Shareholders Reject Plan to Increase Support for Solar

Shareholders of a U.S. energy company have overwhelmingly rejected a proposal that would have required the company to build more generation capacity with solar and wind facilities.

RALEIGH, North Carolina, US, 2001-05-10 <> “The Carolina Power & Light Company and Florida Power take very seriously our obligation to be good stewards of the environment,” William Cavanaugh told shareholders at the annual meeting of Progress Energy. “But we balance that priority with an equivalent concern for our customers and their expectations of reliable and reasonably priced energy.” “While we have examined and will continue to explore renewable energy sources like solar and wind power, they are not currently appropriate means of meeting our energy obligations and would make our system less reliable and more expensive,” the chairman, president and CEO explained. A proposal by shareholder Robert Mills of Washington would have required the company to build new electrical generation from solar or wind power sources to replace 1 percent of system capacity a year for the next 20 years. “Progress Energy is structured for stability, but we have no intention of standing still,” says Cavanaugh. “Our company is larger, stronger, more diversified and truly greater than the sum of its parts.” “The regulatory environment in the Carolinas and Florida is reasoned and responsible,” he says of deregulation. “We won’t make the kind of restructuring mistakes that have devastated California’s electric power industry. Equally important, we are investing significantly in new power plants to maintain sufficient reserve margins in the Carolinas and Florida to meet our customers’ needs.” The company has $20 billion in assets with 19,000 MW of generating capacity, three million customers, and annual revenue of $7 billion. It owns the CP+L and Florida Power utilities.

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