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progress energy 05/14/08
- 1. Chairman’s Report Bill Johnson Chairman, CEO & President Progress Energy’s Annual Meeting of Shareholders May 14, 2008 – Raleigh, N.C.
- 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. 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. 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. 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. 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
- 8. Potential Levy County Nuclear Project
- 9. Progressive Corporate Governance â—Ź Integrity, accountability, independence â—Ź All Board members elected annually and by majority vote â—Ź Independent Board committees â—Ź Independent auditors and compensation consultant â—Ź Governance practices highly ranked â—Ź Better than 67% of S&P 500* â—Ź Better than 71% of utilities* â—Ź Code of Ethics with training and rigorous enforcement â—Ź Governance documents on Web site: progress-energy.com * Recent report by RiskMetrics Group
- 10. Executive Compensation â—Ź Independent Board committee and external consultant â—Ź Total compensation and all elements benchmarked â—Ź Compensation philosophy: 50th percentile of peer group â—Ź High % of compensation tied to company performance â—Ź Policies regularly evaluated against peer group and industry â—Ź Changes in practices and programs: â—Ź Reworked long-term incentive â—Ź Reduced long-term incentive percentages â—Ź Reduced perquisites
- 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. Securing our Energy Future â—Ź Clear strategic focus on the electric utility business â—Ź Excelling in the fundamentals â—Ź Balanced strategy to address climate and growth â—Ź Achieving our financial objectives year after year â—Ź Talented, motivated workforce
- 13. Q&A