Progress Energy Board of Directors Declares Partial Dividend of $0.259

Progress Energy's board of directors today declared a partial dividend of 25.9 cents per share on outstanding shares of Progress Energy's common stock. The dividend is payable Jan. 9, 2012, to Progress Energy shareholders of record at the close of business on Dec. 28, 2011. The board of directors declared the partial dividend in order to align Progress Energy's dividend payment schedule with that of Duke Energy DUK. The partial dividend is based on Progress Energy's normal quarterly dividend of 62 cents per share, pro-rated for the difference between Progress Energy's most recent quarterly dividend record date of Oct. 11, 2011 and Duke Energy's most recent record date of Nov. 18, 2011. The alignment comes in anticipation of the completion of the previously-announced merger of the two companies. The companies are working toward a closing date for the merger of Jan. 1, 2012, but the final closing date will ultimately be determined by the schedule of regulatory approvals.