Progress Energy names Mark Mulhern senior vice president, Progress Ventures

RALEIGH, N.C., Jan. 15, 2003 — Progress Energy announced Wednesday that Mark F. Mulhern, vice president, Strategic Planning, has been named senior vice president, Merchant Commercial Operations, Progress Ventures. In his new role, he will oversee the marketing, origination and asset optimization efforts for Progress Ventures’ unregulated generation portfolio.

“Mark’s commercial transaction experience, coupled with his finance background, make him well suited to help Progress Ventures navigate today’s challenging markets,” said Tom Kilgore, president of Progress Ventures.

Mulhern joined Progress Energy (formerly CP&L) in 1996 as vice president and controller. He served as vice president and treasurer through 2000 when he assumed his current role in Strategic Planning at the close of the merger with Florida Progress. A 1982 graduate of St. Bonaventure University, he is a certified public accountant.

The Progress Ventures business unit manages plant construction for both regulated and nonregulated generation within Progress Energy. Currently in its asset base, Progress Ventures owns roughly 3,100 megawatts of generating capacity either in operation or under construction.

Of this, more than 2,100 megawatts are under long-term contract and more than 1,500 megawatts are currently in operation. It also contains Progress Fuels Corporation, which owns and operates the company’s fuel extraction, manufacturing and delivery operations. This includes coal mining, synthetic fuel operations and fuel transloading facilities at several sites in Virginia, West Virginia and Kentucky. It also owns natural gas assets in Colorado, Texas and Louisiana and ash management operations in Florida.

Progress Energy, 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 serving more than 2.7 million customers in North Carolina, South Carolina and Florida.

Progress Energy also includes nonregulated operations covering merchant generation, energy marketing, natural gas exploration, 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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