progress energy 05/14/08
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Chairman’s Report
Bill JohnsonChairman, CEO & President
Progress Energy’sAnnual Meeting of Shareholders
May 14, 2008 – Raleigh, N.C.
5/14/2008
Caution: Forward-Looking Statements
This presentation includes some future-oriented
information that is subject to change. Many factors could
cause actual results to be materially different.
For more complete information, go to Progress Energy’s
most recent Form 10-K on our Web site:
progress-energy.com.
A Century of Service: 1908 - 2008
Carolina Power &
Light Company
was formed on
July 13, 1908
Raising a pole in downtown Raleigh in 1916
2007 Highlights
● Sustained operational excellence & safety leadership
● Achieved core ongoing earnings guidance
● Increased dividend for 20th consecutive year
● Completed transition to core utility business
● Strengthened balance sheet and credit ratings
● Ranked #16 in list of nation’s best corporate citizens
● Named to Dow Jones Sustainability Index 3rd straight year
Clear Strategic Focus on Two Electric Utilities with Strong Growth Prospects
Florida
North Carolina
South
Carolina
Service Area
• 1.4 million customers
Progress Energy Carolinas
• 1.7 million customers
Progress Energy Florida
Total net increase of 51,000 customers in 2007
Confronting New Energy Realities
Addressing climate change,
demand growth and rising costs
and creating
shareholder value
while maintaining
a secure supply, reliable service and
affordable prices
Balanced Solution Strategy
Potential Levy County Nuclear Project
Progressive Corporate Governance
● Integrity, accountability, independence
● All Board members elected annually and by majority vote
● Independent Board committees
● Independent auditors and compensation consultant
● Governance practices highly ranked
● Better than 67% of S&P 500*
● Better than 71% of utilities*
● Code of Ethics with training and rigorous enforcement
● Governance documents on Web site: progress-energy.com
* Recent report by RiskMetrics Group
Executive Compensation
● Independent Board committee and external consultant
● Total compensation and all elements benchmarked
● Compensation philosophy: 50th percentile of peer group
● High % of compensation tied to company performance
● Policies regularly evaluated against peer group and industry
● Changes in practices and programs:● Reworked long-term incentive
● Reduced long-term incentive percentages
● Reduced perquisites
Growth in Stock Price and Dividend
Sto
ck P
ric
e
1980-1993 stock prices adjusted for 1993 2-for-1 split
Div
iden
d
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
1980-1993 stock prices adjusted for 1993 2-for-1 split
Securing our Energy Future
● Clear strategic focus on the electric utility business
● Excelling in the fundamentals
● Balanced strategy to address climate and growth
● Achieving our financial objectives year after year
● Talented, motivated workforce
Q&A
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