Bob Drennan: Progress Energy

RALEIGH, N.C., Jul. 31, 2006 — Bob Drennan, a 23-year Progress Energy (NYSE: PGN) veteran, has been named vice president of Investor Relations, a newly created position. Placing the investor relations function at the officer level puts Progress Energy more in line with other utilities and Fortune 500 companies.Drennan joined Carolina Power & Light, now Progress Energy, in August 1983 and has held numerous leadership positions in the Treasury and Strategic Planning departments. He has directed the company’s investor relations activities for 17 years.

The change is effective Aug. 1. Drennan will continue to report to Peter Scott, president and CEO of the Progress Energy Service Company and chief financial officer of Progress Energy.

Before joining Progress Energy, Drennan worked at Duke Power and Currin & Associates, a consulting firm. Drennan is a native of Rock Hill, S.C., and holds a bachelor of science degree in mechanical engineering from Clemson University and a master’s degree in business administration from the University of North Carolina at Chapel Hill.

Progress Energy, headquartered in Raleigh, N.C., is a Fortune 250 diversified energy company with more than 24,000 megawatts of generation capacity and $10 billion in annual revenues. The company’s holdings include two electric utilities serving approximately 3 million customers in North Carolina, South Carolina and Florida. Progress Energy also includes nonregulated operations covering energy marketing and natural gas exploration. Progress Energy is the 2006 recipient of the Edison Electric Institute’s Edison Award, the industry’s highest honor, in recognition of its operational excellence. In 2005, the company also received the prestigious J.D. Power and Associates Founder’s Award for dedication, commitment and sustained improvement in customer service. For more information about Progress Energy, visit the company’s Web site at progress-energy.com.

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