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Progress Energy Florida Announces Wholesale Power Purchase Agreement

Posted on: Wednesday, 20 December 2006, 15:00 CST

ST. PETERSBURG, Fla., Dec. 20 /PRNewswire-FirstCall/ -- Progress Energy Florida has signed a long-term, wholesale agreement to buy power from Shady Hills Power Company LLC. Under the agreement, Shady Hills will provide Progress Energy Florida 500 megawatts of capacity and associated energy for 10 years, extending an existing agreement that will expire in 2014.

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

The Shady Hills plant, in Pasco County, is owned by Mirant and fueled by three natural gas turbine units. The entire output of the facility will be used to supply a portion of Progress Energy Florida's growing capacity needs through 2024. Financial terms were not disclosed.

"Progress Energy Florida has a responsibility to deliver safe, reliable and affordable energy to our more than 1.6 million customers," said Jeff Lyash, president and chief executive officer of Progress Energy Florida. "Strategic power purchases like Shady Hills will be part of our balanced solution to provide more stable, long-term options for our customers while meeting the challenge of growth."

Florida is the nation's fourth most populous state and is growing by more than 1,000 new residents a day. Long-term projections indicate the demand for electricity in Progress Energy Florida's 35-county service territory will grow by 25 percent in the next decade.

Progress Energy Florida, a subsidiary of Progress Energy , provides electricity and related services to more than 1.6 million customers in Florida. The company is headquartered in St. Petersburg, Fla., and serves a territory encompassing more than 20,000 square miles including the cities of St. Petersburg and Clearwater, as well as the Central Florida area surrounding Orlando. 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 http://www.progress-energy.com/ .

Photo: http://www.newscom.com/cgi-bin/prnh/20020923/CHM008LOGO-cAP Archive: http://photoarchive.ap.org/PRN Photo Desk, photodesk@prnewswire.com

Progress Energy Florida

CONTACT: Progress Energy Florida 24-hour media line, +1-866-520-6397

Web site: http://www.progress-energy.com/

Source: PRNewswire-FirstCall

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