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"In the midst of a global economic slowdown, our company is continuing to
deliver superior service for our customers, create value for our shareholders
and control our costs," said
The key earnings drivers in 2009 are projected to be revenue growth primarily from new wholesale customers, AFUDC associated with new plant investment, continued cost management and lower depreciation and amortization expenses. These earnings drivers are projected to be partially offset by higher pension expenses and increased financing costs. Earnings guidance for 2009 reflects adjusted retail revenue expectations due to the slowing economy.
The company also announced that results for 2008 are expected to be at the
lower end of the previously announced range of
The 2008 and 2009 ongoing earnings guidance excludes any impacts from the CVO mark-to-market adjustment, potential impairments and discontinued operations of other businesses. Progress Energy is not able to provide a corresponding GAAP equivalent for the 2008 and 2009 earnings guidance figures due to the uncertain nature and amount of these adjustments.
The company will provide additional discussion of its 2008 and 2009
earnings during its year-end earnings conference call on
Progress Energy, headquartered in
Caution Regarding Forward-Looking Information:
This release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The matters discussed in this document involve estimates, projections, goals, forecasts, assumptions, risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward- looking statements.
Examples of factors that you should consider with respect to any forward-
looking statements made throughout this document include, but are not limited
to, the following: the impact of fluid and complex laws and regulations,
including those relating to the environment and the Energy Policy Act of 2005;
the anticipated future need for additional baseload generation and associated
transmission facilities in our regulated service territories and the
accompanying regulatory and financial risks; the financial resources and
capital needed to comply with environmental laws and renewable energy
portfolio standards and our ability to recover related eligible costs under
cost-recovery clauses or base rates; our ability to meet current and future
renewable energy requirements; the inherent risks associated with the
operation of nuclear facilities, including environmental, health, regulatory
and financial risks; the impact on our facilities and businesses from a
terrorist attack; weather and drought conditions that directly influence the
production, delivery and demand for electricity; recurring seasonal
fluctuations in demand for electricity; the ability to recover in a timely
manner, if at all, costs associated with future significant weather events
through the regulatory process; economic fluctuations and the corresponding
impact on our customers, including downturns in the housing and consumer
credit markets; fluctuations in the price of energy commodities and purchased
power and our ability to recover such costs through the regulatory process;
our ability to control costs, including O&M and large construction projects;
the ability of our subsidiaries to pay upstream dividends or distributions to
Progress Energy; the length and severity of the current financial market
distress that began in
Any forward-looking statement is based on information current as of the date of this document and speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made.
SOURCE Progress Energy