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Progress Energy is Focused on Managing Its Business and Delivering Value for Customers and Shareholders, CEO Tells Shareholders in 2008 Annual Report

Posted on: Tuesday, 31 March 2009, 10:30 CDT

RALEIGH, N.C., March 31 /PRNewswire-FirstCall/ -- Progress Energy (NYSE: PGN) is taking aggressive steps to navigate its business through the nation's challenging economic times with a clear strategy focused on delivering value for its customers and shareholders, according to the company's 2008 annual report released to shareholders today.

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In his annual letter to shareholders, Progress Energy Chairman, President and CEO Bill Johnson provided his view of how the company is managing the business through the economic recession and how the company is investing in the future for its customers and investors.

"To make sure we hold down expenses and live within our means, we initiated in 2008 a more systematic effort to achieve sustainable efficiency improvements and productivity gains year after year," Johnson said. "We have also adopted temporary belt-tightening measures, such as travel restrictions, to reduce discretionary spending."

In early 2008 Progress Energy completed a multiyear transition back to its core regulated electric utility business: Progress Energy Carolinas and Progress Energy Florida. The company has a clear strategy focused on its two strong electric utilities.

"We know that millions of people depend on us every day," Johnson said. "That's why we're staying focused on the fundamentals of our business, controlling the things we can control, and doing what it takes to sustain our long record of success."

Progress Energy's business strategy is also focused on creating value for shareholders. In 2008, Progress Energy increased the dividend for the 21st consecutive year.

"Despite the global financial crisis and economic slowdown, we successfully delivered on our 2008 financial goals with full-year ongoing earnings per share of $2.98 per share," Johnson said. "The overall financial and operational results we are achieving indicate our resilience and resolve, and the strength of having a clear strategy focused on an essential service we know and perform well."

Johnson emphasized to shareholders that the company is implementing a balanced solution for meeting customers' energy needs, combining aggressive energy efficiency, innovative alternative energy and state-of-the-art power generation. It's an approach that leverages advances in nuclear plants and innovative technologies, such as the Smart Grid and plug-in electric vehicles.

"Securing our energy future requires a diverse, balanced strategy to meet the energy needs of a growing population and the emerging federal and state policies to reduce carbon emissions and climate change," he said.

In 2008, Progress Energy celebrated its 100th anniversary. As the company begins its second century of service, Johnson pointed to Progress Energy's strong foundation and commitment to securing a bright future for its customers and shareholders.

"Whether you're a Progress Energy customer or investor, or a public official, you have reason to be confident in our company," Johnson said. "We are determined to weather this economic storm, and emerge stronger and better for the benefit of the many people who rely on us to be there for them - today and years into the future."

Progress Energy (NYSE: PGN), headquartered in Raleigh, N.C., is a Fortune 500 energy company with more than 21,000 megawatts of generation capacity and $9 billion in annual revenues. Progress Energy includes two major electric utilities that serve approximately 3.1 million customers in the Carolinas and Florida. 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. Progress Energy celebrated a century of service in 2008. Visit the company's Web site at www.progress-energy.com.

Caution Regarding Forward-Looking Information:

This document contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, by their very nature, involve assumptions, risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Any forward-looking statement speaks only as of the date 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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