CP&L and Florida Power officially re-branded Progress Energy

RALEIGH, N.C., Jan. 2, 2003 — Progress Energy announced that its two major electric utility companies, CP&L and Florida Power, have officially been re-branded Progress Energy.

The two companies began using the legal names Progress Energy Carolinas, Inc. and Progress Energy Florida, Inc., respectively, as of January 1, 2003. This re-brand for CP&L and Florida Power will be phased in over two years.

Customers will not see the names on their electric bill change until March 2003, but the company has already re-branded most company facilities, signs, vehicles, attire, advertising and community sponsorships with the Progress Energy name and logo.

“Since the 2000 merger, we’ve been working toward the goal of creating a seamless operation under the Progress Energy banner,” said William Cavanaugh, chairman and CEO, Progress Energy. “We have made a great deal of progress toward that goal and, today, stand as a highly integrated, dynamic, diverse energy company.”

Progress Energy was created in December 2000 following the completion of CP&L’s acquisition of Florida Progress, the parent company of Florida Power. Since the merger, the process of re-branding into the single Progress Energy name has been ongoing. Progress Energy is the name of the holding company created to serve as the parent company of CP&L and Florida Power, but until now the two utility companies have maintained their pre-merger brand names.

“We want to reassure Progress Energy customers, both in Florida and the Carolinas, that while the name has changed, the people they count on to provide reliable electric service have not changed. The people you talk to in customer service and the line and servicemen that you see in your neighborhood are the same folks we have all come to depend on,” Cavanaugh said. “That said, no company continuously demands more of itself when it comes to serving our customers than Progress Energy.”

“The name change will not only eliminate confusion between Florida Power and Florida Power & Light, but we hope it will also serve as a sign of our renewed commitment to deliver affordable and reliable service to our valued customers,” said Bill Habermeyer, president, Florida Power. “The 2000 merger was a positive turning point for Florida Power. We have made significant strides since then and look forward to continued improvement and innovation as Progress Energy Florida.”

Customer service phone numbers for Progress Energy Carolinas and Progress Energy Florida will be unaffected. Phone books and directory assistance will begin using dual listings for both CP&L/Florida Power and Progress Energy Carolinas/Progress Energy Florida.

Progress Ventures and Progress Fuels, Progress Energy’s non-regulated subsidiaries, will also be called Progress Energy. The names of the subsidiary companies that make up Progress Fuels will not change at this time. Progress Energy’s other subsidiaries — Progress Rail and Progress Telecom — will remain unchanged for now.

Progress Energy Carolinas provides electricity and related services to more than 1.3 million customers in North Carolina and South Carolina. The company is headquartered in Raleigh, N.C., and serves a territory encompassing over 33,000 miles, including the cities of Raleigh, Wilmington, Fayetteville and Asheville in North Carolina and Florence and Sumter in South Carolina.

Progress Energy Florida provides electricity and related services to more than 1.4 million customers in Florida. The company is headquartered in St. Petersburg, Fla., and serves a territory encompassing over 20,000 square miles, including the cities of St. Petersburg, Clearwater, as well as the central Florida area surrounding Orlando.

Progress Energy (NYSE: PGN – News), headquartered in Raleigh, N.C., is a Fortune 250 diversified energy company with more than 21,800 megawatts of generation capacity and $8 billion in annual revenues. The company’s holdings include two electric utilities, Progress Energy Carolinas and Progress Energy Florida, serving more than 2.7 million customers. Progress Energy also includes non- regulated operations (Progress Energy Ventures) covering merchant generation, energy marketing and trading; fuel extraction (Progress Energy Fuels); rail services (Progress Rail); and broadband capacity (Progress Telecom). For more information about Progress Energy, visit the company’s Web site at http://www.progress-energy.com.

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The Clarion Energy Content Team is made up of editors from various publications, including POWERGRID International, Power Engineering, Renewable Energy World, Hydro Review, Smart Energy International, and Power Engineering International. Contact the content lead for this publication at Jennifer.Runyon@ClarionEvents.com.

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