Progress Energy 2007 Annual Report Download - page 4

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DEAR SHAREHOLDERS:
Our company produced strong results for customers and shareholders
in 2007, and is adapting well to an industry landscape being shaped
by climate change concerns and the growing demand for electricity.
Focused on our two electric utilities, Progress Energy has a balanced
strategy for long-term success. I’m optimistic about securing our energy
future, in part because we’re “looking at power in a new light.”
I am pleased to report that in 2007 we increased
our dividend for the 20th year in a row while
delivering excellent service to our 3.1 million cus-
tomers. We also once again met our core ongoing
earnings-per-share target and further strengthened
our balance sheet and credit quality. In late 2007,
we announced the sale of the last of our non-utility
subsidiaries, completing the transition back to our
core business.
Sustaining this strategic focus and financial
strength is critical as we prepare for the major con-
struction projects ahead. For years to come, we will
be investing heavily in the electric utility infrastruc-
ture necessary to keep up with population growth
2