Progress Energy Closes on Sale of Rowan Plant to Southern Power
Posted on: Friday, 1 September 2006, 09:00 CDT
RALEIGH, N.C., Sept. 1 /PRNewswire-FirstCall/ -- Progress Energy and Southern Power, a subsidiary of Southern Company , have closed on the sale of Rowan County Power, LLC (Rowan). Rowan owns a 925-MW dual-fuel combined-cycle and combustion turbine electric generation facility in Rowan County, N.C. Proceeds from the sale of Rowan were received on August 31, 2006 and are expected to be used for debt reduction at the holding company or other corporate purposes.
In addition to this transaction, on May 31, 2006, Progress Energy closed on the sale of DeSoto County Generating Co., LLC (DeSoto) to Southern Power. DeSoto owns a 320-MW dual-fuel combustion turbine electric generation facility in DeSoto County, Fla.
Proceeds from the sale of Rowan and DeSoto total approximately $405 million.
Progress Energy, headquartered in Raleigh, N.C., is a Fortune 250 diversified energy company with more than 23,000 megawatts of generation capacity and $10 billion in annual revenues. The company's holdings include two electric utilities serving approximately 3 million customers in North Carolina, South Carolina and Florida. Progress Energy also includes nonregulated operations covering energy marketing and natural gas exploration. Progress Energy is the 2006 recipient of the Edison Electric Institute's Edison Award, the industry's highest honor, in recognition of its operational excellence. In 2005, the company also received the prestigious J.D. Power and Associates Founder's Award for dedication, commitment and sustained improvement in customer service. For more information about Progress Energy, visit the company's Web site at 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.
Other risk factors are detailed from time to time in our SEC reports. All such factors are difficult to predict, contain uncertainties that may materially affect actual results, and may be beyond our ability to control or estimate precisely. Additionally, new factors emerge from time to time, and it is not possible for management to predict all such factors or to assess the effect each such factor will have on us.
Progress Energy
CONTACT: Progress Energy Corporate Communications, +1-919-546-6189 ortoll-free, +1-877-641-NEWS (6397)
Web site: http://www.progress-energy.com/
Source: PRNewswire-FirstCall
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