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TXU had a year of successful transformation and solid performance in 2001. We achieved significant improvement in the US Energy segment, with favorable trading results in regions outside of Texas and increased activity in the Texas market, and we benefited from continued strong operating performance by the US Electric segment and better-than-expected results from Australia. The results were achieved while we continued to focus on debt reduction, implemented wholesale and retail capabilities required for competition in the Texas electricity market, and fundamentally restructured the European portfolio.
We restructured our US Electric operations, becoming the first in Texas to separate our regulated wires (transmission and distribution) business from our competitive generation and retail, or customer, businesses. The structural separation laid the foundation for us to implement our distinct merchant energy business model and strategy in retail competition in the Texas electricity market, which opened on January 1, 2002. In December 2001, we filed a settlement plan with the Public Utility Commission of Texas that, if approved, will resolve all major pending issues related to our transition to competition.
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