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Sempra Energy International's pipeline, Gasoducto Bajanorte, began operations in September 2002 with a capacity of approximately 500 million cubic feet per day of natural gas and full subscription for more than 20 years. We have engineered the pipeline to more than double its capacity for the future transportation of natural gas produced from LNG landed on the coast of Baja California, Mexico.
Development continues on our Costa Azul LNG terminal in Baja California. The facility is in the permitting stages and should be operational by 2006.
Finally, Sempra Energy Solutions has been successful where others have failed — providing energy-management solutions and outsourcing options to large commercial, industrial and institutional customers. I am particularly proud that Sempra Energy Solutions increased its net income to $21 million in 2002 from $1 million in 2001.
In the wake of the many scandals in corporate America over the past year, I am frequently asked by investors and others: "How is Sempra Energy guarding against similar problems?" With the exception of myself, no other member of our board of directors is a current or former employee of Sempra Energy. We have an internal audit function that reports directly to our board's Audit Committee. Ethical business conduct is a key element in our
company's ongoing success. We have a strict business code of conduct and affiliate-compliance rules in place, as well as rigorous employee training programs in both areas.
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