The commercial response we've received confirms the project is a cost-competitive way to link rising oil sands production to preferred markets in the U.S. Midwest.

Strong performance across most of our power operations delivered a quarter-over-quarter increase in net earnings of almost 200 percent.

It's a complex issue and I don't have an easy answer for it.

So our challenge, in this era, is to find good opportunities where we can take that stable cash flow from the regulated pipes and re-invest it in new high-quality opportunities.

So stay tuned I guess. It's going to be a very dynamic and interesting period from now to 2012. And we hope by the 2012 meeting that we'll be able to tell you that the Mackenzie pipeline is in fact on-stream and Alaska is getting close.

We understand very clearly the significance of the dividend to our shareholders.

We continue to see the heartland of America, if you will, the Midwest, as the most attractive long-term for Canadian crude.

We look forward to becoming operator of this important pipeline, which in the future is expected to play a significant role in moving northern frontier natural gas from the Alberta hub to U.S. markets.