RALEIGH, N.C. (May 15, 2008) -- As a reflection of its commitment to the communities it serves, Progress Energy (NYSE: PGN), through its Foundation, will invest more than $1 million in K-12 education across its service territory.

Since 2001, Progress Energy has committed more than $15 million to public education throughout its service areas in North Carolina, South Carolina and Florida.

"Our company has a proud history of supporting education in the communities where our customers and employees live and work," said Lloyd Yates, president and CEO, Progress Energy Carolinas. "We recognize that a strong education system helps improve the quality of life in local communities. Progress Energy's education grants support organizations that help ensure all students have an opportunity to learn, grow and reach their full potential.

"Our support also is focused on providing opportunities for students to learn more about energy efficiency and renewable energy," Yates said. "Today's students are the homeowners of tomorrow and will be responsible for making wise energy choices."

Progress Energy Foundation grants will support these North Carolina organizations in 2008:

• Education foundations -- The company's primary vehicle for supporting K-12 public schools is education foundations. Grants to local education foundations in Buncombe, Cumberland, Haywood, Johnston and Wake counties support energy education mini-grants.
• Teach for America -- Funding provides operating support to allow Teach for America to continue offering services in Eastern North Carolina and to expand their field of teachers. These teachers have been successful in helping to attain significant gains in student achievement in rural and inner-city schools.
• DonorsChoose -- As part of its focus on energy education, Progress Energy is partnering with DonorsChoose to provide teachers in its service territory with resources to teach their students about energy. Teachers can submit their ideas for energy education projects on DonorsChoose.org.
• North Carolina Agricultural Foundation 4-H -- Support includes funding for the N.C. 4-H Electric Congress and to develop an energy-conservation curriculum for students in the sixth grade.
• High Five Regional Partnership for High School Excellence -- To continue funding a collaboration between five school districts (Wake, Durham, Johnston, Orange and Chapel Hill-Carrboro) aimed at increasing students' graduation rates and preparation for community college or university admission.
• Communities in Schools of Wake County (CIS Wake) and Communities in Schools of North Carolina (CISNC) -- Progress Energy funds will be used to help CIS Wake launch a new program, Cultivating Academic Success and Excellence (CASE), to create the best possible after-school environment. The company is also continuing its support for CISNC to help build new CIS programs in Progress Energy communities.
• NC Center for Advancement of Teaching -- This grant will provide 24 teachers with the opportunity to attend a five-day professional development seminar focusing on sustainable energy and the environment.
• Kenan Fellows Program -- This grant will fund one Progress Energy Kenan Fellow who will produce comprehensive curriculum to help students understand the challenges and benefits of alternative fuels and the technologies that support cleaner, more energy-efficient solutions for a growing population.

Education is one part of Progress Energy's overall investment in nonprofit partners in North Carolina, South Carolina and Florida. In addition to education, the company's grants focus on the environment, economic development and employee involvement. During 2007, Progress Energy invested more than $10.5 million in the communities it serves.

Progress Energy, headquartered in Raleigh, N.C., is a Fortune 250 energy company with more than 21,000 megawatts of generation capacity and $9 billion in annual revenues. The company will observe its 100^th anniversary in 2008. Progress Energy includes two major utilities that serve 3.1 million customers in the Carolinas and Florida. The company is the 2006 recipient of the Edison Electric Institute's Edison Award, the industry's highest honor, in recognition of its operational excellence. The company also is the first utility to receive the prestigious J.D. Power and Associates Founder's Award for customer service. Progress Energy serves two growing areas of the country, and the company is pursuing a balanced strategy for a secure energy future. That balance includes aggressive energy-efficiency programs, investments in renewable energy technologies and a state-of-the-art electricity system. For more information about Progress Energy, visit the company's Web site at www.progress-energy.com.

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