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Press Release

03/16/2011

Progress Energy board declares quarterly dividend

RALEIGH, N.C. (March 16, 2011) – Progress Energy’s board of directors today declared a dividend on the company’s common stock. The quarterly dividend was declared at 62 cents per share, payable May 2, 2011, to shareholders of record as of April 11, 2011. This represents a total annual dividend of $2.48 per share.

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 about 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 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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