Our performance during the quarter which ended March 31 was strong, and we met Wall Street's expectations. This represents an increase of 17 percent and is right on track with our earnings targets for the year. I am also very pleased to report that our increased earnings were due to greater net revenues from our unregulated businesses that are expanding into the national marketplace. As a matter of fact, our unregulated earnings grew by 80 percent over the first quarter of 2000, a reflection of our diligence in delivering on our promise to produce value for shareholders. Our first quarter report was mailed to shareholders this week and presents our results in more detail.
Copies are also available today on the table at the side of the room.
The year 2000 was a pivotal one for Allegheny Energy. Never before in our Company's history have we achieved so much. The strategy which I have outlined to you for the past several years has been the cornerstone for the successes we have experienced. We have not deviated from this strategy and it has served us well. Our steadfast adherence to executing this strategy brought many successes in 2000, a few of which I'd like to mention now, but which are outlined in more detail in our Annual Report.