North Carolina Utilities Commission approves transfer of 480 MW of CP&L generating assets to progress ventures

RALEIGH, N.C., Sept. 18, 2001 — The North Carolina Utilities Commission (NCUC) has approved the transfer of certificates for three 160 MW combustion turbine generators in Rowan County, North Carolina, from CP&L, one of Progress Energy’s regulated electric utility companies, to Progress Ventures, Progress Energy’s subsidiary that manages wholesale energy marketing and trading, merchant generation, fuel properties and rail services.

The initial application, filed with the NCUC on February 26, 2001, requested transfer of the Certificates of Public Convenience and Necessity granted to construct electric generating facilities in both Richmond and Rowan counties from CP&L to Progress Ventures. The order maintains CP&L’s ownership of the seven 160 MW combustion turbine generators and one 160 MW heat-recovery steam turbine generator in Richmond County.

Progress Energy is a Fortune 250 diversified holding company headquartered in Raleigh, N.C., with more than 20,000 megawatts of generation capacity and $7 billion in annual revenues.

The company’s diverse portfolio includes two major electric utility companies, CP&L and Florida Power, as well as NCNG, SRS, Progress Rail, Progress Telecom and an important new organization, Progress Ventures, which was created to manage fuel extraction, manufacturing and delivery; merchant generation; and energy marketing and trading.

These companies serve 2.8 million customers across the Southeast, providing electricity, natural gas, energy services and broadband capacity. For more information about Progress Energy, visit the company’s Web site at .

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