Concept

Progress Energy Inc

Summary
Progress Energy, headquartered in Raleigh, North Carolina, is a subsidiary of Duke Energy and prior to its merger with Duke Energy was 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. As an independent company, the last chairman and CEO of Progress Energy was William D. Johnson; his predecessor was Robert 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. On October 16, 1999, third quarter earnings of Florida Progress Corp. fell 20.5 percent as damage from Hurricane Floyd. On August 24, 1999, Carolina Power & Light Co. said that it would acquire Florida Progress Corp. for 5.3 billion, creating the nation's ninth-largest electric utility. The company's current slogan is, "People, performance, excellence." Carolina Power & Light In 2000, Carolina Power & Light bought Florida Power Corporation and changed its name to Progress Energy. Progress Energy represents a family of companies, including CP&L, Florida Power, Progress Telecom, NCNG and SRS, and an important new organization, Energy Ventures. The company built a new headquarters in downtown Raleigh in 2004. 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. Duke Energy plans to "maintain substantial operations in Raleigh." When the merger was completed on July 3, 2012, Duke Chairman James E. (Jim) Rogers became Chairman and CEO of the new combined company, while Progress CEO Bill Johnson resigned. In 2008, the Corporate Responsibility Officer named Progress Energy to its list of 100 Best Corporate Citizens.
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