Progress Energy is a diversified energy company with more than 22,000 megawatts of generation capacity and approximately $10 billion in annual revenues.
The company includes two major utilities that serve more than 3.1 million customers in the Carolinas and Florida. The company has eanred the Edison Electric Institute's Edison Award, the industry's highest honor, in recognition of its operational excellence. Â The company also is the first utility to receive the prestigious J.D. Power and Associates Founder's Award for customer service.
Progress Energy maintains a diverse fuel mix to generate power. The company's installed generation capacity includes 38 percent combined cycle, combustion turbine, 35 percent coal, 19 percent nuclear, 7 percent oil and 1 percent hydroelectric.
In 2009, the company reported revenues of $9.88 billion and net income of $757 million.
Like most power companies, it all began with ice. In the early 1890s, the St. Petersburg Ice Company was delivering its product to customers for food preservation. In 1896, the company offered to provide electricity from its generator to power 30 downtown streetlights during the nighttime hours. Then, in 1899, the company became the St. Petersburg Electric Light & Power Company, providing electricity to the city through the company's first "franchise."
St. Petersburg Electric Light & Power later became Florida Power and, over the next century, the company grew into the second-largest provider of electricity in Florida. Today, after merging into the Progress Energy family of companies, Florida Power has been renamed Progress Energy Florida, serving more than 1.5 million customers in 35 counties.
Progress was formerly known as CP&L (Carolina Power & Light) and changed its name in 2000 following the merger with Florida Progress.
Progress Energy stock began trading on the NYSE in 2000.
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Updated November 25, 2010