RALEIGH, N.C.(Sept. 2, 2009)-- Progress Energy [NYSE: PGN] has been named one of the Top Utilities in Economic Development by Site Selection magazine for the seventh time in the last eight years.

The magazine's September 2009 issue selected Progress Energy as one of 10 winning utilities based on its role in helping to generate 8,342 new jobs and more than $2.5 billion in capital investment in the Carolinas and Florida service areas in 2008.

"During these challenging economic times, we are extremely pleased to be recognized by Site Selection magazine for helping to bring thousands of quality jobs and capital investment to the communities in our service areas," said Bill Johnson, chairman, president and CEO of Progress Energy. "Economic development is a team effort. This success was made possible by our economic development team's close collaboration with business and economic development partners at the local, state and regional levels as well as the ongoing support of our company's energy delivery professionals."

The Top Utilities list is released annually by the editors of Site Selection magazine. Selection criteria include the number and type of new and expanded facilities that have located in a utility's service area, the most new jobs and capital investment created (in total and per capita), and the new programs and services developed for attracting economic activity.

The magazine's Top Utilities designation evaluates the utilities' coordinated efforts with other agencies, takes into account responses from site selection consultants and corporate end users, and considers the utilities' own investment in new generation, transmission and renewable energy projects.

"The best utility economic developers lead the way toward high-impact projects and the low-carbon economy all at once," says Adam Bruns, managing editor of Site Selection. "Helping companies meet sustainability and efficiency targets is becoming just as important as incentives or special power rates in sustaining new or existing corporate operations and expansions."

Site Selection magazine is published by Atlanta-based Conway Data Inc. The magazine delivers expansion planning information to 44,000 executives of fast-growing firms.

Progress Energy (NYSE: PGN), headquartered in Raleigh, N.C., is a Fortune 500 energy company with more than 22,000 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.

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