Fortis Inc., from a syndicate of lenders in 2001,  representing the first major US dollar long-term financing obtained by the Fortis Group of Companies. The financing has been used to replace bridge financing obtained for investment in BECOL. The success in securing this debt demonstrates the confidence of the lending community in the operations of BECOL and in the growth opportunities of the country of Belize. Fortis entered into an agreement with Abitibi- Consolidated Inc. in June 2001 to develop additional capacity at Abitibi-Consolidated’s hydroelectric plant  at Grand Falls-Windsor and to redevelop the forestry company’s hydroelectric plant at Bishops Falls, Newfoundland and Labrador. The $65 million project will increase annual energy production from the two hydroelectric plants by approximately 30 per cent to  600 GWh. This project is consistent with the strategy and expertise of Fortis with respect to small hydroelectric plants and will provide Newfoundland with additional energy supply from existing resources. Fortis and Scotiabank entered into an agreement mid- year for Scotiabank to acquire the business of our financial company, Fortis Trust Corporation. Fortis realized an after-tax gain of $0.5 million on disposal of this non-strategic asset. Acquisitions and investments made by Fortis and  its operating companies throughout 2001 have delivered earnings and added value for shareholders. As a result,  5 FORTIS Inc. 2OO1 Annual Report Listening to customers is an integral component of daily operations.