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2007 Major Achievements

FIRST QUARTER

  • Completed the spinoff of Spectra Energy.
  • Received approval to build an 800-megawatt advanced coal-fired unit at our Cliffside station in western North Carolina (final air permit received in January 2008).

SECOND QUARTER

  • Issued first Sustainability Report.
  • Filed energy efficiency plan in North Carolina.
  • Helped pass comprehensive energy legislation in South Carolina that provides for the recovery of new nuclear plant financing costs during the construction phase and allows recovery of costs of certain reagents used in emission removal.
  • Acquired 1,000 megawatts of wind energy assets under development in the western and southwestern United States.

THIRD QUARTER

  • Met customers’ demand for electricity during record-setting summer heat throughout the service territory and record-setting drought in the Carolinas.
  • Helped pass comprehensive energy legislation in North Carolina that enables the recovery of new plant financing costs during the construction phase and allows recovery of costs of certain reagents used in emission removal. The legislation includes a workable renewable energy and energy efficiency portfolio standard.
  • Filed energy efficiency plan in South Carolina.

FOURTH QUARTER

  • Filed energy efficiency plan in Indiana.
  • Received remand order affirming the Ohio rate stabilization plan. The ruling maintains the current price and provides for the continuation of existing rate components.
  • Received approval to build a 630-megawatt cleaner-coal integrated gasification combined cycle (IGCC) power plant in southwestern Indiana (final air permit received in January 2008).
  • Settled rate case in North Carolina, which reduced industrial, commercial and residential rates and with no material impact on 2008 earnings.
  • Filed applications with state regulators for certificates of public convenience and necessity to add two 620-megawatt combined cycle, natural gas-fired units at two existing power plants in North Carolina.
  • Submitted a combined construction and operating license application to the U.S. Nuclear Regulatory Commission for the proposed 2,234-megawatt Lee Nuclear Station in Cherokee County, S.C.
  • 2007 ongoing diluted earnings per share of $1.24 exceeded 2006 ongoing diluted earnings of $0.99.

FULL YEAR

  • Continued push for federal cap-and-trade legislation limiting greenhouse gas emissions.