progress energy 05/14/08

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progress energy 05/14/08

  1. 1. Chairman’s Report Bill Johnson Chairman, CEO & President Progress Energy’s Annual Meeting of Shareholders May 14, 2008 – Raleigh, N.C.
  2. 2. Caution: Forward-Looking Statements This presentation includes some future-oriented information that is subject to change. Many factors could cause actual results to be materially different. For more complete information, go to Progress Energy’s most recent Form 10-K on our Web site: progress-energy.com. 5/14/2008
  3. 3. A Century of Service: 1908 - 2008 Carolina Power & Light Company was formed on July 13, 1908 Raising a pole in downtown Raleigh in 1916
  4. 4. 2007 Highlights ● Sustained operational excellence & safety leadership ● Achieved core ongoing earnings guidance ● Increased dividend for 20th consecutive year ● Completed transition to core utility business ● Strengthened balance sheet and credit ratings ● Ranked #16 in list of nation’s best corporate citizens ● Named to Dow Jones Sustainability Index 3rd straight year
  5. 5. Clear Strategic Focus on Two Electric Utilities with Strong Growth Prospects North Carolina Progress Energy Carolinas • 1.4 million customers South Carolina Progress Energy Florida • 1.7 million customers Florida Total net increase of 51,000 customers in 2007 Service Area
  6. 6. Confronting New Energy Realities Addressing climate change, demand growth and rising costs while maintaining a secure supply, reliable service and affordable prices and creating shareholder value
  7. 7. Balanced Solution Strategy
  8. 8. Potential Levy County Nuclear Project
  9. 9. Progressive Corporate Governance ● Integrity, accountability, independence ● All Board members elected annually and by majority vote ● Independent Board committees ● Independent auditors and compensation consultant ● Governance practices highly ranked ● Better than 67% of S&P 500* ● Better than 71% of utilities* ● Code of Ethics with training and rigorous enforcement ● Governance documents on Web site: progress-energy.com * Recent report by RiskMetrics Group
  10. 10. Executive Compensation ● Independent Board committee and external consultant ● Total compensation and all elements benchmarked ● Compensation philosophy: 50th percentile of peer group ● High % of compensation tied to company performance ● Policies regularly evaluated against peer group and industry ● Changes in practices and programs: ● Reworked long-term incentive ● Reduced long-term incentive percentages ● Reduced perquisites
  11. 11. Growth in Stock Price and Dividend 1980-1993 stock prices adjusted for 1993 2-for-1 split 1980-1993 stock prices adjusted for 1993 2-for-1 split Stock Price $3.00 $2.50 $2.00 Dividend $1.50 $1.00 $0.50 $0.00 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
  12. 12. Securing our Energy Future ● Clear strategic focus on the electric utility business ● Excelling in the fundamentals ● Balanced strategy to address climate and growth ● Achieving our financial objectives year after year ● Talented, motivated workforce
  13. 13. Q&A

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