Progress Energy 2008 Annual Report Download - page 5

new environmental policies as well as expansion
of generating capacity and transmission facilities.
We have had to raise our rates in the Carolinas
and Florida in the last 12 months, which came
at a particularly bad time given the economic
downturn. We are working closely with customers
to help them conserve energy and hold down the
increases in their electric bills.
We know that successfully managing large
infrastructure projects, such as nuclear and
transmission construction as well as environmental
retrofits, is critical. So we established a Project
Management Center of Excellence last year to
strengthen our already considerable expertise with
these capital projects – to become more efficient,
flexible and cost effective.
FORWARD-LOOKING INITIATIVES Securing our
energy future requires a diverse, balanced strategy
to meet the energy needs of a growing population
and the emerging federal and state policies to
reduce carbon emissions and climate change.
Progress Energy’s strategy includes aggressive
energy efficiency and innovative alternative energy
(such as solar and biomass projects), as well as
state-of-the-art power plants to provide needed
large-scale generating capacity. It’s a portfolio
Years ended December 31 2008 2007 2006
(in millions, except per share data)
Financial Data
Operating revenues $9,167 $9,153 $8,724
Net income 830 504 571
Income from continuing operations 773 693 551
Ongoing earnings per common share* 2.98 2.72 2.44
Reported GAAP earnings per common share 3.19 1.97 2.28
Average common shares outstanding 260 256 250
Common Stock Data
Return on average common stock equity (percent) 9.59 5.97 7.05
Book value per common share $33.13 $32.55 $32.61
Market value per common share (closing) $39.85 $48.43 $49.08
*See page 126 for a reconciliation of ongoing earnings per share to reported GAAP earnings per share.
FINANCIAL HIGHLIGHTS