Progress Energy

Stock Symbol: PGN

Progress Energy Description:
Progress Energy (NYSE: PGN) is a Fortune 250 diversified holding company headquartered in Raleigh, N.C., with more than 20,000 megawatts of generation capacity and $7 billion in annual revenues. The company's diverse portfolio includes two major electric utility companies, CP&L and Florida Power, as well as NCNG, SRS, Progress Rail, Progress Telecom and an important new organization, Progress Ventures, which was created to manage fuel extraction, manufacturing and delivery; merchant generation; and energy marketing and trading. These companies serve 2.8 million customers across the Southeast, providing electricity, natural gas, energy services and broadband capacity.

Progress Energy Financial Summary:
PGN, a holding company, is engaged in the generation, transmission, distribution and sale of electricity in portions of the Carolinas and Florida and natural gas in portions of NC. For the six months ended 6/30/05, revenues rose 10% to $4.53B. Net income from cont. ops. fell 55% to $111M. Results reflect strong results from Progress Energy Carolinas and Progress Energy Florida, partially offset by increased fuel costs.

Progress Energy Business Summary:
Progress Energy, Inc. is an energy company located in the southeast region of the United States. Through its subsidiaries, Progress Energy Carolinas, Inc. and Progress Energy Florida, it is engaged in the generation, transmission, distribution and sale of electricity in portions of North Carolina, South Carolina and Florida. Through its Competitive Commercial Operations business segment, the Company is involved in non-regulated electricity generation operations. Through its Fuels business segment, Progress Energy is involved in natural gas, coal and synthetic fuel-related activities. Through its Rail Services segment, it engages in various rail and railcar-related services. The Corporate and Other Businesses segment includes telecommunication services, miscellaneous non-regulated activities and holding company operations. In June 2004, the Company sold its partnership interest in Colona Synfuel Limited Partnership, LLLP. In December 2004, it sold certain gas-producing properties.