RALEIGH, N.C., May 13 /PRNewswire-FirstCall/ -- Progress Energy (NYSE: PGN) Chairman, President and CEO Bill Johnson told shareholders today that the company is managing the business well through turbulent economic times and is excelling in the fundamentals as it builds a bright future for its customers and shareholders. The company's board of directors also declared a dividend for the 250th consecutive quarter.

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"Our company has a strong foundation and a bright future," Johnson said. "We have a clear strategic focus on the electric utility industry and we have two strong utilities."

His comments came at Progress Energy's annual meeting of shareholders in Raleigh. Johnson updated shareholders on how the company is navigating through a challenging business landscape while laying the groundwork for continued long-term success.

"We have a relentless daily focus on excelling in the fundamentals of our business," Johnson said. "Our employees are collaborating well to control costs and find efficiency improvements. We've had very good success in delivering on our financial commitments, and we're making smart investments in our future."

Progress Energy achieved its 2008 earnings goal despite the economic recession, and in December 2008 the company increased its dividend for the 21st year in a row.

"Sustainable dividend growth is a financial hallmark of our company, and a reputation we intend to build on," Johnson said.

The company's two utilities - Progress Energy Carolinas and Progress Energy Florida - provide retail electric service to 3.1 million customers in North Carolina, South Carolina and Florida.

Johnson emphasized that the company is implementing a balanced, flexible strategy to meet the future energy needs of its customers. That strategy combines aggressive energy efficiency, innovative alternative and renewable energy, and advanced power plants including new nuclear generation.

He pointed out that the company also is making substantial investments in new and existing plants and transmission facilities at its two utilities.

"These are challenging times for our economy," Johnson said. "Our nation and industry face some big decisions on energy. But our company has a balanced, flexible plan to prepare us and our customers for a new energy future. I am confident we are on the right track."

Directors elected

Shareholders elected the following 12 directors to serve one-year terms: James E. Bostic Jr. of Atlanta; Harris E. DeLoach Jr. of Hartsville, S.C.; James B. Hyler Jr. of Raleigh, N.C., William D. Johnson of Raleigh, N.C.; Robert W. Jones of Bedford, N.Y.; W. Steven Jones of Chapel Hill, N.C.; E. Marie McKee of Corning, N.Y.; John H. Mullin III of Brookneal, Va.; Charles W. Pryor Jr. of Lynchburg, Va.; Carlos A. Saladrigas of Miami; Theresa M. Stone of Boston; and Alfred C. Tollison Jr. of Marietta, Ga.

Dividend declaration

Progress Energy's board of directors declared a quarterly common-stock dividend of 62 cents per share, payable Aug. 3, 2009, to shareholders of record as of July 10, 2009. This represents an expected total annual dividend of $2.48 per share.

An audio webcast of the meeting is available at www.progress-energy.com/webcast. The presentation consists of streaming audio and a downloadable slide presentation.

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.

This release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The matters discussed in this document involve estimates, projections, goals, forecasts, 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 is based on information current as of the date of this document 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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