Progress Energy Executive Vice President Fred Day promoted to president and CEO of Progress Energy Carolinas

RALEIGH, N.C., Oct. 10, 2003 — Progress Energy announced that Fred Day, currently executive vice president – Energy Delivery, has been promoted to president and chief executive officer – Progress Energy Carolinas.

In this role, Day will continue to oversee all aspects of Carolinas Delivery operations, including distribution and customer service, transmission, and products and services. He will continue to report to President and Chief Operating Officer Bob McGehee.

“Fred has provided outstanding leadership to the Energy Delivery group, and has been instrumental in developing an organization and culture to keep operational performance and customer satisfaction high,” said McGehee. “This promotion is well-deserved and will be a positive change for Progress Energy.”

Day has been with the company for 35 years in positions of increasing responsibility. He has led the Energy Delivery organization in the Carolinas since 1997. During that time, he has led the Carolinas organization’s award- winning response to numerous major storms and has represented the company in several high-level public service positions.

Among them, he is chairman-elect of the Greater Raleigh Chamber of Commerce and serves on the boards of directors of the Advanced Energy Corporation, the N.C. Engineering Foundation and the N.C. Zoological Society. In South Carolina, he serves on the board of directors of the Palmetto Business Forum.

Progress Energy, headquartered in Raleigh, N.C., is a Fortune 250 diversified energy company with more than 23,000 megawatts of generation capacity and $8 billion in annual revenues.

The company’s holdings include two electric utilities serving more than 2.8 million customers in North Carolina, South Carolina and Florida. Progress Energy also includes nonregulated operations covering competitive generation, energy marketing, natural gas production, fuel extraction, rail services and broadband capacity. For more information about Progress Energy, visit the company’s Web site at http://www.progress-energy.com.

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