Progress Energy 2007 Annual Report Download - page 5

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and new environmental and energy regulations.
People continue moving to the states where
we provide retail electric service. Florida, North
Carolina and South Carolina are all among the
nation’s top 10 in population growth, according to
the U.S. Census Bureau. Our company’s responsi-
bility, as well as our business opportunity, is to be
ready with the right mix of clean, reliable and cost-
effective resources.
NEW REALITIES. In many ways, it’s a new day in
our industry. The single biggest issue is how best
to meet the challenge of global climate change and
population growth while ensuring reliable, afford-
able power for the future. This year, Progress Energy
will issue an updated version of our 2006 report on
climate change. We are working collaboratively with
government leaders and others to develop consensus-
based public policies to address this vital issue.
The new energy realities also include rising
costs, emerging technologies and a groundswell
of support for greater energy efficiency and
alternative energy sources. Although challenges
certainly remain, the prospects for building new
state-of-the-art nuclear power plants are the best
in many years.
It has become increasingly difficult to add new
coal-fired generation without being able to capture
and store the carbon emissions, and the nation
must avoid over-reliance on natural gas as a fuel
source because of its volatile price and uncertain
supply. So, experts and policy-makers from a broad
spectrum of interests now recognize that expanded
Years ended December 31 2007 2006* 2005*
(in millions, except per share data)
Financial Data
Operating revenues $9,153 $8,724 $7,948
Net income 504 571 697
Income from continuing operations 693 551 523
Core ongoing earnings per common share** 2.81 2.63 2.70
Reported GAAP earnings per common share 1.97 2.28 2.82
Average common shares outstanding 256 250 247
Common Stock Data
Return on average common stock equity (percent) 5.97 7.05 8.91
Book value per common share $32.66 $32.71 $32.35
Market value per common share (closing) $48.43 $49.08 $43.92
*Financial data has been restated for discontinued operations.
**See page 134 for a reconcilation of ongoing earnings per share to reported GAAP earnings per share.
FINANCIAL HIGHLIGHTS