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Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2012

Fair value measurements- assets and liabilities

PROGRESS ENERGY
(in millions)			Total		Level 1		Level 2		Level 3
September 30, 2012
Nuclear decommissioning trust fund equity securities		$	1,226	$	1,220	$	6	$	-
Nuclear decommissioning trust fund debt securities and other			618		131		487		-
Other long-term available-for-sale debt securities and other^(a)			60		21		39		-
Derivative assets^(b)			1		-		1		-
	Total assets		1,905		1,372		533		-
Derivative liabilities^(c)			(435)		-		(399)		(36)
	Net assets	$	1,470	$	1,372	$	134	$	(36)

(in millions)			Total		Level 1		Level 2		Level 3
December 31, 2011
Nuclear decommissioning trust fund equity securities		$	1,062	$	1,061	$	1	$	-
Nuclear decommissioning trust fund debt securities and other			585		87		498		-
Other long-term available-for-sale debt securities and other^(a)			20		20		-		-
Derivative assets^(b)			5		-		5		-
	Total assets		1,672		1,168		504		-
Derivative liabilities^(c)			(799)		-		(775)		(24)
	Net assets	$	873	$	1,168	$	(271)	$	(24)

^(a)	Included in Other within Investments and Other Assets in the Consolidated Balance Sheets.
^(b)	Included in Prepayments and Other Current Assets within Current Assets and Other within Investments and Other Assets in the Consolidated Balance Sheets.
^(c)	Included in Derivative Liabilities within Current Liabilities and Other within Deferred Credits and Other Liabilities in the Consolidated Balance Sheets.

Fair value, liabilities measured on recurring basis, unobservable input reconciliation

PROGRESS ENERGY
	Three months ended September 30				Nine months ended September 30
(in millions)		2012		2011		2012		2011
Derivatives, net at beginning of period	$	30	$	37	$	24	$	36
Total pre-tax realized or unrealized gains included in earnings − regulated electric		(2)		-		(2)		-
Total (gains) losses, included in the consolidated Balance Sheet as regulatory asset or liability		(4)		6		2		7
Issuances		16		-		16		-
Settlements		(4)		-		(4)		-
Transfers into Level 3 − CVOs		-		74		-		74
Derivatives, net at end of period	$	36	$	117	$	36	$	117

Fair value inputs liabilities quantitative information

PROGRESS ENERGY
(in millions)	Fair Value		Valuation Technique	Unobservable Input		Range
September 30, 2012
Commodity natural gas hedges	$	27	Discounted cash flow	Forward natural gas curves - price per MMBtu	$	4.178	-	4.588
FERC mitigation power sale agreements		9	Discounted cash flow	Forward electricity curves - price per MWh		24.88	-	49.78

Fair value, by balance sheet grouping [Table Text Block]

		September 30, 2012				December 31, 2011
(in millions)		Book Value		Fair Value		Book Value		Fair Value
Progress Energy	$	13,776	$	16,160	$	13,152	$	15,518
PEC		4,838		5,352		4,206		4,735
PEF		4,672		5,646		4,681		5,633

PEC [Member]

Fair Value Disclosures [Line Items]

Fair value measurements- assets and liabilities

PEC
(in millions)			Total		Level 1		Level 2		Level 3
September 30, 2012
Nuclear decommissioning trust fund equity securities		$	797	$	797	$	-	$	-
Nuclear decommissioning trust fund debt securities and other			426		105		321		-
Other long-term available-for-sale debt securities and other^(a)			6		6		-		-
	Total assets		1,229		908		321		-
Derivative liabilities^(c)			(155)		-		(119)		(36)
	Net assets	$	1,074	$	908	$	202	$	(36)

(in millions)			Total		Level 1		Level 2		Level 3
December 31, 2011
Nuclear decommissioning trust fund equity securities		$	690	$	690	$	-	$	-
Nuclear decommissioning trust fund debt securities and other			398		81		317		-
Other long-term available-for-sale debt securities and other^(a)			6		6		-		-
	Total assets		1,094		777		317		-
Derivative liabilities^(c)			(248)		-		(224)		(24)
	Net assets	$	846	$	777	$	93	$	(24)

^(a)	Included in Other within Investments and Other Assets in the Consolidated Balance Sheets.
^(b)	Included in Prepayments and Other Current Assets within Current Assets and Other within Investments and Other Assets in the Consolidated Balance Sheets.
^(c)	Included in Derivative Liabilities within Current Liabilities and Other within Deferred Credits and Other Liabilities in the Consolidated Balance Sheets.

Fair value, liabilities measured on recurring basis, unobservable input reconciliation

PEC
	Three months ended September 30				Nine months ended September 30
(in millions)		2012		2011		2012		2011
Derivatives, net at beginning of period	$	28	$	37	$	24	$	36
Total pre-tax realized or unrealized gains included in earnings − regulated electric		(2)		-		(2)		-
Total (gains) losses, included in the consolidated Balance Sheet as regulatory asset or liability		(2)		5		2		6
Issuances		16		-		16		-
Settlements		(4)		-		(4)		-
Derivatives, net at end of period	$	36	$	42	$	36	$	42

Fair value inputs liabilities quantitative information


PEC
(in millions)	Fair Value		Valuation Technique	Unobservable Input		Range
September 30, 2012
Commodity natural gas hedges	$	27	Discounted cash flow	Forward natural gas curves - price per MMBtu	$	4.178	-	4.588
FERC mitigation power sale agreements		9	Discounted cash flow	Forward electricity curves - price per MWh		24.88	-	49.78

Fair value, by balance sheet grouping [Table Text Block]

		September 30, 2012				December 31, 2011
(in millions)		Book Value		Fair Value		Book Value		Fair Value
Progress Energy	$	13,776	$	16,160	$	13,152	$	15,518
PEC		4,838		5,352		4,206		4,735
PEF		4,672		5,646		4,681		5,633

PEF [Member]

Fair Value Disclosures [Line Items]

Fair value measurements- assets and liabilities

PEF
(in millions)			Total		Level 1		Level 2		Level 3
September 30, 2012
Nuclear decommissioning trust fund equity securities		$	429	$	423	$	6	$	-
Nuclear decommissioning trust fund debt securities and other			192		26		166		-
Other long-term available-for-sale debt securities and other^(a)			41		2		39		-
Derivative assets^(b)			1		-		1		-
	Total assets		663		451		212		-
Derivative liabilities^(c)			(276)		-		(276)		-
	Net assets	$	387	$	451	$	(64)	$	-

(in millions)			Total		Level 1		Level 2		Level 3
December 31, 2011
Nuclear decommissioning trust fund equity securities		$	372	$	371	$	1	$	-
Nuclear decommissioning trust fund debt securities and other			187		6		181		-
Other long-term available-for-sale debt securities and other^(a)			1		1		-		-
Derivative assets^(b)			5		-		5		-
	Total assets		565		378		187		-
Derivative liabilities^(c)			(499)		-		(499)		-
	Net assets	$	66	$	378	$	(312)	$	-

^(a)	Included in Other within Investments and Other Assets in the Balance Sheets.
^(b)	Included in Prepayments and Other Current Assets within Current Assets and Other within Investments and Other Assets in the Balance Sheets.
^(c)	Included in Derivative Liabilities within Current Liabilities and Other within Deferred Credits and Other Liabilities in the Balance Sheets.

Fair value, by balance sheet grouping [Table Text Block]

		September 30, 2012				December 31, 2011
(in millions)		Book Value		Fair Value		Book Value		Fair Value
Progress Energy	$	13,776	$	16,160	$	13,152	$	15,518
PEC		4,838		5,352		4,206		4,735
PEF		4,672		5,646		4,681		5,633

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

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-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15

-Subparagraph b-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13476-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

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-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13467-108611

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph a, b, c(1), d(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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