Standard & Poor’s lauds Progress Energy as one of the most financially transparent

RALEIGH, N.C., Oct. 16, 2002 — Progress Energy was one of three companies to be recognized by Standard & Poor’s for providing investors with the most detailed and complete information regarding its finances, operations and corporate governance practices according to a new study issued Tuesday.

Of the nine top companies singled out by S&P, Progress Energy was one of only three to receive the highest rating for its overall disclosure in their annual report and regulatory filings.

Progress Energy earned this distinction based on a comprehensive audit by Standard & Poor’s of 98 different governance-related items S&P 500 companies disclose, including their relationships with auditors and the independence of board committees.

“We’ve demonstrated a commitment to financial transparency long before it was in vogue,” said William Cavanaugh, chairman and CEO, Progress Energy. “It is essential to our core value of integrity, as well as the trust Progress Energy shareholders place in the Board of Directors and management.”

About the S&P Study

The white paper, Global Transparency and Disclosure: Overview of Methodology and Study Results – United States, highlights the differences between annual report disclosure by US companies and the disclosure provided in regulatory driven documents (i.e., 10-Ks and proxy statements.)

Among the study’s findings are that, among US firms, the most extensive area of disclosure is financial information.

Conversely, disclosure levels are lowest in the areas of ownership structure, investor rights and board/management structures and processes. Standard & Poor’s research also suggests correlations between greater annual report disclosure and a company’s market risk and stock valuation.

Standard & Poor’s study focuses on the existence of disclosure of 98 information items in the areas of ownership structure and investor rights, financial transparency and information disclosure, and board management structure and process.

It is based on findings in annual reports, 10-Ks and proxy statements only and does not endeavor to assess the quality or the accuracy of the information companies provide in these publications.

Progress Energy, headquartered in Raleigh, NC, 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) and a natural gas distribution company (NCNG) serving more than 2.9 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.

Source: Progress Energy, Inc.


Author

  • The Clarion Energy Content Team is made up of editors from various publications, including POWERGRID International, Power Engineering, Renewable Energy World, Hydro Review, Smart Energy International, and Power Engineering International. Contact the content lead for this publication at Jennifer.Runyon@ClarionEvents.com.

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The Clarion Energy Content Team is made up of editors from various publications, including POWERGRID International, Power Engineering, Renewable Energy World, Hydro Review, Smart Energy International, and Power Engineering International. Contact the content lead for this publication at Jennifer.Runyon@ClarionEvents.com.

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