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Progress Energy Inc.
Company type
Subsidiary of Duke Energy
Industry
Electric utility
Founded
1925
Headquarters
Raleigh, North Carolina, United States
Number of employees
11,000 (2007)
Parent
Duke Energy
Progress Energy was a power generation and distribution company. Prior to its merger with Duke Energy, it was a Fortune 500 energy company with more than 21,000 megawatts of generation capacity and $9 billion in annual revenues. Headquartered in Raleigh, North Carolina, Progress Energy includes two major electric utilities that serve approximately 3.1 million customers in the Carolinas and Florida. As an independent company, the last chairman and CEO of Progress Energy was William D. Johnson; his predecessor was Robert McGehee, who died on October 9, 2007, at the age of 64 of a stroke while on a business trip to London.
Progress Energy is the majority owner and operator of the Brunswick, Crystal River 3, Robinson, and Shearon Harris nuclear power plants.
On October 16, 1999, third quarter earnings of Florida Progress Corp. fell 20.5 percent as damage from Hurricane Floyd.[1]
On August 24, 1999, Carolina Power & Light Co. said that it would acquire Florida Progress Corp. for $5.3 billion, creating the nation's ninth-largest electric utility.[2]
The company's slogan prior to the Duke Energy merger was, "People, performance, excellence."
^"Florida Progress buyer suffers".
^"Carolina Power Set To Buy Fla. Utility; Deal Would Form No. 9 Electric Firm".
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