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Progress Energy and North Carolina's Electric Cooperatives Sign Contract for Power

Posted on: Monday, 19 January 2009, 10:59 CST

RALEIGH, N.C., Jan. 19 /PRNewswire-FirstCall/ -- Progress Energy Carolinas (PEC) and the NC Electric Membership Corporation (NCEMC), the power supply organization for a majority of the state's electric cooperatives, have signed a contract for PEC to supply power to NCEMC for a 20-year period beginning in 2013.

(Logo: http://www.newscom.com/cgi-bin/prnh/20020923/CHM008LOGO-c )

PEC has supplied a portion of NCEMC's load requirements located in PEC's control area for more than 50 years. Under the new agreement, by the end of the contract term PEC will supply the majority of NCEMC's load within the PEC control area, or approximately 2,750 megawatts. The contract is the result of NCEMC's request for proposals for power supply resources issued in October 2007.

"We're happy to be able to serve the needs and growth of North Carolina's cooperatives," said Lloyd Yates, president and CEO of PEC. "Having a long-term contract like this one will help both companies plan for the future."

"We're pleased to continue our long-term relationship with Progress Energy that assists us with providing our member cooperatives with reliable and affordable energy," said Rick Thomas, CEO of NCEMC.

PEC will account for the added load when it files its next integrated resource plan with the North Carolina Utilities Commission. This agreement will allow both companies to optimize their system and resource planning.

North Carolina's electric cooperatives provide energy to 2.5 million people in 93 of 100 counties, primarily in rural parts of the state. For more information about the cooperatives, visit http://www.ncelectriccooperatives.com.

Progress Energy Carolinas, a subsidiary of Progress Energy (NYSE: PGN), provides electricity and related services to more than 1.4 million customers in North Carolina and South Carolina. The company is headquartered in Raleigh, N.C., and serves a territory encompassing over 34,000 square miles including the cities of Raleigh, Wilmington, Fayetteville, and Asheville in North Carolina and Florence and Sumter in South Carolina. The company has earned the Edison Electric Institute's Edison Award, the industry's highest honor, in recognition of its operational excellence, and was the first utility to receive the prestigious J.D. Power and Associates Founder's Award for customer service. The company is pursuing a balanced strategy for a secure energy future, which includes aggressive energy-efficiency programs, investments in renewable energy technologies and a state-of-the-art electricity system. Visit the company's Web site at http://www.progress-energy.com.

This release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve estimates, projections, goals, forecasts, assumptions, risk and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Any forward-looking statement is based on information current as of the date of this release and speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made.

SOURCE Progress Energy

Source: PR Newswire

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