Progress Energy Inc

Progress Energy

Company type	Public
Industry	Electric power
Founded	2000
Headquarters	Raleigh , United States
Key people	William D. Johnson (final chairman and CEO)
Products	Electric power generation and distribution

Progress Energy functioned as a company specializing in power generation and distribution. Prior to its merger with Duke Energy, it ranked among Fortune 500 energy corporations, boasting over 21,000 megawatts of generating capacity and annual revenues reaching $9 billion. Based in Raleigh, North Carolina, Progress Energy managed two principal electric utilities that served approximately 3.1 million customers across the Carolinas and Florida. The final chairman and CEO was William D. Johnson, who took over following the passing of Robert McGehee in 2007.

The company held majority ownership and operational control over the nuclear power plants at Brunswick, Crystal River 3, Robinson, and Shearon Harris.

In 1999, Florida Progress Corp. experienced a 20.5% decline in third-quarter earnings attributed to damages caused by Hurricane Floyd. Later that year, Carolina Power & Light Co. announced its intention to acquire Florida Progress Corp. for $5.3 billion, resulting in the formation of the ninth-largest electric utility company in the United States.

Before its integration with Duke Energy, the company’s motto was "People, performance, excellence."

History

In 2000, Carolina Power & Light completed its acquisition of Florida Power Corporation and subsequently rebranded itself as Progress Energy. This entity incorporated CP&L, Florida Power, Progress Telecom, NCNG, SRS, and Energy Ventures under one umbrella. A new corporate headquarters was established in downtown Raleigh in 2004.

On January 10, 2011, Duke Energy revealed plans to acquire Progress Energy in a $26 billion transaction aimed at creating the largest electric utility in the U.S., serving 7.1 million customers. Duke Energy pledged to preserve substantial operations within Raleigh. The merger was finalized on July 3, 2012, with Duke Chairman James E. (Jim) Rogers assuming the roles of chairman and CEO of the merged organization; meanwhile, Progress CEO Bill Johnson stepped down.

Environmental record

Progress Energy earned recognition in 2008 as one of the 100 Best Corporate Citizens by Corporate Responsibility Officer magazine and was included in the Dow Jones Sustainability Index from 2005 through 2009. The company contributed $300,000 toward a study conducted by UNC Chapel Hill to evaluate offshore wind energy potential along North Carolina’s coast and initiated its SunSense solar incentive programs in 2009.

To curb sulfur dioxide emissions, Progress Energy equipped its nine largest coal-fired units with flue-gas desulfurization systems (scrubbers). Nevertheless, in 2002 it ranked as the 29th-largest corporate air polluter nationwide, releasing close to 39 million pounds of hazardous substances such as nickel and chromium compounds, sulfuric acid, and hydrochloric acid. Additionally, Progress Energy was identified as a potentially responsible party at the Carolina Transformer Co. Superfund toxic waste site.

Naming rights

Progress Energy secured naming rights for several notable venues including the University of Central Florida's Progress Energy Welcome Center, St. Petersburg's Progress Energy Park (home to Al Lang Field), the Progress Energy Center for the Arts-Mahaffey Theater, and downtown Raleigh’s Progress Energy Center for the Performing Arts.

See also

• List of power stations in Florida

External links

• Progress Energy Inc official website