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Progress Ventures begins construction of power plant at Effingham site

RINCON, Ga., Feb. 7, 2002 — Progress Ventures, Inc., a wholly owned subsidiary of Raleigh, N.C.-based Progress Energy, announced this week that construction has begun at its 480-MW Effingham County plant near Rincon, Ga. (northwest of Savannah).

Construction at the site had been idle pending receipt of the plant’s air permit and completion of the challenge process. Construction began Jan. 29.

Current plans call for the construction of a combined-cycle block that will be fueled by natural gas. The combined-cycle technology utilizes the exhaust heat from the combustion turbines to generate additional electricity with the same amount of fuel. The total project is expected to be completed by June 2003.

“We are extremely happy to move forward with this project,” said Joel Kamya, vice president of Plant Construction for Progress Energy. “The permit process took longer than anticipated, but it has allowed us to refocus the facility on meeting intermediate-generation needs in the fast-growing region.”

The plant is one of several in operation or under construction by Progress Ventures in Georgia, Florida and North Carolina.

Progress Energy is a Fortune 250 diversified holding company headquartered in Raleigh, N.C., with more than 20,000 megawatts of generation capacity and $7 billion in annual revenues.

The company’s diverse portfolio includes two major electric utility companies, CP&L and Florida Power, as well as NCNG, Progress Rail, Progress Telecom and an important new organization, Progress Ventures, which was created to manage fuel extraction, manufacturing and delivery; merchant generation; and energy marketing and trading.

These companies serve 2.8 million customers across the Southeast, providing electricity, natural gas, energy services and broadband capacity. For more information about Progress Energy, visit the company’s Web site at http://www.progress-energy.com/.