Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of Marc De Croisset - Macquarie Research
Marc De Croisset - Macquarie Research
If I heard you correctly, you’re guiding for flat earnings deliveries in 2010, does that mean that you’re not expecting a rebound in industrial sales next year and if so, who are your industrial customers and can you give us a little bit of color around that.
James Piro
Right now we have some major industrial customers who are commodity oriented businesses and we’re not seeing a this point a recovery in that sector probably until late 2010. Now we could be surprised but we’re being fairly conservative just given the uncertainty of how this recession is going to work through the system.
But they’re large customers who consumer a fair amount of energy and they’re in the commodity space primarily in the paper and in the metals business. That’s kind of our view right now. Its been a tough sector to forecast just because they’re so close to the margin in their operations and so dependent on the markets in the US and worldwide for that matter.
Maria Pope
If you look at where we were on 2009 if it wasn’t for those customers we would have had much less of a change so there’s a large focus on about the five or so customers.
James Piro
Kind of on the good news side we still are seeing a commitment by the solar companies that have come in primarily Solar World and Sanyo who are building new facilities in our service territory and they’re still committed to their strategy and moving forward so that has still been a bright spot, Genentech, whose another major customer is doing quite well also.
So there have been some bright sectors in the market and we are hopeful that things are going to start stabilizing and indications are that they are but at this point for 2010 and given where we are today we’re being relatively conservative in terms of the look at what’s going to happen next year.
Marc De Croisset - Macquarie Research
Are you willing to disclose amending rate base number for 2009 at this stage and also do you have a sense for 2009 cash flow from operations. I’m guessing around $300, $320 million for cash flow from operations in 2009 but are you willing to give us a little bit more color there as well.
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