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Saturday, June 27, 2009

Progress Energy Florida Names Vincent Dolan new President and CEO

Progress Energy (NYSE: PGN - Chart) has named Vincent M. Dolan to succeed Jeffrey J. Lyash as president and chief executive officer for Progress Energy Florida, which serves more than 1.6 million Florida households and businesses.

Dolan, 54, has 32 years of experience in the energy industry and has been with Progress Energy and predecessor Florida Power Corp. since 1986 in positions of increasing responsibility. His career includes extensive operations, strategy development, customer service, regulatory affairs and business management experience. He has served most recently as vice president of External Relations for Progress Energy Florida.

"An important component to the success of our utilities will involve the continued development of customer and key leader relationships that support a constructive business climate," said William Johnson, chairman, president and CEO for Progress Energy. "In addition to his outstanding and recognized leadership within the company, Vincent brings a unique mix of experience to his new role. I am confident in his ability to lead Progress Energy Florida during this era of potentially transformational change in the energy industry."

"I'm excited about this opportunity to lead our dedicated employees as we continue to meet the needs and expectations of our customers and communities," Dolan said. "There are many changes under way in the energy industry, but two constants are the expectations our customers and regulators have for us - and the high standards we have for ourselves. We know more than 1.6 million families and businesses depend on us to keep electric service safe, reliable, affordable and environmentally sound. And we're committed to meeting and exceeding their expectations every day."

Lyash, Progress Energy Florida's president and CEO since 2006, has been named executive vice president for Corporate Development for Progress Energy. In his new role, Lyash, 47, will be responsible for numerous elements of the company's balanced solution strategy, including its efforts to expand energy efficiency, renewable energy resources and state-of-the-art power plants. He will relocate from St. Petersburg to North Carolina, but will oversee the company's strategic resource efforts - developing technology, programs and infrastructure to advance the balanced solution strategy - in the Carolinas and Florida.

"I am extremely proud of what our employees accomplish 24 hours a day, seven days a week - dependably, efficiently and without fanfare - in ensuring that when our customers flip the switch, the lights come on," Lyash said. "As we look to the future of our state and region, we know that ensuring a high level of reliability and service for the future means pursuing innovative and cost-effective energy technologies, expanding our industry-leading efficiency programs and ensuring a state-of-the-art electric system that our customers can continue to depend on. We are actively pursuing all three elements while maintaining a daily focus on operational excellence."

The new assignments are effective July 6.

Progress Energy (NYSE: PGN - News), headquartered in Raleigh, N.C., is a Fortune 500 energy company with more than 21,000 megawatts of generation capacity and $9 billion in annual revenues. Progress Energy includes two major electric utilities that serve approximately 3.1 million customers in the Carolinas and Florida. The company has earned the Edison Electric Institute's Edison Award, the industry's highest honor, in recognition of its operational excellence, and was the first utility to receive the prestigious J.D. Power and Associates Founder's Award for customer service. The company is pursuing a balanced strategy for a secure energy future, which includes aggressive energy-efficiency programs, investments in renewable energy technologies and a state-of-the-art electricity system. Progress Energy celebrated a century of service in 2008. Visit the company's Web site at

Disclosure I am long PGN shares in my Utlities Folio

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