(Progress Energy
Logo appears here)
Exhibit 99.1
(Graphic appears here)
Progress Energy is Launched as CP&L Unveils New Brand
Company is Top 10 Generator of Electricity in U.S.
RALEIGH, NC (December 4, 2000) - CP&L Energy (CP&L) [NYSE: CPL], today
unveiled the company's new name, Progress Energy, Inc. Progress Energy
is a diversified holding company and represents a family of companies,
including CP&L, Florida Power, Progress Telecom, NCNG and SRS, and an
important new organization, Energy Ventures, which has been created to
manage wholesale energy marketing and trading, merchant generation,
fuel properties, as well as barge and rail subsidiaries. While the
names of the electric utility subsidiaries CP&L and Florida Power will
not change, they will carry the endorsement and the new graphic look of
Progress Energy. CP&L completed its acquisition of Florida Progress
Corporation (FPC) November 30.
Progress Energy has more than $7 billion in annual operating revenues
and serves 2.8 million customers in North Carolina, South Carolina and
Florida. With more than 19,000 megawatts of capacity, Progress Energy
is one of the top 10 generators of electricity in the United States.
The company is headquartered in Raleigh, N.C. Progress Energy stock
will begin trading on the New York Stock Exchange on December 11, 2000,
under the symbol PGN.
"Progress Energy is built on the strength of two solid companies with
long traditions of service to our customers and communities," said
William Cavanaugh, chairman, president & CEO, Progress Energy. "We have
built upon that foundation and emerged as not only a new company with a
new name, but as an organization energized by a new look that drives
our vision and mission going forward.
"We now provide energy and related services to more than 2.8 million
customers in the Carolinas and Florida," Cavanaugh continued. "Our
financial strength and stability position the company to deliver
reliable, reasonably priced energy to the communities we serve.
"Progress Energy will also focus on maximizing value for our
shareholders," said Cavanaugh. "Our increased size and assets provide
us with a platform for growth and the ability to compete in any
business environment. Although we are structured for stability, we have
no intention of standing still."
<PAGE>
The Progress Energy Star is the new mark of Progress Energy. Cast in
red and gold, the mark has two interlocking rings that represent
service to and partnership with our customers and communities. There is
a star form at the center of the mark -- symbolizing knowledge and
foresight, values that are hallmarks of the new brand and represent a
forward thinking and innovative energy company.
Cavanaugh continued: "We're here for our customers, 24 hours a day,
seven days a week. We're always working to become more accessible to
our customers and to offer more energy options more conveniently. We're
focused on earning our customers' business, every day.
"We're committed to an ongoing leadership role in the communities we
serve. Our focus will be in support of education, the environment and
economic development. We also encourage the employees of the new
company to be leaders in their communities. We don't just work here, we
live here and place a premium on service to our community."
Progress Energy (NYSE: PGN) is a Fortune 500 diversified holding
company headquartered in Raleigh, N.C. Progress Energy is one of the
top 10 generators of electricity in the United States with more than
19,000 megawatts of capacity and $7 billion in annual revenues. The
company's diverse portfolio includes two major electric utility
companies, CP&L and Florida Power, as well as NCNG, SRS and Progress
Telecom. These companies serve 2.8 million customers across the
Southeast, providing electricity, natural gas and broadband capacity.
For more information about Progress Energy, visit the company's Web
site at: http://www.progress-energy.com.
# # #
Media contact: Progress Energy 24-hour media line
Toll-Free 1-877-641-NEWS (6397) / 919/546-6189
Investor Relations: 919/546-7474
Shareholder Relations: 1-800-662-7232
Progress Energy, Inc. Progress Energy 24-Hour Media Line:
Corporate Communications Toll Free 877.641.NEWS(6397) or 919.546.6189
P.O. Box 1551 Fax 919.546.6615
Raleigh, NC 27602 www.progress-energy.com
