Progress Energy Selected as Name
The merged CP&L Energy and Florida Progress are now Progress Energy. The new company name includes CP&L, Florida Power, Progress Telecom, NCNG and SRS. It also includes Energy Ventures, created to manage wholesale energy marketing and trading, merchant generation, fuel properties, as well as barge and rail subsidiaries.
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The names of electric utilities CP&L and Florida Power will not change. CP&L completed its acquistion of Florida Progress Corp. on Nov. 30. Progress Energy, which has its headquarters in Raleigh, has more than $7 billion in annual operating revenues. Progress Energy stock will begin trading on the New York Stock Exchange on Dec. 11 under the symbol PGN.
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