Progress Energy 2004 Annual Report Download - page 8

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focus sound strategy steady execution economic development community initiatives vision
6
Identifying the best formula for long-term performance. We didn’t earn our reputation overnight. Being
known as a good value with reliable performance is a distinction Progress Energy has achieved with
careful planning and unrelenting focus on our long-term goals. Chief among them is yearly dividend growth,
something we’ve accomplished in 29 of the last 30 years, and a key objective of our business strategy.
In 2004, we laid out a strategic plan designed to guide us successfully through 2007 and position us
well for the years beyond. It’s a model that relies on our fundamental strengths to produce value over both
the short and long term. We’re maintaining our focus on our primary business – generating and distributing
energy in both the regulated and competitive markets. Looking ahead, we’ve established an earnings
objective of 3 percent to 5 percent annual growth for our three core businesses, including sustained but
careful growth on the unregulated side of our business.
To accomplish these objectives, we’ve committed to investing nearly $1 billion each year in our infra-
structure to improve our current distribution system, increase our overall generation capacity and support
growing demand in our thriving territories. And we’re well on our way to achieving our Progress Ventures
earnings objectives through wholesale power contracts signed in 2004. We now serve 30 percent of the
Georgia rural electrical cooperative market. That’s 550,000 new end-use customers.
At Progress Energy, we firmly believe we’re in the right position to achieve our goals in 2005. With
unshakable focus, we will continue to grow our business and deliver greater value to our shareholders.
After all, we have a reputation to uphold.