(Commission File
Number)
|
Exact names of registrants as specified in their charters, address of principal executive offices, telephone number and state of incorporation
|
(IRS Employer
Identification No.)
|
1-15929
|
PROGRESS ENERGY, INC.
|
56-2155481
|
410 S. Wilmington Street
|
||
Raleigh, North Carolina 27601-1748
|
||
Telephone: (919) 546-6111
|
||
State of Incorporation: North Carolina
|
||
1-3382
|
CAROLINA POWER & LIGHT COMPANY
|
56-0165465
|
d/b/a Progress Energy Carolinas, Inc.
|
||
410 S. Wilmington Street
|
||
Raleigh, North Carolina 27601-1748
|
||
Telephone: (919) 546-6111
|
||
State of Incorporation: North Carolina
|
||
1-3274
|
FLORIDA POWER CORPORATION
|
59-0247770
|
d/b/a Progress Energy Florida, Inc.
|
||
299 First Avenue North
|
||
St. Petersburg, Florida 33701
|
||
Telephone: (727) 820-5151
|
||
State of Incorporation: Florida
|
None
|
(Former Name or Former Address, if Changed Since Last Report)
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
99.1
|
Press Release dated May 5, 2011, with respect to financial results for the quarter ended March 31, 2011.
|
PROGRESS ENERGY, INC.
|
||
CAROLINA POWER & LIGHT COMPANY d/b/a PROGRESS ENERGY CAROLINAS, INC.
|
||
FLORIDA POWER CORPORATION d/b/a PROGRESS ENERGY FLORIDA, INC.
|
||
Date: May 5, 2011
|
Registrants
|
|
By:
|
/s/ Jeffrey M. Stone
|
|
Jeffrey M. Stone
|
||
Chief Accounting Officer
|
||
Exhibit No.
|
Description
|
99.1
|
Press Release dated May 5, 2011, with respect to financial results for the quarter ended March 31, 2011.
|
¨
|
Reports first-quarter GAAP earnings of $0.62 per share, compared to $0.67 for the same period last year, primarily due to extreme weather in the prior year
|
¨
|
Reports first-quarter ongoing earnings of $0.69 per share, compared to $0.75 for the same period last year, primarily due to extreme weather in the prior year
|
¨
|
Affirms 2011 ongoing earnings guidance of $3.00 to $3.20 per share
|
·
|
Submitted Merger-related regulatory filings with the following federal and state agencies: Securities and Exchange Commission; Federal Trade Commission; Department of Justice; Federal Energy Regulatory Commission; Nuclear Regulatory Commission (NRC); North Carolina Utilities Commission (NCUC); South Carolina Public Service Commission; and Kentucky Public Service Commission.
|
·
|
The Merger is targeted to close by the end of 2011.
|
·
|
Filed 2012 nuclear cost-recovery estimates with the Florida Public Service Commission (FPSC), which will slightly decrease the amount customers will pay for new nuclear projects.
|
·
|
Filed annual N.C. Clean Smokestacks Act update with the NCUC, which reported that PEC has successfully met the state’s first reduction target for nitrogen oxide (NOx) emissions and continued to meet the reduction target for sulfur dioxide (SO2) emissions by reducing emissions of NOx by 68 percent and SO2 by 71 percent from 2002 levels at the company’s coal-fired power plants in North Carolina.
|
·
|
Notified the NRC and the FPSC that the Crystal River Nuclear Plant will remain out of service while the company conducts a thorough engineering analysis and review of a new delamination identified in mid-March. Options to return the plant to service will be analyzed after the full evaluation is complete. Our current intent is to return the plant to service, and we believe that retiring and decommissioning the unit without returning it to service is unlikely. However, the company cannot estimate a return-to-service date or the cost of repairs at this time.
|
·
|
Announced that PEC will retire its 170-megawatt (MW) Weatherspoon coal-fired power plant this fall, several years ahead of the originally announced retirement schedule. The retirements of the utility’s other smaller, older coal-fired units in North Carolina are on track:
|
-
|
391-MW Lee Plant is scheduled to be replaced by a 920-MW natural gas plant in 2013;
|
-
|
316-MW Cape Fear Plant will be retired by the end of 2014; and
|
-
|
590-MW Sutton Plant will be replaced by a 625-MW natural gas plant in 2014.
|
·
|
Restored service safely and quickly to customers who lost power in major spring 2011 storms:
|
-
|
Florida – 346,000 customers lost power due to severe hurricane-like winds in March
|
-
|
Carolinas – 340,000 customers lost power due to a wave of powerful tornadoes in April.
|
·
|
Signed contracts to purchase power from the following facilities:
|
-
|
60-MW biomass facility being developed by U.S. EcoGen, LLC in Polk County, Fla;
|
-
|
36-MW poultry waste-to-biogas energy plant being built by Poultry Power USA in Montgomery County, N.C.; and
|
-
|
800-kilowatt solar photovoltaic array being built by ESA Renewables, LLC at the Port of Morehead City, N.C.
|
·
|
Recognized for exceptional customer service in Edison Electric Institute’s (EEI) 2011 National Key Accounts Customer Service Awards program. The National Account teams for both PEC and PEF Commercial, Industrial and Governmental groups were honored.
|
·
|
Reported first-quarter ongoing earnings per share of $0.47, compared with $0.52 for the same period last year; GAAP earnings per share of $0.44, compared with $0.48 for the same period last year.
|
·
|
Reported primary quarter-over-quarter ongoing earnings per share favorability of:
|
§
|
$0.02 retail growth and usage
|
§
|
$0.02 other primarily due to higher income recognized from the balanced billing program resulting from extreme weather in 2010
|
§
|
$0.02 AFUDC equity primarily due to increased construction project costs
|
·
|
Reported primary quarter-over-quarter ongoing earnings per share unfavorability of:
|
§
|
$(0.07) weather primarily due to 15 percent lower heating-degree days than 2010; additionally, heating-degree days were 1 percent lower than normal in 2011 and were 19 percent higher than normal in 2010
|
§
|
$(0.01) clauses and other margin
|
§
|
$(0.01) depreciation and amortization
|
§
|
$(0.02) share dilution
|
·
|
7,000 net increase in the average number of customers for the three months ended March 31, 2011, compared to the same period in 2010
|
·
|
Reported first-quarter ongoing earnings per share of $0.38, compared with $0.40 for the same period last year; GAAP earnings per share of $0.34, compared with $0.36 for the same period last year.
|
·
|
Reported primary quarter-over-quarter ongoing earnings per share favorability of:
|
§
|
$0.16 depreciation and amortization primarily due to a reduction in the cost of removal component of amortization expense in accordance with the 2010 base rate settlement agreement
|
§
|
$0.02 other primarily due to a litigation settlement
|
·
|
Reported primary quarter-over-quarter ongoing earnings per share unfavorability of:
|
§
|
$(0.10) weather primarily due to 56 percent lower heating-degree days than 2010; additionally, heating-degree days were 7 percent higher than normal in 2011 and were 143 percent higher than normal in 2010
|
§
|
$(0.04) wholesale primarily due to decreased revenues from wholesale contracts that expired in 2010 and changes to a contract with a major customer
|
§
|
$(0.02) retail growth and usage
|
§
|
$(0.01) clauses and other margin
|
§
|
$(0.01) O&M
|
§
|
$(0.01) interest expense
|
§
|
$(0.01) share dilution
|
·
|
8,000 net increase in the average number of customers for the three months ended March 31, 2011, compared to the same period in 2010
|
·
|
Reported first-quarter ongoing after-tax expenses of $0.16 per share compared with after-tax expenses of $0.17 per share for the same period last year; GAAP after-tax expenses of $0.16 per share, compared with after-tax expenses of $0.17 per share for the same period last year.
|
·
|
Reported primary quarter-over-quarter ongoing after-tax expenses per share favorability of:
|
§
|
$0.01 O&M
|
§
|
$0.01 share dilution
|
·
|
Reported primary quarter-over-quarter ongoing after-tax expenses per share unfavorability of:
|
§
|
$(0.01) interest expense
|
Progress Energy, Inc.
Reconciliation of Ongoing Earnings per Share to Reported GAAP Earnings per Share
|
||||||||
|
||||||||
Three months ended March 31, | ||||||||
2011
|
2010
|
|||||||
Ongoing earnings per share
|
$ | 0.69 | $ | 0.75 | ||||
Tax levelization
|
(0.01 | ) | - | |||||
Change in the tax treatment of the Medicare Part D subsidy
|
- | (0.08 | ) | |||||
Discontinued operations
|
(0.01 | ) | - | |||||
Merger and integration costs
|
(0.05 | ) | - | |||||
Reported GAAP earnings per share
|
$ | 0.62 | $ | 0.67 | ||||
Shares outstanding (millions)
|
295 | 284 |
·
|
our ability to obtain the approvals required to complete the Merger and the impact of compliance with material restrictions or conditions potentially imposed by our regulators;
|
·
|
the risk that the Merger is terminated prior to completion and results in significant transaction costs to us;
|
·
|
our ability to achieve the anticipated results and benefits of the Merger;
|
·
|
the impact of business uncertainties and contractual restrictions while the Merger is pending;
|
·
|
the impact of fluid and complex laws and regulations, including those relating to the environment and energy policy;
|
·
|
our ability to recover eligible costs and earn an adequate return on investment through the regulatory process;
|
·
|
the ability to successfully operate electric generating facilities and deliver electricity to customers;
|
·
|
the impact on our facilities and businesses from a terrorist attack;
|
·
|
the ability to meet the anticipated future need for additional baseload generation and associated transmission facilities in our regulated service territories and the accompanying regulatory and financial risks;
|
·
|
our ability to meet current and future renewable energy requirements;
|
·
|
the inherent risks associated with the operation and potential construction of nuclear facilities, including environmental, health, safety, regulatory and financial risks;
|
·
|
the financial resources and capital needed to comply with environmental laws and regulations;
|
·
|
risks associated with climate change;
|
·
|
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;
|
·
|
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 operations and maintenance expense (O&M) and large construction projects;
|
·
|
the ability of our subsidiaries to pay upstream dividends or distributions to Progress Energy, Inc. holding company;
|
·
|
current economic conditions;
|
·
|
the ability to successfully access capital markets on favorable terms;
|
·
|
the stability of commercial credit markets and our access to short- and long-term credit;
|
·
|
the impact that increases in leverage or reductions in cash flow may have on us;
|
·
|
our ability to maintain our current credit ratings and the impacts in the event our credit ratings are downgraded;
|
·
|
the investment performance of our nuclear decommissioning trust (NDT) funds;
|
·
|
the investment performance of the assets of our pension and benefit plans and resulting impact on future funding requirements;
|
·
|
the impact of potential goodwill impairments;
|
·
|
our ability to fully utilize tax credits generated from the previous production and sale of qualifying synthetic fuels under Internal Revenue Code Section 29/45K; and
|
·
|
the outcome of any ongoing or future litigation or similar disputes and the impact of any such outcome or related settlements.
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS of INCOME
|
||||||||
(in millions except per share data)
|
||||||||
Three months ended March 31
|
2011
|
2010
|
||||||
Operating revenues
|
$ | 2,167 | $ | 2,535 | ||||
Operating expenses
|
||||||||
Fuel used in electric generation
|
718 | 896 | ||||||
Purchased power
|
220 | 263 | ||||||
Operation and maintenance
|
494 | 480 | ||||||
Depreciation, amortization and accretion
|
154 | 246 | ||||||
Taxes other than on income
|
140 | 154 | ||||||
Other
|
(10 | ) | 2 | |||||
Total operating expenses
|
1,716 | 2,041 | ||||||
Operating income
|
451 | 494 | ||||||
Other income (expense)
|
||||||||
Interest income
|
1 | 2 | ||||||
Allowance for equity funds used during construction
|
29 | 21 | ||||||
Other, net
|
3 | (5 | ) | |||||
Total other income, net
|
33 | 18 | ||||||
Interest charges
|
||||||||
Interest charges
|
199 | 191 | ||||||
Allowance for borrowed funds used during construction
|
(9 | ) | (9 | ) | ||||
Total interest charges, net
|
190 | 182 | ||||||
Income from continuing operations before income tax
|
294 | 330 | ||||||
Income tax expense
|
107 | 139 | ||||||
Income from continuing operations before cumulative effect of
change in accounting principle
|
187 | 191 | ||||||
Discontinued operations, net of tax
|
(2 | ) | 1 | |||||
Cumulative effect of change in accounting principle, net of tax
|
- | (2 | ) | |||||
Net income
|
185 | 190 | ||||||
Net income attributable to noncontrolling interests, net of tax
|
(1 | ) | - | |||||
Net income attributable to controlling interests
|
$ | 184 | $ | 190 | ||||
Average common shares outstanding – basic
|
295 | 284 | ||||||
Basic and diluted earnings per common share
|
||||||||
Income from continuing operations attributable to controlling interests, net of tax
|
$ | 0.63 | $ | 0.67 | ||||
Discontinued operations attributable to controlling interests, net of tax
|
(0.01 | ) | - | |||||
Net income attributable to controlling interests
|
$ | 0.62 | $ | 0.67 | ||||
Dividends declared per common share
|
$ | 0.620 | $ | 0.620 | ||||
Amounts attributable to controlling interests
|
||||||||
Income from continuing operations, net of tax
|
$ | 186 | $ | 189 | ||||
Discontinued operations, net of tax
|
(2 | ) | 1 | |||||
Net income attributable to controlling interests
|
$ | 184 | $ | 190 |
PROGRESS ENERGY, INC.
|
||||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||||
(in millions)
|
March 31, 2011
|
December 31, 2010
|
||||||
ASSETS
|
||||||||
Utility plant
|
||||||||
Utility plant in service
|
$ | 29,782 | $ | 29,708 | ||||
Accumulated depreciation
|
(11,711 | ) | (11,567 | ) | ||||
Utility plant in service, net
|
18,071 | 18,141 | ||||||
Other utility plant, net
|
220 | 220 | ||||||
Construction work in progress
|
2,533 | 2,205 | ||||||
Nuclear fuel, net of amortization
|
658 | 674 | ||||||
Total utility plant, net
|
21,482 | 21,240 | ||||||
Current assets
|
||||||||
Cash and cash equivalents
|
172 | 611 | ||||||
Receivables, net
|
880 | 1,033 | ||||||
Inventory
|
1,276 | 1,226 | ||||||
Regulatory assets
|
101 | 176 | ||||||
Derivative collateral posted
|
135 | 164 | ||||||
Income taxes receivable
|
36 | 52 | ||||||
Prepayments and other current assets
|
193 | 214 | ||||||
Total current assets
|
2,793 | 3,476 | ||||||
Deferred debits and other assets
|
||||||||
Regulatory assets
|
2,306 | 2,374 | ||||||
Nuclear decommissioning trust funds
|
1,641 | 1,571 | ||||||
Miscellaneous other property and investments
|
413 | 413 | ||||||
Goodwill
|
3,655 | 3,655 | ||||||
Other assets and deferred debits
|
332 | 325 | ||||||
Total deferred debits and other assets
|
8,347 | 8,338 | ||||||
Total assets
|
$ | 32,622 | $ | 33,054 | ||||
CAPITALIZATION AND LIABILITIES
|
||||||||
Common stock equity
|
||||||||
Common stock without par value, 500 million shares authorized, 294
million and 293 million shares issued and outstanding, respectively
|
$ | 7,362 | $ | 7,343 | ||||
Accumulated other comprehensive loss
|
(121 | ) | (125 | ) | ||||
Retained earnings
|
2,806 | 2,805 | ||||||
Total common stock equity
|
10,047 | 10,023 | ||||||
Noncontrolling interests
|
3 | 4 | ||||||
Total equity
|
10,050 | 10,027 | ||||||
Preferred stock of subsidiaries
|
93 | 93 | ||||||
Long-term debt, affiliate
|
273 | 273 | ||||||
Long-term debt, net
|
11,868 | 11,864 | ||||||
Total capitalization
|
22,284 | 22,257 | ||||||
Current liabilities
|
||||||||
Current portion of long-term debt
|
300 | 505 | ||||||
Short-term debt
|
79 | – | ||||||
Accounts payable
|
849 | 994 | ||||||
Interest accrued
|
205 | 216 | ||||||
Dividends declared
|
184 | 184 | ||||||
Customer deposits
|
335 | 324 | ||||||
Derivative liabilities
|
220 | 259 | ||||||
Accrued compensation and other benefits
|
144 | 175 | ||||||
Other current liabilities
|
323 | 298 | ||||||
Total current liabilities
|
2,639 | 2,955 | ||||||
Deferred credits and other liabilities
|
||||||||
Noncurrent income tax liabilities
|
1,765 | 1,696 | ||||||
Accumulated deferred investment tax credits
|
108 | 110 | ||||||
Regulatory liabilities
|
2,625 | 2,635 | ||||||
Asset retirement obligations
|
1,218 | 1,200 | ||||||
Accrued pension and other benefits
|
1,311 | 1,514 | ||||||
Derivative liabilities
|
239 | 278 | ||||||
Other liabilities and deferred credits
|
433 | 409 | ||||||
Total deferred credits and other liabilities
|
7,699 | 7,842 | ||||||
Commitments and contingencies
|
||||||||
Total capitalization and liabilities
|
$ | 32,622 | $ | 33,054 |
PROGRESS ENERGY, INC.
|
||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS of CASH FLOWS
|
||||||||
(in millions)
|
||||||||
Three months ended March 31
|
2011
|
2010
|
||||||
Operating activities
|
||||||||
Net income
|
$ | 185 | $ | 190 | ||||
Adjustments to reconcile net income to net cash provided by operating activities
|
||||||||
Depreciation, amortization and accretion
|
199 | 285 | ||||||
Deferred income taxes and investment tax credits, net
|
101 | 51 | ||||||
Deferred fuel cost (credit)
|
70 | (45 | ) | |||||
Allowance for equity funds used during construction
|
(29 | ) | (21 | ) | ||||
Other adjustments to net income
|
56 | 63 | ||||||
Cash provided (used) by changes in operating assets and liabilities
|
||||||||
Receivables
|
163 | (32 | ) | |||||
Inventory
|
(49 | ) | 98 | |||||
Derivative collateral posted
|
28 | (157 | ) | |||||
Other assets
|
(21 | ) | (17 | ) | ||||
Income taxes, net
|
57 | 165 | ||||||
Accounts payable
|
(89 | ) | 31 | |||||
Accrued pension and other benefits
|
(224 | ) | (18 | ) | ||||
Other liabilities
|
(1 | ) | (7 | ) | ||||
Net cash provided by operating activities
|
446 | 586 | ||||||
Investing activities
|
||||||||
Gross property additions
|
(501 | ) | (555 | ) | ||||
Nuclear fuel additions
|
(57 | ) | (54 | ) | ||||
Purchases of available-for-sale securities and other investments
|
(1,817 | ) | (1,986 | ) | ||||
Proceeds from available-for-sale securities and other investments
|
1,809 | 1,977 | ||||||
Other investing activities
|
46 | (1 | ) | |||||
Net cash used by investing activities
|
(520 | ) | (619 | ) | ||||
Financing activities
|
||||||||
Issuance of common stock, net
|
8 | 197 | ||||||
Dividends paid on common stock
|
(183 | ) | (175 | ) | ||||
Net increase (decrease) in short-term debt
|
79 | (140 | ) | |||||
Proceeds from issuance of long-term debt, net
|
494 | 591 | ||||||
Retirement of long-term debt
|
(700 | ) | (100 | ) | ||||
Other financing activities
|
(63 | ) | (44 | ) | ||||
Net cash (used) provided by financing activities
|
(365 | ) | 329 | |||||
Net (decrease) increase in cash and cash equivalents
|
(439 | ) | 296 | |||||
Cash and cash equivalents at beginning of period
|
611 | 725 | ||||||
Cash and cash equivalents at end of period
|
$ | 172 | $ | 1,021 |
Regulated Utilities
|
|||||||||||||||||||
($ per share)
|
Carolinas
|
Florida
|
Corporate and Other Businesses
|
Consolidated
|
|||||||||||||||
2010 GAAP earnings
|
0.48 | 0.36 | (0.17 | ) | 0.67 | ||||||||||||||
Tax levelization
|
(0.01 | ) | 0.01 | - | A | ||||||||||||||
Change in the tax treatment of the Medicare Part D subsidy
|
0.05 | 0.03 | 0.08 | B | |||||||||||||||
2010 ongoing earnings
|
0.52 | 0.40 | (0.17 | ) | 0.75 | ||||||||||||||
Weather - retail
|
(0.07 | ) | (0.10 | ) | (0.17 | ) | C | ||||||||||||
Growth and usage - retail
|
0.02 | (0.02 | ) | - | |||||||||||||||
Wholesale
|
(0.04 | ) | (0.04 | ) | D | ||||||||||||||
Clauses and other margin
|
(0.01 | ) | (0.01 | ) | (0.02 | ) | |||||||||||||
O&M
|
(0.01 | ) | 0.01 | - | |||||||||||||||
Other
|
0.02 | 0.02 | 0.04 | E | |||||||||||||||
AFUDC equity
|
0.02 | 0.02 | F | ||||||||||||||||
Depreciation and amortization
|
(0.01 | ) | 0.16 | 0.15 | G | ||||||||||||||
Interest expense
|
(0.01 | ) | (0.01 | ) | (0.02 | ) | |||||||||||||
Income taxes
|
- | ||||||||||||||||||
Share dilution
|
(0.02 | ) | (0.01 | ) | 0.01 | (0.02 | ) | ||||||||||||
2011 ongoing earnings
|
0.47 | 0.38 | (0.16 | ) | 0.69 | ||||||||||||||
Tax levelization
|
(0.01 | ) | (0.01 | ) | 0.01 | (0.01 | ) | A | |||||||||||
Discontinued operations
|
(0.01 | ) | (0.01 | ) | |||||||||||||||
Merger and integration costs
|
(0.02 | ) | (0.03 | ) | (0.05 | ) | H | ||||||||||||
2011 GAAP earnings
|
0.44 | 0.34 | (0.16 | ) | 0.62 |
Corporate and Other Businesses includes small subsidiaries, Holding Company interest expense, discontinued operations, CVO mark-to-market, purchase accounting transactions and corporate eliminations.
|
|||||
Certain line items presented gross on the Consolidated Statements of Income are netted in this analysis to highlight earnings drivers.
|
A -
|
Tax levelization impact, related to cyclical nature of energy demand/earnings and various permanent items of income or deduction.
|
B -
|
Change in the tax treatment of the Medicare Part D subsidy related to Patient Protection and Affordable Care Act and the related Health Care and Education Reconciliation Act enacted in March 2010.
|
C -
|
Carolinas - Unfavorable primarily due to 15 percent lower heating-degree days than 2010. Heating-degree days were 1 percent lower than normal in 2011 and were 19 percent higher than normal in 2010.
|
Florida - Unfavorable primarily due to 56 percent lower heating-degree days than 2010. Heating-degree days were 7 percent higher than normal in 2011 and were 143 percent higher than normal in 2010.
|
|
D -
|
Florida - Unfavorable primarily due to decreased revenues from wholesale contracts that expired in 2010 and changes to a contract with a major customer.
|
E -
|
Carolinas - Favorable primarily due to higher income recognized from the balanced billing program resulting from extreme weather in 2010.
|
Florida - Favorable primarily due to a litigation settlement. | |
F -
|
AFUDC equity is presented gross of tax as it is excluded from the calculation of income tax expense. |
Carolinas - Favorable primarily due to increased construction project costs. | |
G -
|
Florida - Favorable primarily due to a reduction in the cost of removal component of amortization expense in accordance with the 2010 base rate settlement agreement.
|
H -
|
Impact of merger and integration costs related to the proposed strategic combination with Duke Energy Corporation.
|
Three Months Ended
|
Three Months Ended
|
Percentage Change
|
|||||||||||||||||||||||||||||
March 31, 2011 | March 31, 2010 |
From March 31, 2010
|
|||||||||||||||||||||||||||||
Operating Revenues (in millions)
|
Carolinas
|
Florida
|
Total
Utilities
|
Carolinas
|
Florida
|
Total Utilities
|
Carolinas
|
Florida
|
|||||||||||||||||||||||
Residential
|
$ | 332 | $ | 220 | $ | 552 | $ | 356 | $ | 261 | $ | 617 | (6.7 | ) % | (15.7 | ) % | |||||||||||||||
Commercial
|
167 | 78 | 245 | 173 | 81 | 254 | (3.5 | ) | (3.7 | ) | |||||||||||||||||||||
Industrial
|
83 | 18 | 101 | 80 | 18 | 98 | 3.8 | - | |||||||||||||||||||||||
Governmental
|
15 | 20 | 35 | 14 | 21 | 35 | 7.1 | (4.8 | ) | ||||||||||||||||||||||
Unbilled
|
(35 | ) | (15 | ) | (50 | ) | (33 | ) | (1 | ) | (34 | ) | - | - | |||||||||||||||||
Total retail base revenues
|
562 | 321 | 883 | 590 | 380 | 970 | (4.7 | ) | (15.5 | ) | |||||||||||||||||||||
Wholesale base revenues
|
70 | 25 | 95 | 75 | 43 | 118 | (6.7 | ) | (41.9 | ) | |||||||||||||||||||||
Total base revenues
|
632 | 346 | 978 | 665 | 423 | 1,088 | (5.0 | ) | (18.2 | ) | |||||||||||||||||||||
Clause-recoverable regulatory returns
|
7 | 45 | 52 | 1 | 38 | 39 | 600.0 | 18.4 | |||||||||||||||||||||||
Miscellaneous revenue
|
34 | 51 | 85 | 35 | 53 | 88 | (2.9 | ) | (3.8 | ) | |||||||||||||||||||||
Fuel and other pass-through revenues
|
460 | 590 | 1,050 | 562 | 756 | 1,318 | - | - | |||||||||||||||||||||||
Total operating revenues
|
$ | 1,133 | $ | 1,032 | $ | 2,165 | $ | 1,263 | $ | 1,270 | $ | 2,533 | (10.3 | ) % | (18.7 | ) % | |||||||||||||||
Energy Sales (millions of kWh)
|
|||||||||||||||||||||||||||||||
Residential
|
5,439 | 4,281 | 9,720 | 5,888 | 5,126 | 11,014 | (7.6 | ) % | (16.5 | ) % | |||||||||||||||||||||
Commercial
|
3,287 | 2,547 | 5,834 | 3,421 | 2,597 | 6,018 | (3.9 | ) | (1.9 | ) | |||||||||||||||||||||
Industrial
|
2,488 | 772 | 3,260 | 2,445 | 768 | 3,213 | 1.8 | 0.5 | |||||||||||||||||||||||
Governmental
|
386 | 727 | 1,113 | 375 | 734 | 1,109 | 2.9 | (1.0 | ) | ||||||||||||||||||||||
Unbilled
|
(669 | ) | (356 | ) | (1,025 | ) | (630 | ) | (70 | ) | (700 | ) | - | - | |||||||||||||||||
Total retail
|
10,931 | 7,971 | 18,902 | 11,499 | 9,155 | 20,654 | (4.9 | ) | (12.9 | ) | |||||||||||||||||||||
Wholesale
|
3,209 | 478 | 3,687 | 3,812 | 1,004 | 4,816 | (15.8 | ) | (52.4 | ) | |||||||||||||||||||||
Total energy sales
|
14,140 | 8,449 | 22,589 | 15,311 | 10,159 | 25,470 | (7.6 | ) % | (16.8 | ) % | |||||||||||||||||||||
Energy Supply (millions of kWh)
|
|||||||||||||||||||||||||||||||
Generated
|
|||||||||||||||||||||||||||||||
Steam
|
6,436 | 2,742 | 9,178 | 8,367 | 3,839 | 12,206 | |||||||||||||||||||||||||
Nuclear
|
6,182 | - | 6,182 | 5,858 | - | 5,858 | |||||||||||||||||||||||||
Combustion turbines/combined cycle
|
931 | 4,885 | 5,816 | 977 | 4,931 | 5,908 | |||||||||||||||||||||||||
Hydro
|
180 | - | 180 | 250 | - | 250 | |||||||||||||||||||||||||
Purchased
|
1,047 | 1,429 | 2,476 | 524 | 2,069 | 2,593 | |||||||||||||||||||||||||
Total energy supply (company share)
|
14,776 | 9,056 | 23,832 | 15,976 | 10,839 | 26,815 | |||||||||||||||||||||||||
Impact of Weather to Normal on Retail Sales
|
|||||||||||||||||||||||||||||||
Heating-degree days
|
|||||||||||||||||||||||||||||||
Actual
|
1,683 | 295 | 1,970 | 671 | (14.6 | ) % | (56.0 | ) % | |||||||||||||||||||||||
Normal
|
1,701 | 276 | 1,662 | 276 | |||||||||||||||||||||||||||
Cooling-degree days
|
|||||||||||||||||||||||||||||||
Actual
|
15 | 217 | - | 48 | - | % | 352.1 | % | |||||||||||||||||||||||
Normal
|
12 | 216 | 13 | 216 | |||||||||||||||||||||||||||
Impact of retail weather to normal on EPS
|
$ | 0.00 | $ | 0.01 | $ | 0.01 | $ | 0.07 | $ | 0.11 | $ | 0.18 |
Progress Energy, Inc.
|
SUPPLEMENTAL DATA - Page S-3
|
Unaudited
|
O&M Expenses Primarily Recoverable through Base Rates (a)
|
||||||||
Three months ended March 31,
|
||||||||
(in millions)
|
2011
|
2010
|
||||||
Reported GAAP O&M
|
$ | 494 | $ | 480 | ||||
Adjustments
|
||||||||
Carolinas
|
||||||||
Fuel clauses
|
(6 | ) | (6 | ) | ||||
Environmental clause
|
(1 | ) | (1 | ) | ||||
DSM/EE and REPS cost recovery clauses (b)
|
(8 | ) | (8 | ) | ||||
Florida
|
||||||||
Energy conservation cost recovery clause (ECCR)
|
(23 | ) | (22 | ) | ||||
Environmental cost recovery clause (ECRC)
|
(8 | ) | (16 | ) | ||||
Nuclear cost recovery
|
(1 | ) | (1 | ) | ||||
O&M Expenses Primarily Recoverable through Base Rates
|
$ | 447 | $ | 426 |
(a) | This table provides a reconciliation of reported GAAP O&M to O&M Primarily Recoverable through Base Rates. O&M Primarily Recoverable through Base Rates excludes certain expenses that are recovered through cost-recovery clauses which have no material impact on earnings. Management believes this presentation is appropriate and enables investors to more accurately compare the company's O&M expense over the periods presented. O&M Primarily Recoverable through Base Rates as presented here may not be comparable to similarly titled measures used by other companies. |
(b) | DSM = Demand-side management |
EE = Energy efficiency | |
REPS = Renewable energy portfolio standard |
Financial Statistics
|
||||||||
Three months ended March 31,
|
||||||||
2011
|
2010
|
|||||||
Return on average common stock equity (rolling 12 months)
|
8.5 | % | 8.1 | % | ||||
Book value per common share
|
$ | 34.01 | $ | 33.58 | ||||
Capitalization
|
||||||||
Total equity
|
43.9 | % | 42.2 | % | ||||
Preferred stock of subsidiaries
|
0.4 | % | 0.4 | % | ||||
Total debt
|
55.7 | % | 57.4 | % | ||||
Total Capitalization
|
100.0 | % | 100.0 | % |