the voting on the all four of the proposals.
If you have voted earlier whether online, by telephone, or by mailing your proxy card your shares will be voted according to your instructions. If you are currently holding a proxy card and still wish to vote it please turn it in. If you wish to change your vote please raise your hand and we will provide you with the new wallet.
Please do not fill other valet unless you want to change your vote. Voting will proceed after I declare that are polls are open. You will be given a few minutes to complete and submit your wallet.
The time is now 8:19 a.m. the polls are now open for each matter to be voted on today. If you have not already done so please provide your proxy or wallet to an attendant who will deliver to the Inspector of Elections.
Has anyone not yet submitted proxy card or wallet?
Any other proxy cards or wallets to be submitted?
We now have all the proxy cards and wallets and hereby declare the poll is closed at 8:21 a.m. on May 8, 2013. The wallets and proxies will be held in the position of the Inspector of Elections and Inspector will tabulate the votes.
Mr. Kaleta will you please report the preliminary results of the voting to this point.
We have been informed by the Inspector of Elections as follows with respect to the floor proposals.
With respect to proposal number one, each of the nominees for Election to the Board of Directors has received affirmative votes constituting a majority of the votes cast with respect to that nominee and has been elected.
With respect to proposal number two, the advisory vote on the company’s Executive compensation, it received 190,575,313 affirmative votes constituting approximately 96% of the votes cast on this proposal to be adapted proposal we need to receive the affirmative vote of the majority of the votes with respect to the proposal.
With respect to proposal number three, the adaption on the 2013 long term incentive plan we received 159,35,971 affirmative votes constituting approximately 80% of the votes cast with respect to the proposal to be adapted the proposal we need to receive the affirmative vote of the majority of votes cast with respect to this proposal.
On the final proposal number four, application of the appointment of Deloitte & Touche LLP has the company’s Independent Registered Public Accounting Firm for 2013. This proposal received 212,465,85 affirmative votes constituting approximately 99% of votes cast with respect to the proposal.
To be adapted the proposal would need to receive the affirmative vote of majority of the votes cast with respect to the proposal.
The results of the voting done are as follows:
Each of the ten nominees for Director has been elected. The advisory Board on the company’s executive compensation has been approved. The 2013 long term incentive plan has been approved. And the ratification of the appointment of the Deloitte & Touche LLP as the company’s Independent Registered Public Accounting Firm for 2013 has been approved.
Thank you Mr. Kaleta. The final tally of the votes cast on each matter will be reported on form 8-K to be filed with the SEC within four business days with this meeting. Thank you for attending today’s meeting. The business portion of this meeting is now adjourned.
At this time, I would like to ask Michael Yackira NV Energy’s present Chief Executive Officer to give a presentation on the affairs of the company and to review the company’s operation, financial performance and accomplishments and a brief question and answer period will follow after that, Michael?
Thank you Mr. Chairman and thanks everybody for attending the meeting this morning. Welcome to our Annual Meeting and we appreciate you being here looking forward to sharing with you what’s been happening with the company over the last year. As Phil said, we are very proud to have this meeting at Smith Center for the Performing Arts is indeed is the crown jewel and we certainly recognize Don for all his incredible work in making this place happen.
You may have noticed that we have been taking NV Energy in the different direction beyond the difficult period of the vested energy crisis and beyond the challenges associated with the recent recession. We are instead improving our relationship with our customers through the use of new technology while exploring new ways to set the course for Nevada’s Energy Future.
Before I discuss the future, I would like to comment on our financial results. NV Energy had an excellent year in 2012 driven by a business strategy that we’ve been following for the past several years. Earning grew up substantially compared to 2011, the dividend was increased and shareholder value continue to rise higher than the industry averages.
Last year loan on total shareholder return was 15% and so far as this year our total return is 13.4%. On May 7th just a year ago, the closing price of our stock was $16.29. Yesterday our stock price was closed at $21.21 an increase of 30% year-over-year and this is the First Annual Meeting at which NV Energy’s market capitalization is $5 billion. Over the past several years, we have invested in a fleet of efficient generating plants that will serve Nevada’s Energy needs far into the future.
We’ve enhanced our ability to deliver safe, reliable service and sharpened our focus on customer service. Our employees have accomplished this while making extraordinary efforts to hold down costs. NV Energy’s 2012 Earnings were $322 million or $1.35 per share nearly doubling our earnings from 2011. Earnings increased for variety of reasons including additional revenues as the result rate case decided at the end of 2011 modest customer growth and favorable weather.
We have positive cash flow for the first time in decades providing our company with more financial flexibility than we have ever experienced. Earlier this year, the Board increased our quarterly dividend by 12% to $0.19 per share and just this morning declared the quarterly dividend at the same rate of $0.19 that will be payable next month.
Since re-establishing the quarterly dividend that in 2007 after a five year hiatus, we have increased the dividend 138% from $0.08 per share to its current level. The Board plans to review dividend policy during the first quarter each year and we expect to continue to increase our dividends by about 10% annually until we reach a parallel ratio of between 60% and 65% which is the industry average.
Once we have reached that goal, we expect dividends will increase in line with the rate of net income growth. Our current payout ratio has grown over the past several years and is currently at 56%. Nevada’s economy and growth rate are continuing to make a slow but steady recovery from the recession. The Las Vegas tourism industry showed signs of improvement in 2012 setting a record for visitors also high gold prices benefitted mining in Northern Nevada.
Housing sales in Las Vegas in Reno Spots areas increased in 2012 and Nevada’s unemployment rate while still high above the national average with that is lowest rate since 2009. While these are encouraging signs, I do not expect the Nevada economy to return to the growth level seen in the 1990s and early 2000s in the foreseeable future.
Economic diversification is high on the priority list for Nevada Governor Brian Sandoval and our economic development team Mary Simmons is working closely with various State Agency to advance its vision for better Nevada.
In June 2012 Apple announced plans to build a large Data Center East of Reno near our Tracy Generating Station and not far from here online retail giant Zappo is spearheading an effort to re-vitalize Downtown Las Vegas. NV Energy’s business strategies continuing to evolve. Our goals are to empower our customers to carefully focus Energy efficiency programs, pursue cost effective renewable energy initiative optimize generation investments and engage employees to improve processes reduced costs and enhance the company’s overall performance.
NV Energy which is our smart meter initiative is empowering customers by providing the tools they need to manage their energy use more efficiently. Digital meters which allow for two way communication between the company and our customers will also help us identify and response to outages more quickly.
Installation throughout the State of nearly 1.4 million digital meters is in the final stages and over 400,000 of our customers do business with NV Energy online through our MyAccount Program. Also worth noting is that a leading utility publication Powergrid International recently recognized NV Energy has the best smart meter project in 2012.
Many of you who likely been following the NVision bill which was introduced in the legislature just last month. NVision is comprehensive plan for the reduction of emissions through the early retirement of about 750 Megawatts of coal fire generation coupled with increasing capacity from renewable generation and natural gas fire plants as well as demand response programs.
The Nvision plan is the major shift in public policy for both NV Energy and our State. We believe that this plan is important for Nevada’s energy future and our State’s economy. We look forward to continuing to work with all stakeholders as this bill progresses in the legislature.
And some of you may know NV Energy was early in recognizing the benefits of renewable energy in Nevada, long before there was a requirement to do so by law. We’re solely now leading the way in renewable NV Energy has held position in Nevada as one of the Nation’s leaders.
Recently the Solar Electric Power Association released its annual top 10 list which ranks American Electric Utilities that have added the most new solar power in their systems in the past year. NV Energy was listed fifth marking the first time that NV Energy has received top 10 recognition for solar adoption.
We added projects that accounted for more than 350 additional Megawatts of renewable capacity in 2012 and we’re well ahead of schedule and complying with the State’s requirement for renewable energy production. We currently have over 1,000 Megawatts of renewable energy under contract including projects that are currently in development.
In 2012, we began receiving electricity from the State’s first major wind facility, a 150 Megawatt project in Spring Valley located in Eastern Nevada. A project in Northern Nevada also began generating power for our customers at the world’s first Solar Geothermal Hybrid Power Plant. And by 2014 we’ll be providing customers with power from 110 Megawatt solar thermal project near Tonopah. This will be the first commercial scale solar tower power or power tower. First one in the Nation with fully integrated energy storage system and that will be the largest of its kind in the world.
The power we provide to our customers comes primarily from the mix of company own generation and renewable energy purchases from projects throughout the State. In 2012, about 60% of the power we delivered to our customers was generated in company owned power plants fuelled by natural gas. Most of our plants are highly efficient natural gas combined cycle plants, they are air-cooled requiring very little water which is very important in Las Vegas.
Since the beginning of 2006, we’ve more than doubled our own generating capacity and our customers have benefited from this investment with stable electric rates while we substantially reduce the later dependence on power produced by other States.
During this period through our focus strategy we’ve reduced our Green House gas emissions by approximately 35% and significantly reduced other emissions as well.
Currently under-construction is a very important project for us , the one Nevada transmission line as we called online is a 500 kv transmission line located in Eastern Nevada will interconnect our Southern and Northern electric utilities for the first time allowing us to utilize our generating plants more efficiently for the benefit of our customers.
In addition , the project will enable the development of additional renewable sources in Northern Nevada. We expect this 235 mile line to be completed by the end of this year.
In the Energy’s positive result come about from having hard working dedicated employees who have as their objective improving operating results while keeping our cost as low as possible. I am very proud of our employees who are doing outstanding job everyday and ensuring that our customers have safe reliable service.
The liability of our system is ranked at the top of our industry. In January 2013, the Edison Electric Institute honored NV Energy by presenting us with the associations Emergency Restoration Award, with a quick restoration of power affected by a wild fire early in 2012 in Northern Nevada and we’ve received the institute’s Emergency Assistance Award for joining most other electric utilities in the United States in restoring power to customers in New York who lost service because of Superstorm Sandy.
NV Energy’s four Churchill Generating Station was recognized for operating for 25 years without a Lost-time Accident, the best record of any fossil fuel plant in the United States. This is the safety milestone that helps to strive for the same level of safety throughout the rest of our organization.
We believe it is our obligation to give back to the communities reserve and 2012 was a great example of this. I’m proud of our employee volunteers who contributed over 39,000 hours of their time to charitable organizations throughout the State. And the NV Energy foundation committed over $6 million in 2012 to Nevada based on profits.
In summary, 2012 was a successful year for NV Energy on many dimensions and we’re excited about the road ahead. We expected to be a period during which we can benefit from stable and more predictable earnings, sustained free cash flow and increased dividends. We’re also encouraged by the longer term prospects of Nevada’s economic recovery.
And in vision outlined Nevada’s Energy Future and we’re proud to have a role in helping our state chart this new course.
On behalf of our Board of Directors, our management team and all the employees of NV Energy thank you for your continuing support, I will now happy to take your questions.
I may now stand up here and take the questions, but I’ve realized that when I was introducing the officers of the company I neglected to mention somebody and I wanted to do him because he’s nearly a big compared to me and if I miss this and I see him later it could be an unfortunate circumstance for my family so I would like to ask Kevin Geraghty our Vice President of Energy Supply to stand does a great job and like I say you know if you’re going to make the mistake don’t make it with the biggest toughest guy in the room, so thank you Kevin and I apologize very much. This is the question-and-answer portion of our meeting and as Michael indicated we will be happy to answer any questions you may have or any comments you’d like to make.
I just wanted to know what happens to that Tonopah Power Plant once you shut it down or you going to convertible to some other than coal?
Our commission last year when we’ve filed an integrated resource plan and asked to spend some money in studying where the next generation would be cited suggested that we’d look at so called Brownfield Plant -- Brownfield sites, sites where there are existing, generating stations and this is before we announced Nvision plan, so it certainly would be natural for us and required by us to look at that site, but we’ve made no decisions yet on where the next generating plants would be.
I just wondered all the empty homes for closed homes, how is that affected our bottomline?
Unidentified Company Representative
That’s an excellent question because it’s something that we were very concerned about for many years and we’ve seen a turnaround and what we’ve seen over many years before the recession was that about 7% of our homes are likely second homes for people, so we consider about 7% of our total load to be about average for low use customers -- 7% of our customers are low use customers that grew to nearly 12% during the recession. We’re now back to that levels we were prior to the recession, so we’re about at 7%.
The interesting thing is that our uncollectible really didn’t grow as much as one might expect and I assume that means the importance of electricity certainly in Southern Nevada, it’s not important in Northern Nevada, but it’s vital when we live down here. That was one of the reasons I think that the uncollectible didn’t go particularly high, but we’re pleased to see that where the inventory of houses coming down that goes levels are coming down as well about to the averages we’ve experienced before the recession.
I would like to thank the people who are responsible for increasing the dividends and improving our capital. There is action in education, as in the finance department the prime objective of corporation is to see the increase shareholder value and it seems to me like you are doing a very good job and I appreciate it.
Thank you sir and it’s the management team here that deserves credit for that and all the other employees of NV Energy, people who worked very hard and the Board is very grateful for the efforts of management’s footwork. We think we’ve the rightful strategy at the Company, I think we’ve the right leadership at the Company and we think we’re taking the right steps to create sustainable shareholder value over the longer term.
Doesn’t appear there’s any other question, so we will officially adjourn the meeting and there’s one other item that we would like to do while you are here we will indulge for just a moment I’d like to invite Frank Gonzales and Frank there’s some other with you and our special presentation they would like to make.
Okay, thank you. Good morning ladies and gentlemen I would like to introduce members in front of you today, first after my right is (inaudible) Garden Reserve retired, on my left is General Burks from (inaudible) Nevada, President Frank Gonzales, Keathley (inaudible) major followed by General Fitch our Retired General Airforce National Guard, (inaudible) Captain and then we’ve Chief Charlie David and Staff sergeant Lynch.
Unidentified Company Representative
First of all thank you for having me here, let me tell you little bit about myself I’m a State Chair for Employers Support of the guard reserve. What we do? We try to create a great relation between the employer and employee, so when people have to go to work come back and get the jobs back and also (inaudible) where they’ve gone that’s what the situation.
It’s my honor Mr. Yackira to present the award to you, you come forward please, this award is for the extraordinary employee support award, one of our top awards in (inaudible) you know what the SERA is, SERA is a DOD Program and presenting this award you’ve to qualified by winning the Freedom Award prior to this. The Freedom Award is given once a year in September back in Washington D.C. at Kennedy Center usually if you not there that either Secretary Defense or President United States 2007 NV Energy won that award . This is one of top awards and this shows NV Energy set the bar for all the corporations, businesses, small, large, medium and entire say in Nevada and they’re first to see this in the State of Nevada, so it’s a very big accomplishment. Thank you very much for your support.
It’s quite an honor to receive this award and I’d really appreciate that 2007 (inaudible) Dickens who’s in the Navy really was the person who supported Company’s movement assuring that National Guard Service and all about military are well received back into the company when they lead to do this sort of duty and I’m very proud to receive this on behalf of Company obviously something that we cherish and it’s an obligation we believe that is to make sure that most of the people by way are energy only. We might be the only company in the United States that (inaudible) but I’m very happy and proud and honored.
That only tells half of the story (inaudible) joined Nevada 35 years ago from that time my service is here that and everybody is still very -- very strong (inaudible)and then finally as you mentioned before been advanced by the leadership as you mentioned and today it’s an honor for Michael and we actually share couple of things in common other than General Gonzales, I felt like last I left him about a year and a half ago when Bob just retired and I’m in a lose my right hand during the summer and I’ve a couple of things to give to you today.
One is the Nevada accommodation battle. I will go ahead and read this citation this time “It brings me great pleasure to present the Nevada accommodation that on behalf of the Nevada national Guard to Michael W. Yackira President and Chief Executive Officer of Nevada Energy, Mr. Yackira has distinguished himself for his continued commitment and unwavering support for Nevada National Guard. He has demonstrative fidelity to our country’s service remembers it’s commendable and honorable decision to the fight for freedom throughout the world Mr. Yackira’s dedication, commitment and honorably great credit upon himself Nevada Energy the great State Nevada in the United States, Mr. Yackira is also receiving The Three Coins of Excellence from (inaudible), Secretary General Nevada Army national Guard, Commander Army Guard and Robert (inaudible) (inaudible)Secretary general retired United States Airforce.
So Michael in addition to having a Degree in accounting, MBA in CPA that something also we share, we’ve also risen to the head of our respective corporations or elements and the other gift I’ve to give you today is Frank (inaudible) I would like to give you Frank back.
That I don’t say that lightly, but I think world realized a long time ago and then Michael has learned is that somebody has wore this uniform, nobody has the right to wear this uniform, it’s privilege, and it’s a privilege that each and everyone of these individuals they work for NV Energy take a great deal of pride and we can get through that is somebody that has worrying that there’s more about life than just themselves, they’ve learnt that there’s a difference between leadership and followership, they’ve also learnt that what it means to take the small or large element overseas to do the nation or the States bidding in times of crisis and with that you’ll get a full of round that it’s not something that you can only develop within the Corporation within the United States, it takes little bit more –because the experience they gain throughout their careers and I don’t know how many years are, but I’m guessing it’s well over the two to three hundred years quite looking at the grey hair in this group or some of us (inaudible) challenge, you know I’m thinking we’re on the more side of three hundred, but anyway thank you so much for what it is that you do for Nevada Energy and thank Nevada Energy or NV Energy where we think they do this for the Guard Reserve and (inaudible) so thank you so much.
Ladies and gentlemen, I think that’s it. Thank you all for coming.
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