Progress Energy has reported net earnings of $603 million, or $2.16 per share, for the first nine months of 2009, compared to $723 million, or $2.77 per share, for the corresponding period of 2008.

Year-to-date operating revenues were $7.58 billion, compared to $7 billion for the first nine months of 2008.

Bill Johnson, chairman, president and CEO of Progress Energy, said: "We remain on track to achieve our financial goals for the year. Against the backdrop of the ongoing economic recession, our company performed well operationally and financially during the third quarter. Our focus on continuous business excellence, cost management and operational efficiency helped to offset lower energy sales in our utilities."

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"Progress Energy is currently investing in several Smart Grid initiatives to meet our customer's changing electricity needs throughout the communities that rely on us for reliable power," said Bill Johnson, Progress Energy chairman, president and CEO. "This grant program has the potential to expand investments necessary to transform the electric grid to give customers greater control of their energy use, enable utilities to harness the potential of renewable energy and electric vehicles and improve power quality and service reliability."

Progress Energy is contributing an additional $320 million to complete the project, and will install more than 160,000 smart meters across its service area. A map of where Progress Energy's smart grid will be implemented in North Carolina can be seen here: http://www.energy.gov/recovery/smartgrid_maps/ProgressEnergy.JPG.

The Electric Power Research Institute estimates that the nationwide implementation of smart grid technologies could reduce electricity consumption by more than four percent by 2030, representing a savings of more than $20 billion for American businesses and consumers.

Duke Energy will use its grant to invest in comprehensive energy grid modernization, and will be implementing it in the Midwest. The company will also receive $4 million to install phasor measurement units that will monitor energy consumption in substations across the Carolinas and upgrade communications infrastructure and technology.

Hagan worked with her Senate colleagues to craft the Recovery Act to create jobs and jumpstart the economy.

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Expected next dividend:
Dividend Announcement Date: 9/14/2009
Dividend Record Date: 9/30/2009
Dividend Pay Date: 10/15/2009
Dividend Amount: 0.091699

The federal award is part of the Administration's more than $100 billion investment through the Recovery Act for innovation and technology and positions the United States as a world-wide competitor for 21st century new energy production.

"Recovery Act investments are making the Triangle a national leader in efforts to establish a new, clean energy economy," said David Price. "Energy infrastructure projects like this one will help improve the operation of our nation's electric grid, reduce energy use, and translate into lower electricity costs for North Carolinians."

Progress Energy received the maximum federal award for utilities and is expected to create or sustain thousands of jobs. North Carolina's growing smart energy technology sector leads the nation, and Progress Energy was selected in a highly competitive process. One indication of the state's growing smart energy leadership is the attention paid to it by members of the Obama Administration.

"Our present electrical grid was designed by Thomas Edison," said Brad Miller. "It is no disrespect to Edison to revise the grid to apply some of the technology we've developed in the last century or so."

Smart grid technology uses devices like smart meters and load-controllers to give consumers and utilities the ability to manage energy usage and control costs. Using such technology to modernize the aging U.S. electrical grid will save energy, reduce costs and improve reliability. As part of the Recovery Act passed in Feb. 17, 2009, approximately $11 billion was earmarked for smart grid initiatives.

Progress Energy, headquartered in Raleigh, N.C., is a Fortune 500 energy company with more than 22,000 megawatts of generation capacity. Progress Energy includes two major electric utilities that serve approximately 3.1 million customers in the Carolinas and Florida.

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