This document summarizes a presentation given by Mark Mulhern, Senior Vice President and CFO of Progress Energy, at a Power & Gas Leaders Conference on September 24, 2008. The presentation discusses Progress Energy's strategy of securing its energy future through significant rate base growth, nuclear expansion projects, and maintaining a supportive regulatory environment. It provides an overview of Progress Energy's utilities in North Carolina and Florida, outlines major capital investment projects, and reviews the company's financial position and objectives to achieve steady earnings growth.
IAB Internet Advertising Revenue Reporttony anderson
IAB Internet Advertising
Revenue Report Social Media Metrics Definitions
Tony Anderson, Online Media Sales
Gen-Y Media Inc.
www.genymediainc.com tony@genymediainc.com
Online Ad Sales
Ad Serving, DoubleClick, DART DFP, adapt
Please visit our online professional network and join our community of Automotive Social Media Marketing professionals at http://www.ADPsocialMarketing.com
IAB Internet Advertising Revenue Reporttony anderson
IAB Internet Advertising
Revenue Report Social Media Metrics Definitions
Tony Anderson, Online Media Sales
Gen-Y Media Inc.
www.genymediainc.com tony@genymediainc.com
Online Ad Sales
Ad Serving, DoubleClick, DART DFP, adapt
Please visit our online professional network and join our community of Automotive Social Media Marketing professionals at http://www.ADPsocialMarketing.com
Internet advertising revenues in the United States totaled $22.7 billion for the full year of 2009, with Q3 2009 accounting for approximately $5.5 billion and Q4 2009 totaling approximately $6.3 billion. Internet advertising revenues for the full year of 2009 decreased 3.4 percent over 2008.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdf
progress energy 09/24/08
1. Securing our Energy Future
Mark Mulhern
Mark Mulhern
Senior Vice President and CFO
Senior Vice President and CFO
Merrill Lynch
Merrill Lynch
Power & Gas Leaders Conference
Power & Gas Leaders Conference
September 24, 2008
September 24, 2008
2. Caution Regarding
Forward-Looking Statements
This presentation includes information that is forward-looking in
nature. Many factors could cause the actual results to be
materially different than the forward-looking information provided.
These factors are discussed in more detail in the Company’s
most recent Form 10-K and Form 10-Qs.
3. Major Discussion Topics
1. Company overview
2. Growth strategy
3. Nuclear expansion
4. Regulatory update
5. Financial update
5. Profile of who we are:
Two High-Performing Electric Utilities
North Carolina
Progress Energy Carolinas
• 12,400 MW capacity
• Over 1.4M customers
• 2.2% cust. growth (7-yr CGR)
• $4.4B total revenue
• $12B total assets
South • 5,000 employees
• 34,000 sq. mile service area
Carolina
• 18 plants, 82 units
Progress Energy Florida
• 9,400 MW capacity
Florida • ~1.7M customers
• 2.2% cust. growth (7-yr CGR)
• $4.7B total revenue
• $13B total assets
• 4,000 employees
Service Area
• 20,000 sq. mile service area
• 14 plants, 65 units
8. Significant Rate Base Growth
Even Prior to New Nuclear
Progress Energy Carolinas¹ Progress Energy Florida²
2008-2010E
2008-2010E
CAGR
CAGR
18%
5% $9,000
$9,000
2001-2007 CAGR
Retail Rate Base (x 1M)
Retail Rate Base (x 1M)
$8,000
$8,000 5.0%
$7,000
$7,000
2001-2007 CAGR
$6,000 $6,000 4.1%
$5,000 $5,000
$4,000 $4,000
$3,000 $3,000
$2,000 $2,000
$1,000 $1,000
$0 $0
2001 2002 2003 2004 2005 2006 2007 2008E 2009E 2010E 2001 2002 2003 2004 2005 2006 2007 2008E 2009E 2010E
Retail rate base Clause-related
(1) PEC rate base includes Clean Smokestacks Act expenditures in excess of $584M.
(2) PEF rate base excludes Levy County nuclear capital expenditures.
9. Major Near-Term Capital Projects
(1) Capital expenditures exclude AFUDC.
(2) Replacing 444 MW of oil steam units for a net increase of 715 MW.
(3) On September 5, 2008, NCUC authorized PEC to rate-base expenditures above $584M.
10. Allowance for Funds Used During
Construction (AFUDC)
PEC capital projects lasting more than
Carolinas one month are forecast to earn 8-9%
AFUDC rate.
($15M in 2007 growing to ~$35M in 2008)
PEF capital projects greater than $45
Florida million and lasting more than one year
earn an 8.848% AFUDC rate. *
($53M in 2007 growing to ~$125M in 2008)
* PEF has a base level of CWIP embedded in its rate base.
14. Strong Case for New Nuclear in U.S.
Federal climate policy expected in 2009-2010
Need for new baseload generating capacity
Need for fuel diversity and energy security
Nuclear is the only proven carbon-free,
baseload option that can be delivered at scale
15. Even Stronger Nuclear Case in Florida
Progress Energy Florida
Increasing nuclear share:
• reduces fuel costs
Purchased Oil/Gas 32%
• reduces price volatility
23%
• helps address carbon challenge
• strengthens fuel supply security
Nuclear
14% Coal
31%
Generation Output Mix in 2007
Output
16. Supportive Florida Legislation 2006:
Nuclear Investment Recovery
Pre-construction and licensing
Capacity cost recovery clause (CCRC)
Costs are recovered dollar for dollar
During construction
AFUDC is recovered through CCRC
8.848% AFUDC rate is locked until commercial operation
Annual prudence reviews
Completion
Base rate adjustment at in-service for capital costs
ROE and capital structure based on last approved
(currently 11.75% ROE on 57.83% common equity)
Project cancellation cost recovery
17. Levy Nuclear Project in Florida
Location Technology # of units Capacity (MW) In Service
Levy County, Westinghouse Unit 1: 2016
2 ~2,200 total
Florida AP1000 Unit 2: 2017
• 8 miles NE of our Crystal
River Energy Complex
• Negotiating joint ownership
with multiple parties (1)
• Negotiating engineering,
procurement & construction
(EPC) agreement with
Westinghouse and Shaw
• Site prep & pre-construction
begin ~2010/11; safety-
related construction begins
2012/13
(1) Confidentiality obligations preclude us from discussing this further until the negotiations are completed.
18. Regulatory Timeline for Levy Project
Mar. May June July Aug. Sept. Oct.
April
2008 2010 2012/13
Need Case Filed Hearing Vote Order
Cost Recovery Filed Hearing Order
Site Certification Filed (18 month review) Issued
Combined License Filed (3 - 4 year review) Issued
20. Carolinas Cost Recovery Filings
South Carolina fuel filing
PSC approved $39M increase
Effective July 1, 2008
North Carolina fuel filing
Reached a proposed settlement with interveners for $275M increase
Represents a 3-year recovery (with interest) of ~$200M deferred fuel
balance at July 31, 2008, plus projected fuel costs
Hearing held Sept 16; awaiting order; rates effective Dec 1, 2008
North Carolina REPS cost recovery
Filed for ~$12M actual and projected incremental cost of compliance
Avoided costs will flow through fuel clause proceedings
Hearing held Sept 17; awaiting order; rates effective Dec 1, 2008
North Carolina DSM/EE rider and DSDR* program
Filed for ~$42M actual and projected cost recovery
Rates effective Dec 1, 2008 (hearing scheduled for Dec 17, 2008)
* Distribution System Demand Response.
21. NC Clean Smokestacks Update
$1.5B-$1.6B: current estimate
of total costs
~$700M remaining
expenditures
$813M: original estimate of
$229M balance compliance costs
into rate base
$15M amortization in Q1-08 $584M: cumulative
amortization to date
$569M – 70% of original
estimate amortized by
12/31/07
Received favorable order from NCUC on Sept 5: PEC allowed to accrue
AFUDC above $813M; eliminates any further accelerated amortization
22. Florida Cost Recovery Filings
Storm damage reserve ended July 31
2008 mid-year fuel cost adjustment
$213M request for full recovery from Aug-Dec ’08
FPSC approved half for recovery Aug-Dec ’08;
remaining half in ’09
2009 cost recovery filings on Aug 29
Fuel
Hearings scheduled for Nov 4-6;
Capacity
rates effective Jan 1, 2009
Environmental
Energy conservation
Levy nuclear Hearings held Sept 11-12;
rates effective Jan 1, 2009
CR3 uprate
Current rate settlement expires at end of 2009
23. Florida Environmental Cost Recovery
Environmental Cost Recovery Clause (ECRC)
Annual ECRC filing
Accrue AFUDC based on existing rate settlement
Return-of and return-on capital invested when
placed-in service
Dollar-for-dollar recovery of
Related O&M expenses
Emission allowances
Estimated total spend of $1.2B through 2010
Crystal River 4 & 5
$625M spent through June 30, 2008
25. Our Long-Term Financial Objectives
Achieve our 4-5% EPS growth objective
Preserve an investment grade credit rating
Maintain dividend growth
Keep rate increases reasonable to
customers
Fund Levy and capital investments in the
rest of the business
26. Financial Update:
Challenges/Opportunities
Weaker than expected Florida revenues mitigated by
Wholesale
Cost management
Regulatory depreciation/amortization at PEC
Received Clean Smokestacks order from NCUC
on 9/5/2008
$75M of Harris depreciation by end of 2009
Capital expenditure program for 2008 on track
27. Progress Energy
Average Customer Growth *
* Approximate average net increase in number of customers for respective three-month periods compared to prior year.
28. Long-term Demographics for
Florida are Strong
• Economists say that in spite of
a severe housing slowdown,
Florida should continue growing
and creating new jobs at a FL CAGR = 2.0%
faster rate than the U.S. vs.
economy as a whole – Times US CAGR = 0.8%
Personal Finance Editor
• “We believe above average
growth in population could help
to correct inventory levels in
Florida at a slightly faster rate
than the national average” –
Lehman Brothers
Source: U.S. Census Bureau
US Census projected population study estimates that Florida’s population
is expected to grow 64% vs. the U.S. rate of 23% between 2005 and 2030.
29. Liquidity Overview *
(in millions)
Debt Maturity Profile PGN Revolving Credit Facilities
Program Term Amount Expiration
Issue 2009 2010 2011 2012
Progress Energy 5-Year $1,130 5/3/12
PGN $ -$ 100 $ 700 $ 450
Progress Energy
PEC 400 6 - 500 5-Year 450 6/28/11
Carolinas
PEF - 300 300 - Progress Energy
450 3/28/11
Florida 5-Year
PCH - - - -
$2,030
Total $ 400 $ 406 $ 1,000 $ 950
* * As of September 19, 2008.
30. Credit Facilities Consortium *
$ in millions
Bank Total
J.P. Morgan Chase $ 225.0
Bank Tokyo-Mitsubishi 200.0
Barclays Capital 190.5
Bank of America 190.0
Citigroup 180.0
Wachovia 175.5
Royal Bank of Scotland 169.0
Bank of New York Mellon 120.0
SunTrust 115.0
Morgan Stanley 100.0
Goldman Sachs 100.0
Deutsche Bank 95.0
UBS 80.0
BNP Paribas 50.0
BB&T 25.0
First Tennessee 15.0
Total $ 2,030.0
* * As of September 19, 2008.
32. Value Proposition:
A Superior Risk-Adjusted Return
Attractive dividend yield with growth commitment
Long-term earnings growth supported by sales and rate
base growth
Clear business model with successful execution history
Balance sheet and credit metrics support strategy
A solid, low-risk, long-term holding