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Business Description
Progress Energy, Inc., through its wholly owned regulated subsidiaries, Carolina Power & Light Company, Florida Power Corporation and Carolina Natural Gas Corporation, is primarily engaged in the generation, transmission, distribution and sale of electricity in portions of North Carolina, South Carolina and Florida; and the transport, distribution and sale of natural gas in portions of North Carolina. Through the Progress Ventures business segment, Progress Energy is involved in merchant energy generation, coal and synthetic fuel operations and energy marketing and trading. Through other business units, Progress Energy engages in other non-regulated business areas including energy management and related services, rail services and telecommunications.

Financial Information
PGN, a holding company, is engaged in the generation, transmission, distribution and sale of electricity in portions of the Carolinas and Florida and natural gas in portions of NC. For the six months ended 6/30/02, revenues decreased 7% to $3.93 billion. Net income fell 5% to $253.1 million. Revenues reflect lower retail and wholesale sales due to the milder weather. Net income also reflects higher operations and maintenance expenses.