Progress Energy 2006 Annual Report Download - page 8
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The past several years have been a
time of transformation for Progress
Energy, of meeting our commitments
and narrowing our focus as we prepare
to accelerate forward.
TRUE TO OUR WORD. At Progress
Energy, we have a consistent record of
meeting our commitments to our customers,
shareholders and employees.
Following the merger in 2000, we were
faced with significant debt as well as a
complex, diversified corporate structure, all
of which exposed us to more volatility and
risk than desirable. To mitigate these factors,
we made a commitment to reduce debt,
strengthen our balance sheet in preparation
for future growth and focus on our core
electric utility business – all of which we
have now achieved, including a $1.7 billion
reduction in holding company debt.
We have divested most of our noncore
assets. Through rigorous cost management,
we have significantly slowed the growth of
6
THE ROAD BEHIND
Where We’ve Been