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Mar 27 - PRNewswire-FirstCall
Progress Energy today released its report on global climate change, saying that there is enough understanding of the issue to warrant action by the private and public sectors. The company also called for the development of a national climate change policy and a balanced solution to address the challenge. "Progress Energy recognizes the importance, scale and complexity of global climate change," said Bob McGehee, chairman and CEO. "Addressing this issue and other environmental challenges will require a balanced solution, including more conservation and efficiency programs, clean coal and nuclear generation, and the development and use of advanced and renewable technologies." The report describes Progress Energy's global climate change position and principles, the steps the company is already taking to address the issue, and a range of options the company is considering in the future. "We believe we have a responsibility to protect the environment while fulfilling our obligation to provide affordable, reliable electric service," McGehee said. "We will continue to participate in the development of a national policy on global climate change with the expectation that it will recognize and account for regional differences. We will also maintain our collaborative relationships with our states to develop consensus-based strategies, as we did with the 2002 North Carolina Clean Smokestacks Act." The full report is available on the company's Web site at http://www.progress-energy.com/environment. Progress Energy prepared the report in response to shareholder proposals filed by the Office of the Comptroller of New York City and Boston Common Asset Management on behalf of its client, Brethren Benefit Trust. Under an agreement between Progress Energy and the groups, the proposals were withdrawn. "This report is an important accomplishment for Progress Energy," said Dawn Wolfe of Boston Common Asset Management. "We believe the broad range of staff and management devoted to this project has enhanced its content and Progress' commitment to address climate change. This report is a useful tool for management and shareholders as Progress Energy makes decisions today on how it will meet future service requirements in a more sustainable manner." "We are pleased Progress Energy has published a report that will allow investors and the broader public to examine the company's reasoning and plans related to climate change," said Will Thomas of Brethren Benefit Trust. "This analysis helps the company fulfill its fiduciary duty to shareholders." The Operations, Environmental, Health and Safety Issues Committee of the Progress Energy Board of Directors oversaw preparation of the report. Progress Energy, headquartered in Raleigh, N.C., is a Fortune 250 diversified energy company with more than 24,500 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 merchant generation, energy marketing and natural gas exploration. Progress Energy was the 2005 recipient of 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 http://www.progress-energy.com/ .
Progress Energy CONTACT: Corporate Communications of Progress Energy, +1-919-546-6189 Web site: http://www.progress-energy.com/environment http://www.progress-energy.com/ |