Progress Energy 2010 Annual Report Download - page 3

A MESSAGE FROM OUR CEO
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DEAR SHAREHOLDERS:
This report in early spring 2011 comes after a year of strong
results at Progress Energy and during a time of major
transition for our company and industry. I am very pleased
with how our employees continue to build on success in
our core mission of serving customers and in our fi nancial
returns for shareholders.
Our company and Duke Energy, our utility neighbor based in
Charlotte, N.C., announced a strategic business combination
in January 2011. Once approved, this combination will
create the largest utility in the United States. We believe
this is a natural fi t that will benefi t both customers and
shareholders. It will mean a stronger company positioned
to create a better future.
Meanwhile, as we move through the merger approval
process in 2011 and plan how best to integrate the two
organizations, we are keeping a sharp focus on excelling
in the daily fundamentals and meeting our current
responsibilities. In this business, we can’t afford to miss a
beat. Operational focus and fi nancial discipline are essential
even as we adapt to a changing industry and prepare for the
decades to come.
2010 Performance
Progress Energy delivered a 12.6 percent total return to
shareholders in 2010 (dividend plus stock-price appreciation
for the 12 months) and for the fi fth consecutive year
achieved ongoing earnings per share in our original targeted
range or higher. Helped by favorable weather, we slightly
exceeded the top end of the range in 2010. We also
maintained our long record of commitment to the dividend.
The economy is slowly recovering in the areas we serve
in the Carolinas and Florida. Our net average number of