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Press Release

02/18/2011

Progress Energy Announces 2010 Results and 2011 Earnings Guidance

(View complete press release and financials in PDF)

Highlights:

Full Year 2010
  • Reports 2010 GAAP earnings of $2.95 per share, compared to $2.71 per share in 2009, primarily due to prior-year activities related to discontinued non-utility businesses
  • Reports 2010 ongoing earnings of $889 million, or $3.06 per share, compared to $846 million, or $3.03 per share in 2009

Fourth Quarter 2010
  • Reports fourth-quarter GAAP earnings of $0.42 per share, compared to $0.55 for the same period last year, primarily due to prior-year activities related to discontinued non-utility businesses
  • Reports fourth-quarter ongoing earnings of $133 million, or $0.45 per share, compared to $142 million, or $0.50 per share, for the same period last year

2011 Earnings Guidance

  • Announces 2011 ongoing earnings guidance of $3.00 to $3.20 per share

RALEIGH, N.C. (February 18, 2011) – Progress Energy [NYSE: PGN] announced full-year GAAP earnings of $856 million, or $2.95 per share, compared with GAAP earnings of $757 million, or $2.71 per share, for the same period last year. Full-year ongoing earnings were $889 million, or $3.06 per share, compared to $846 million, or $3.03 per share, last year. The significant drivers in ongoing earnings per share were favorable weather, partially offset by higher O&M. (See the discussion later in this release for a reconciliation of ongoing earnings per share to GAAP earnings per share.)

Fourth-quarter GAAP earnings were $125 million, or $0.42 per share, compared with GAAP earnings of $154 million, or $0.55 per share, for the same period last year. Fourth-quarter ongoing earnings were $133 million, or $0.45 per share, compared to $142 million, or $0.50 per share, for the same period last year. The significant drivers in ongoing earnings per share were higher O&M and income taxes, partially offset by favorable weather. (See the discussion later in this release for a reconciliation of ongoing earnings per share to GAAP earnings per share.)

“Our continued financial discipline, coupled with very favorable weather, allowed us to achieve our financial goals and meet our commitment to customers and shareholders in 2010,” said Bill Johnson, Progress Energy chairman, president and CEO. “We delivered strong financial results, while making the investments necessary to meet customer needs now and in the future.

For 2011 – even as we move forward with approval activities associated with our merger with Duke Energy – we are focused on cost discipline and managing our business effectively and efficiently while meeting our customers’ energy needs every day,” Johnson said.

Progress Energy announces 2011 ongoing earnings guidance of $3.00 to $3.20 per share. The ongoing earnings guidance excludes the impact, if any, from discontinued operations, the effects of certain identified gains and charges and any merger-related costs from our proposed merger with Duke Energy Corporation. Progress Energy is not able to provide a corresponding GAAP equivalent for the 2011 ongoing earnings guidance due to the uncertain nature and amount of these adjustments.

Progress Energy will host a conference call and webcast at 10 a.m. ET today to review fourth-quarter and full-year 2010 financial performance, as well as discuss 2011 earnings guidance and provide an overall business update.

Progress Energy’s conference call with the investment community will be held February 18, 2011 at 10 a.m. ET (7 a.m. PT). Investors, media and the public may listen to the conference call by dialing 913) 312-0836, confirmation code 3289071. If you encounter problems, please contact Investor Relations at (919) 546-6057.

A webcast of the live conference call will be available at www.progress-energy.com/webcast. The webcast will be archived on the site for at least 30 days following the call for those unable to listen in real time. The webcast will include audio of the conference call and a slide presentation referred to by management during the call. The slide presentation will be available for download beginning at 9:30 a.m. ET today at www.progress-energy.com/webcast.

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 approximately $10 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 energyefficiency programs, investments in renewable energy technologies and a state-of-the-art power system. Progress Energy celebrated a century of service in 2008. Visit the company’s website at www.progress-energy.com.

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Contacts: Corporate Communications – (919) 546-6189 or toll-free (877) 641-NEWS (6397)

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