Progress Energy Elects Hyler to Board of Directors

RALEIGH, N.C., Sept. 18  /PRNewswire-FirstCall/ -- Progress Energy's (NYSE: PGN) board of directors today elected to the board James B. Hyler Jr., the former president, vice chairman and chief operating officer of First Citizens Bank.

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Hyler has more than 37 years of experience in the financial services industry. He was as an auditor with Ernst & Young, served for eight years as chief financial officer for First Citizens Bank, and then served 19 years as the bank's president, vice chairman and chief operating officer. He retired from his leadership position with First Citizens Bank earlier this year.

"Jim is well known and highly respected throughout the financial and business community," said Bill Johnson, chairman, president and CEO of Progress Energy. "His knowledge and experience in financial services and corporate finance will be a tremendous asset to our board as our utilities move forward with the significant capital expansion necessary to meet the future energy needs of our customers reliably and affordably."

A resident of Raleigh, Hyler is a member of the board of directors for the North Carolina Chamber and a member of the board of trustees for Rex Healthcare. He is a graduate of Virginia Tech, where he earned his Bachelor of Science degree in accounting.

Progress Energy, headquartered in Raleigh, N.C., is a Fortune 250 energy company with more than 21,000 megawatts of generation capacity and $9 billion in annual revenues. The company is observing its 100th anniversary in 2008. Progress Energy includes two major utilities that serve 3.1 million customers in the Carolinas and Florida. The company is the 2006 recipient of the Edison Electric Institute's Edison Award, the industry's highest honor, in recognition of its operational excellence. The company also is the first utility to receive the prestigious J.D. Power and Associates Founder's Award for customer service. Progress Energy serves two growing areas of the country, and the company is pursuing a balanced strategy for a secure energy future. That balance includes aggressive energy efficiency programs, investments in renewable energy technologies and a state-of-the-art electricity system. For more information about Progress Energy, visit the company's Web site at http://www.progress-energy.com/ . 

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DATASOURCE: Progress Energy



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