Progress Energy 2008 Annual Report Download - page 8

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The matters discussed throughout this Annual Report
that are not historical facts are forward looking and,
accordingly, involve estimates, projections, goals,
forecasts, assumptions, risks and uncertainties that could
cause actual results or outcomes to differ materially from
those expressed in the forward-looking statements. Any
forward-looking statement is based on information current
as of the date of this report and speaks only as of the date
on which such statement is made, and we undertake no
obligation to update any forward-looking statement or
statements to reflect events or circumstances after the
date on which such statement is made.
In addition, examples of forward-looking statements
discussed in this Annual Report include, but are not limited
to, “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” including, but not
limited to, statements under the following headings:
a) “Strategy” about our future strategy and goals;
b) “Results of Operations” about trends and uncertainties;
c) “Liquidity and Capital Resources” about operating
cash flows, estimated capital requirements through
the year 2011 and future financing plans; and d) “Other
Matters” about our synthetic fuels tax credits, the effects
of new environmental regulations, meeting anticipated
demand in our regulated service territories, potential
nuclear construction and changes in the regulatory
environment.
Examples of factors that you should consider with respect
to any forward-looking statements made throughout this
document include, but are not limited to, the following:
the impact of fluid and complex laws and regulations,
including those relating to the environment and the
Energy Policy Act of 2005 (EPACT); the ability to meet the
anticipated future need for additional baseload generation
and associated transmission facilities in our regulated
service territories and the accompanying regulatory and
financial risks; the financial resources and capital needed
to comply with environmental laws and renewable energy
portfolio standards and our ability to recover related
eligible costs under cost-recovery clauses or base rates;
our ability to meet current and future renewable energy
requirements; the inherent risks associated with the
operation and potential construction of nuclear facilities,
including environmental, health, regulatory and financial
risks; the impact on our facilities and businesses from
a terrorist attack; weather and drought conditions that
directly influence the production, delivery and demand for
electricity; recurring seasonal fluctuations in demand for
electricity; the ability to recover in a timely manner, if at all,
costs associated with future significant weather events
through the regulatory process; economic fluctuations
and the corresponding impact on our customers,
including downturns in the housing and consumer credit
markets; fluctuations in the price of energy commodities
and purchased power and our ability to recover such
costs through the regulatory process; our ability to
control costs, including operations and maintenance
expense (O&M) and large construction projects; the
ability of our subsidiaries to pay upstream dividends or
distributions to the Parent; the duration and severity of the
current financial market distress that began in the third
quarter of 2008; the ability to successfully access capital
markets on favorable terms; the stability of commercial
credit markets and our access to short- and long-term
credit; the impact that increases in leverage may have
on us; our ability to maintain current credit ratings and
the impact on our financial condition and ability to meet
our cash and other financial obligations in the event our
credit ratings are downgraded; our ability to fully utilize
tax credits generated from the previous production and
sale of qualifying synthetic fuels under Internal Revenue
Code Section 29/45K (Section 29/45K); the investment
performance of our nuclear decommissioning trust
funds; the investment performance of the assets of our
pension and benefit plans and resulting impact on future
funding requirements; the outcome of any ongoing or
future litigation or similar disputes and the impact of any
such outcome or related settlements; and unanticipated
changes in operating expenses and capital expenditures.
Many of these risks similarly impact our nonreporting
subsidiaries.
These and other risk factors are detailed from time to
time in our filings with the United States Securities and
Exchange Commission (SEC). All such factors are difficult
to predict, contain uncertainties that may materially affect
actual results and may be beyond our control. New
factors emerge from time to time, and it is not possible for
management to predict all such factors, nor can it assess
the effect of each such factor on Progress Energy.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS