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Identifying the best formula for long-term performance.
We didn’t earn our reputation overnight. Being known as a good
value with reliable performance is a distinction Progress Energy
has achieved with careful planning and unrelenting focus on
our long-term goals. Chief among them is yearly dividend growth,
something we’ve accomplished in 29 of the last 30 years, and
a key objective of our business strategy.
In 2004, we laid out a strategic plan designed to guide us
successfully through 2007 and position us well for the years
beyond. It’s a model that relies on our fundamental strengths
to produce value over both the short and long term. We’re maintaining
our focus on our primary business – generating and distributing
energy in both the regulated and competitive markets. Looking
ahead, we’ve established an earnings objective of 3 percent
to 5 percent annual growth for our three core businesses, including
sustained but careful growth on the unregulated side of our
business.
To accomplish these objectives, we’ve committed to investing
nearly $1 billion each year in our infrastructure to improve
our current distribution system, increase our overall generation
capacity and support growing demand in our thriving territories.
And we’re well on our way to achieving our Progress Ventures
earnings objectives through wholesale power contracts signed
in 2004. We now serve 30 percent of the Georgia rural electrical
cooperative market. That’s 550,000 new end-use customers.
At Progress Energy, we firmly believe we’re in the right position
to achieve our goals in 2005. With unshakable focus, we will
continue to grow our business and deliver greater value to our
shareholders. After all, we have a reputation to uphold.
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