Progress Energy Board Declares Quarterly Dividend

RALEIGH, N.C., Dec. 8, 2010 /PRNewswire-FirstCall/ -- 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 Feb. 1, 2011, to shareholders of record as of Jan. 10, 2011. This represents an expected total annual dividend for 2011 of $2.48 per share.

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"We know our shareholders value the dividend as an integral part of our total shareholder return," said Bill Johnson, chairman, president and CEO of Progress Energy. "We continue to make progress toward our long-term dividend payout ratio goal of 70 to 75 percent of ongoing earnings. And we remain committed to maintaining a strong dividend in the coming year that will enable us to achieve our financial objectives while providing value to our shareholders."

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.

SOURCE Progress Energy