“If you look over the last couple of years, we have faced some headwinds.  Take the situation in 2012 with the extensive drought we had in the Midwest.  Last year, when we had the swing in prices and a lot of other revenue policies kicked in, so there were indemnities paid there.  The last couple of years have not met expectations for the private sector.  That said, again, these companies are in business for the long run, so we are optimistic for 2014 to see how the returns come out.  Companies have made long-term investments so they require long-term adequate return on their capital.”

To read a transcript of the entire interview, please click here.