Progress Energy 2006 Annual Report Download - page 2

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“IT’S BEEN A TIME OF TRANSFORMATION
AT PROGRESS ENERGY, OF FOCUS ON
WHAT WE DO BEST.
AS A RESULT, WE’VE NEVER BEEN
MORE CLEAR ON WHO WE ARE –
AND WHERE WE’RE GOING.”
— Robert B. McGehee
Chairman and CEO
In 2000, when Carolina Power &
Light and Florida Progress joined to
form Progress Energy, we were a very
different company than we are today.
Now, just six years later, we are on
the road to becoming the country’s
largest utility focused solely on the
regulated electric utility business. We
have a strong balance sheet and a
clear, achievable strategy for growth.
Today, we are at our best because
we are focused on what we do best:
the electric utility business. We have
followed through on our commitment
to divest noncore holdings and reduce
debt. At the same time, we have made
significant investments in our regulated
utilities, Progress Energy Carolinas and
Progress Energy Florida, bringing both to
a level of industry leadership recognized
in 2006 by the Edison Electric Institute.
And now we are ready to drive our
company forward successfully for our
communities, our shareholders and
our employees.
With our strong operational record,
growing customer base, constructive
regulatory environments and tremen-
dous opportunities for growth, we see
a bright future for Progress Energy.
And we want to share with you our
enthusiasm for
The Road Ahead.