RALEIGH, N.C., Dec. 9 /PRNewswire-FirstCall/ -- Progress Energy's (NYSE: PGN) board of directors today declared a dividend on the company's common stock of 62 cents per share, payable Feb. 1, 2010, to shareholders of record as of Jan. 11, 2010.

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"The company understands the importance that our shareholders place on the dividend," said Bill Johnson, chairman, president and CEO of Progress Energy. "Our long-term goal is to achieve a dividend payout ratio of 70 to 75 percent of ongoing earnings. Given the continued near-term weakness in the national economy, maintaining our dividend at the current level will allow us to make progress toward achieving our long-term payout ratio goal while continuing to provide value for our shareholders."

Progress Energy (NYSE: PGN), headquartered in Raleigh, N.C., is a Fortune 500 energy company with more than 22,000 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.

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 report 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

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