Operator: Good morning. My name is Natalie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fourth Quarter Earnings Call for Exelon Corp. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you.
Mr. Ravi Ganti, Vice President of Investor Relations, you may begin your conference.
Ravi Ganti - VP or IR: Thank you, Natalie, and good morning, everyone. Welcome to Exelon's fourth quarter 2012 earnings conference call. We issued our earnings release this morning. If you haven't received it, the release is available on Exelon website.
The earnings release and other maters we will discuss in today's call contain forward-looking statements and estimates that are subject to various risks and uncertainties as well as adjusted non-GAAP operating earnings. Please refer to today's 8-K and Exelon's other filings for a discussion of factors that may cause results to differ from management's projections, forecasts, and expectations, and for a reconciliation of operating to GAAP earnings.
Leading the call today are Chris Crane, Exelon's President and CEO; and Jack Thayer, Exelon's Executive Vice President and Chief Financial Officer. They are joined by other members of Exelon's executive management team who will be available to answer your questions. We have scheduled 60 minutes for this call.
I will now turn the call over to Chris Crane, Exelon's CEO.
Christopher M. Crane - President and CEO: Thanks Ravi. Good morning, everyone. Today I'll review the 2012 operating results, introduce our 2013 earnings guidance, and announce our new dividend policy. Looking at 2012 it was an important and eventful year for Exelon. In March we completed our successful merger with Constellation. In addition to over $550 million in expected strategies, the transaction resulted in commercial balance of generation and load helping reduce earnings volatility in our merchant business.
Exelon's ability to deliver on operational excellence was once again evident in 2012 and I'll share some of those highlights a bit later. As you know 2012 was a difficult year on the economic front for our sector. Some of the significant challenges included lower commodity prices, reduced load growth expectations, margin progression in retail and major storms in two of our service areas.
In the fourth quarter of 2012 we recorded earnings of $0.64 per share and a full-year operating earnings of $2.85. These results fell within our guidance range. Q4 earnings reflect $0.05 of cost at PECO and BGE due to the effect of the Hurricane Sandy which was in line with our preliminary estimate. At its peak, PECO and BGE had service interruptions to over 1.2 million customers. Our crews worked to restore power to not only those in our service territories, but also those in New York and New Jersey as well. All three utilities received awards in recognition of their exceptional response efforts from EEI in January. Our nuclear fleet capacity factor for 2012 came in just shy of 93% capping another year of good fleet performance.