Progress Energy releases first corporate environmental report

RALEIGH, N.C., Jan. 28, 2003 — Progress Energy has released its first corporate environmental report, entitled “Moving Forward.” The report presents the company’s environmental performance record and represents an important step in communicating with the entire Progress Energy community.

“Our commitment to environmental responsibility extends throughout every facet of our business in each of the communities that we serve,” said William Cavanaugh, chairman and CEO, Progress Energy. “‘Moving Forward’ reflects our determination to set an example for our industry, and demonstrates the extent to which we have integrated environmental responsibility into our corporate culture.”

The Progress Energy report covers a variety of areas, including operations and performance, performance measurements, innovative solutions, corporate stewardship initiatives, and environmental grants and projects.

“Moving Forward” outlines efforts for managing environmental impacts and meeting regulatory requirements through initiatives in pollution controls, air emissions, water use and wastewater discharge, waste generation and nuclear generation.

The report also includes specific environmental accountability measures, including resource conservation and recycling, and innovative emissions reductions solutions such as post-combustion technology and a sulfur dioxide reduction program.

“We’re always looking for innovative ways to improve operations and meet our environmental stewardship goals,” said Cavanaugh. “As part of this commitment, we want to make sure we are communicating with our customers, shareholders and stakeholders about our environmental performance and the efforts our employees are taking to protect and enhance the environment that we all share.”

The report is available online at http://www.progress-energy.com/about/report.html. The online version of the report will be updated as new information becomes available.

Progress Energy, headquartered in Raleigh, N.C., is a Fortune 250 diversified energy company with more than 21,900 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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