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Florida proves drag on Progress Energy earnings

When it comes to customers for its electricity, Progress Energy is shrinking in Florida but growing in the Carolinas. Progress Energy Inc., the parent company based in Raleigh, N.C., said St. Petersburg-based Progress Energy Florida had a net decrease, on average, of 8,000 customers for the three months ended March 31 compared to the same period in 2008.

The company's Progress Energy Carolinas reported a net increase, on average of 18,000 customers in the same period. Overall, Progress Energy reported first-quarter earnings of $182 million, or 66 cents per share, compared with $209 million, or 80 cents share, earned in the same period last year.

"In the midst of this economic slowdown, we delivered solid financial results in the first quarter by living within our means and aggressively managing our business," said Bill Johnson, Progress Energy CEO. "Strong residential sales in the Carolinas and favorable wholesale contracts were able to offset continued retail weakness in Florida and lower industrial demand."

Florida proves drag on Progress Energy earnings 05/05/09 [Last modified: Tuesday, May 5, 2009 11:45am]
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