The Palmetto state and Tarheels both have Carolina Power & Light on their minds when they need some power. The company, which operates as Progress Energy Carolinas, transmits and distributes electricity to some 1.5 million homes and businesses in the Carolinas. The utility generates almost 12,600 MW of capacity from its fossil-fueled, nuclear, and hydroelectric power plants. Carolina Power & Light purchases about 5% of the power it distributes. The Duke Energy subsidiary also sells power to wholesale customers, primarily other utilities and energy marketers, including North Carolina Eastern Municipal Power Agency and North Carolina Electric Membership Corporation.
Carolina Power & Light's 34,000 sq, ml. service territory includes the coastal plain of North Carolina (from the Piedmont to the Atlantic coast), the lower Piedmont section of North Carolina, western North Carolina (Asheville and its surrounding area) and a northeastern segment of South Carolina.
The company is investing heavily in greening up its operations to meet tightened EPA regulations and between 2005 and 2009 incorporated scrubbers at six of its power plants to reduce pollution.
In 2009, despite an increase of 14,000 in its retail customer base, Carolina Power & Light posted a dip in revenues of $35 million, caused by weaker individual customer demand as result of the global recession. Sales from industrial users dropped by 10% over the previous year.
A further growth in retail customers and favorable weather conditions helped to lift the company's revenues in 2010. Wholesale revenues dipped slightly, reflecting a still-weak economy. Favorable returns from previous construction deals and an adjustment in employee life insurance benefits resulted in a jump in net income. – less