Progress Energy 2004 Annual Report Download - page 7

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5
Robert B. McGehee
Chairman and Chief Executive Officer
Building Momentum in 2005 – In addition to continuous improvement throughout the company,
we are focused on these seven priorities in 2005:
• Entering 2006 with projected core business earnings-per-share growth that supports
dividend growth for the 18th consecutive year
• Sustaining our record of excelling at the basics, including generation performance,
service reliability, customer satisfaction and employee safety
• Implementing organization and process changes to eliminate $75 million to $100 million in
projected nonfuel operating expenses by the end of 2007
• Reducing leverage and recovering our stable investment grade rating
• Making progress on the Internal Revenue Service tax audit of the Earthco
synthetic-fuel plants
• Successfully resolving the Florida rate case and achieving timely recovery of our
storm costs
• Negotiating a reasonable bargaining-unit contract in Florida
We’re off to a good start in 2005. From operational performance to debt reduction and cost
management, we are building positive momentum, and I expect that trend to continue.
As I reflect on my first year as chairman and CEO, I am grateful for all of your support. And
in looking ahead, I am enthusiastic about Progress Energy’s future. We understand who we are,
what we do well and how to keep improving performance and adapting to change.
We know that our customers, investors and neighbors count on Progress Energy to perform
to very high standards, day after day, year after year. I’m convinced we have the right people
and focus to live up to that expectation.