Raleigh, North Carolina
Raleigh (; ) is the capital city of the state of North Carolina and the seat of Wake County in the United States. It is the second-most populous city in North Carolina, after Charlotte. Raleigh is the tenth-most populous city in the Sout ...
, is a
subsidiary
A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a ...
of
Duke Energy
Duke Energy Corporation is an American electric power and natural gas holding company headquartered in Charlotte, North Carolina.
Overview
Based in Charlotte, North Carolina, Duke Energy owns 58,200 megawatts of base-load and peak generation in ...
and prior to its merger with Duke Energy was 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
The Carolinas are the U.S. states of North Carolina and South Carolina, considered collectively. They are bordered by Virginia to the north, Tennessee to the west, and Georgia to the southwest. The Atlantic Ocean is to the east.
Combining Nor ...
and
Florida
Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and ...
. As an independent company, the last chairman and
CEO
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
of Progress Energy was William D. Johnson; his predecessor was Robert McGehee, who died on October 9, 2007 at the age of 64 of a
stroke
A stroke is a disease, medical condition in which poor cerebral circulation, blood flow to the brain causes cell death. There are two main types of stroke: brain ischemia, ischemic, due to lack of blood flow, and intracranial hemorrhage, hemorr ...
nuclear power plants
A nuclear power plant (NPP) is a thermal power station in which the heat source is a nuclear reactor. As is typical of thermal power stations, heat is used to generate steam that drives a steam turbine connected to a generator that produces ...
.
On October 16, 1999, third quarter earnings of Florida Progress Corp. fell 20.5 percent as damage from Hurricane Floyd.
On August 24, 1999, Carolina Power & Light Co. said that it would acquire Florida Progress Corp. for $5.3 billion, creating the nation's ninth-largest electric utility.
The company's current slogan is, "People, performance, excellence."
Florida Power Corporation
Duke Energy Florida, formerly Florida Power, was the generation, transmission, and distribution sector of Florida Progress Corporation. The company distributed power over much of central and north Florida. Their service area covers approximately 1 ...
and changed its name to Progress Energy. Progress Energy represents a family of companies, including CP&L, Florida Power, Progress Telecom, NCNG and SRS, and an important new organization, Energy Ventures. The company built a new
headquarters
Headquarters (commonly referred to as HQ) denotes the location where most, if not all, of the important functions of an organization are coordinated. In the United States, the corporate headquarters represents the entity at the center or the to ...
in downtown Raleigh in 2004.
On January 10, 2011,
Duke Energy
Duke Energy Corporation is an American electric power and natural gas holding company headquartered in Charlotte, North Carolina.
Overview
Based in Charlotte, North Carolina, Duke Energy owns 58,200 megawatts of base-load and peak generation in ...
announced plans to take over Progress Energy in a $26 billion deal resulting in the country's largest electric utility with 7.1 million customers. Duke Energy plans to "maintain substantial operations in Raleigh." When the merger was completed on July 3, 2012, Duke Chairman James E. (Jim) Rogers became Chairman and CEO of the new combined company, while Progress CEO Bill Johnson resigned.
Environmental record
In 2008, the Corporate Responsibility Officer named Progress Energy to its list of 100 Best Corporate Citizens. Progress Energy was named to the Dow Jones Sustainability Index in 2009, 2008, 2007, 2006 and 2005.
The company is investing $300,000 in a UNC Chapel Hill study to map the offshore wind power potential of North Carolina. Progress Energy launched its SunSense-branded solar incentive programs in 2009.
Progress Energy has installed
flue-gas desulfurization
Flue-gas desulfurization (FGD) is a set of technologies used to remove sulfur dioxide () from exhaust flue gases of fossil-fuel power plants, and from the emissions of other sulfur oxide emitting processes such as waste incineration.
Methods
...
technology, or scrubbers, to remove sulfur dioxide emissions from its nine largest coal-fired power plant units.
Researchers at the
University of Massachusetts Amherst
The University of Massachusetts Amherst (UMass Amherst, UMass) is a public research university in Amherst, Massachusetts and the sole public land-grant university in Commonwealth of Massachusetts. Founded in 1863 as an agricultural college, ...
have identified Progress Energy as the 29th-largest corporate producer of
Air pollution in the United States
Air pollution is the introduction of chemicals, particulate matter, or biological materials into the atmosphere, causing harm or discomfort to humans or other living organisms, or damaging ecosystems. Air pollution can cause health problems in ...
in 2002, when it released roughly 39 million pounds of toxic chemicals into the air. Major pollutants included
nickel
Nickel is a chemical element with symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel is a hard and ductile transition metal. Pure nickel is chemically reactive but large pieces are slow t ...
compounds,
chromium
Chromium is a chemical element with the symbol Cr and atomic number 24. It is the first element in group 6. It is a steely-grey, lustrous, hard, and brittle transition metal.
Chromium metal is valued for its high corrosion resistance and hard ...
compounds,
sulfuric acid
Sulfuric acid (American spelling and the preferred IUPAC name) or sulphuric acid ( Commonwealth spelling), known in antiquity as oil of vitriol, is a mineral acid composed of the elements sulfur, oxygen and hydrogen, with the molecular fo ...
, and
hydrochloric acid
Hydrochloric acid, also known as muriatic acid, is an aqueous solution of hydrogen chloride. It is a colorless solution with a distinctive pungent smell. It is classified as a strong acid. It is a component of the gastric acid in the dige ...
. Progress has also been named a potentially responsible party at the Carolina Transformer Co.
Superfund
Superfund is a United States federal environmental remediation program established by the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA). The program is administered by the Environmental Protection Agency ...
University of Central Florida
The University of Central Florida (UCF) is a public research university whose main campus is in unincorporated Orange County, Florida. UCF also has nine smaller regional campuses throughout central Florida. It is part of the State Universi ...
Progress Energy Center for the Performing Arts
Duke Energy Center for the Performing Arts is the main venue for the performing arts in Raleigh, North Carolina.
The naming rights to the center currently are held by Duke Energy (formerly Progress Energy), which purchased them from the city in 2 ...
" in downtown
Raleigh, NC
Raleigh (; ) is the capital city of the state of North Carolina and the seat of Wake County in the United States. It is the second-most populous city in North Carolina, after Charlotte. Raleigh is the tenth-most populous city in the Southe ...