Progress Energy announces new economic development rider

RALEIGH, N.C., Dec. 19, 2002 — Progress Energy Thursday announced that they received approval for a new economic redevelopment rider that is expected to attract attention from companies considering locating in North Carolina.

Under the new program, businesses that move into a vacant property previously served by CP&L are eligible for a 50 percent discount on electricity used during their first year of occupancy. The building occupied must have been vacant for a minimum of 60 days and the business must be adding 500 kW or more.

The business must either employ 35 FTE’s or make a capital investment of $200,000 and add FTE’s. The operational date must be no later than 6 months after the service is initiated and the program requires a 5-year contract.

“This program will provide a greater incentive for businesses to locate in available buildings in the communities we serve,” said Sandy Jordan, vice president, economic development for Progress Energy. “We are continually seeking ways to partner with our communities to attract jobs and investment.

For more information about the program, call the Progress Energy Economic Development Department at 1-800-622-7562.

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 (CP&L and Florida Power) serving more than 2.7 million customers across the Carolinas and Florida. Progress Energy also includes non-regulated operations (Progress Ventures) covering merchant generation, energy marketing and trading, fuel extraction (Progress 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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