Progress Energy Inc
- For the unrelated company based in Calgary, Alberta, Canada, see Progress Energy Resources.
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| Type | Public (NYSE: PGN) S&P 500 Component |
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| Industry | Electric Utilities |
| Founded | 1925 |
| Headquarters | Raleigh, North Carolina, USA |
| Key people | William D. Johnson, Chairman & CEO |
| Revenue |  $9.885 billion USD (2009) |
| Operating income | $1.772 billion USD (2009) |
| Net income | $757 million USD (2009) |
| Employees | 11,000 (2007) |
| Website | http://www.progress-energy.com |
Progress Energy (NYSE: PGN), headquartered in Raleigh, N.C., is a Fortune 500 energy company with more than 21,000 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. Progress Energy celebrated a century of service in 2008. The company's chairman and CEO is William D. Johnson; his predecessor was Mr. Bob McGehee, who died on October 9, 2007 at the age of 64 of a stroke while on a business trip to London.
Progress Energy is the majority owner and operator of the Brunswick, Crystal River 3, Robinson, and Shearon Harris nuclear power plants.
The company's current slogan is, "People, performance, excellence."
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[edit] History
In 2000, Carolina Power & Light bought Florida Progress Corporation and changed its name to Progress Energy. The company built a new headquarters in downtown Raleigh in 2004.[1]
[edit] Environmental record
In 2008, the Corporate Responsibility Officer named Progress Energy to its list of 100 Best Corporate Citizens.[2] Progress Energy was named to the Dow Jones Sustainability Index in 2009, 2008, 2007, 2006 and 2005.[3]
The company is investing $300,000 in a UNC Chapel Hill study to map the offshore wind power potential of North Carolina.[4] Progress Energy launched its SunSense-branded solar incentive programs in 2009.[5]
Progress Energy has installed flue-gas desulfurization technology, or scrubbers, to remove sulfur dioxide emissions from its nine largest coal-fired power plant units.[6]
Researchers at the University of Massachusetts Amherst have identified Progress Energy as the 29th-largest corporate producer of air pollution in the United States in 2002, when it released roughly 39 million pounds of toxic chemicals into the air. Major pollutants included nickel compounds, chromium compounds, sulfuric acid, and hydrochloric acid.[7] Progress has also been named a potentially responsible party at the Carolina Transformer Co. Superfund toxic waste site, according to the Center for Public Integrity.[8]
[edit] Naming rights
Progress Energy owns the naming rights to the University of Central Florida's Progress Energy Welcome Center, St. Petersburg's Progress Energy Park, home of Al Lang Field, Progress Energy Center for the Arts-Mahaffey Theater, and the "Progress Energy Center for the Performing Arts" in downtown Raleigh, NC.
[edit] Proposed merger with Duke Energy
On January 10, 2011, Duke Energy announced plans to take over Progress Energy in a $26 billion deal resulting in the country's largest electric utility with 7.1 million customers. Although the headquarters will be in Charlotte, North Carolina, Duke Energy plans to "maintain substantial operations in Raleigh." If the companies complete the deal, which is expected to take place by 2011, Progress CEO Bill Johnson will be the new CEO of Duke, and Duke CEO Jim Rogers will become chairman.[9]
[edit] See also
[edit] References
- ^ Murawski, John (2011-01-10). "Merger means uncertainty for Raleigh utility’s workers". News & Observer. http://www.newsobserver.com/2011/01/10/910125/progress-energy-close-to-being.html. Retrieved 2011-01-10.
- ^ 100 Best Corporate Citizens 2008 http://www.thecro.com/node/615
- ^ DJSI http://www.sustainability-indexes.com/
- ^ http://www.newsobserver.com/2010/07/01/560072/progress-boosts-unc-wind-study.html#storylink=misearch
- ^ Company news release: http://www.progress-energy.com/aboutus/news/article.asp?id=21723
- ^ http://www.ocala.com/article/20091208/articles/912081005
- ^ Political Economy Research Institute Toxic 100 retrieved 14 Aug 2007
- ^ Center for Public Integrity
- ^ Wolf, Alan M. (2011-01-10). "Duke Energy to buy Progress Energy in $26 billion deal". News & Observer. http://blogs.newsobserver.com/business/duke-energy-to-buy-progress-energy-in-26-billion-deal.
[edit] External links
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This article relies on references to primary sources or sources affiliated with the subject, rather than references from independent authors and third-party publications. Please add citations from reliable sources. (April 2007) |
