Progress Energy 2009 Annual Report Download - page 6
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CREATING THE FUTURE. THE POWER TO DO BOTH. MANAGING
GING THE PRESENT. CREATING THE FUTURE. THE POWER
WER TO DO BOTH. MANAGING THE PRESENT. CREATING THE
THE FUTURE. THE POWER TO DO BOTH. MANAGING THE PRESENT
PRESENT. CREATING THE FUTURE. THE POWER TO DO BOTH.
TH. MANAGING THE PRESENT. CREATING THE FUTURE. THE
THE POWER TO DO BOTH. MANAGING THE PRESENT. CREA
CREATING THE FUTURE. THE POWER TO DO BOTH. MANAGING
A specific example of our strategy is the fleet-modernization
announcement we made late last year to retire our 11 oldest
coal-fired generating units in the Carolinas – about a third of our
coal fleet there. We will replace that nearly 1,500 megawatts
of capacity with highly efficient combined-cycle natural-gas
turbines and possibly biomass conversion. This has many
benefits: a substantial reduction in air emissions (including
those linked to climate change), less exposure to issues
with coal-ash management, and a positive boost to both
local economic development and utility earnings. We believe
this is a positive, responsible step no matter what happens
with future climate policy.
Complementing our Balanced Solution approach is our
Continuous Business Excellence strategy for making internal
efficiency and productivity improvements. Unlike short-term
belt-tightening, this is a systematic, long-term effort to
engage employees in achieving sustainable cost savings
and other improvements. We’re seeing encouraging early
success and expect much more in the years ahead.
In assessing the overall situation Progress Energy faces, I am
confident we will meet our short-term priorities while also
producing long-term value for our customers and shareholders.
In other words, we will manage the present and create the future.
Integrity, transparency and trust
In closing, I want to assure you that acting with integrity
remains a core value of this company – behavior that
includes not only being honest and ethical in our business
practices but also being open in our communications and
reliable in doing what we say we will do. We are committed
to earning your confidence and trust year after year, in good
times and bad – both by what we do and how we do it.
Thank you for your interest in Progress Energy.
William D. Johnson
Chairman, President and Chief Executive Officer
March 2010
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