Market Overview

Tortoise Power and Energy Infrastructure Fund, Inc. (TPZ) Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of Aug. 31, 2018

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Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) today
announced that as of Aug. 31, 2018, the company's unaudited total assets
were approximately $206.4 million and its unaudited net asset value was
$152.4 million, or $21.93 per share.

As of Aug. 31, 2018, the company was in compliance with its asset
coverage ratios under the Investment Company Act of 1940 (the 1940 Act).
The company's asset coverage ratio under the 1940 Act with respect to
senior securities representing indebtedness was 387 percent. For more
information on calculation of coverage ratios, please refer to the
company's most recent applicable prospectus.

Set forth below is a summary of the company's unaudited preliminary
balance sheet at Aug. 31, 2018, and a summary of its top 10 holdings.

Unaudited preliminary balance sheet

             

(in Millions)

Per Share

Investments $ 204.2 $ 29.38
Cash and Cash Equivalents 0.2 0.03
Receivable for Investments Sold 0.1 0.01
Other Assets   1.9   0.28
Total Assets   206.4   29.70
 
Credit Facility Borrowings 53.2 7.65
 
Other Liabilities   0.8   0.12
Net Assets $ 152.4 $ 21.93
 

6.95 million common shares currently outstanding.

 

Top 10 holdings (as of Aug. 31, 2018)

             

Name

 

Ticker

Market Value
(in Millions)

% of Investment
Securities(1)

Energy Transfer Partners, L.P. (equity) ETP $ 12.6 6.2 %
Tallgrass Energy, LP (equity) TGE

 

10.1 4.9 %
The Williams Companies, Inc. (fixed income) 8.6 4.2 %
Targa Resources Corp. (equity) TRGP 8.5 4.2 %
Enbridge Inc. (fixed income) 7.9 3.9 %
SemGroup Corporation (fixed income) 7.8 3.8 %
ONEOK, Inc. (equity) OKE 7.7 3.7 %
Enbridge Energy Management, L.L.C. (equity) EEQ 7.6 3.7 %
Plains GP Holdings, L.P. (equity) PAGP 7.5 3.7 %
TransCanada PipeLines Limited (fixed income)   7.0 3.4 %
Total $ 85.3 41.7 %
 

(1) Percent of Investments and Cash Equivalents.

 

Energy Value Chain Conference Call

Tortoise will host a conference call on Oct. 24, 2018 at 3 p.m. Central
to discuss the energy sector and provide an update on the energy value
chain and Tortoise's investment outlook.

Toll Free Dial-In Number: (877) 407-9210

Replay Number: (877) 481-4010

Replay ID: #21460 (available through Nov. 26, 2018)

About Tortoise Power and Energy Infrastructure Fund, Inc.

Tortoise Power and Energy Infrastructure Fund, Inc. (TPZ) invests in a
portfolio of fixed income and equity securities issued by power and
energy infrastructure companies. TPZ's objective is to provide
stockholders a high level of current income, with a secondary objective
of capital appreciation.

About Tortoise

Tortoise specializes in essential assets and income. Tortoise invests in
assets and services that serve essential needs in society and can also
serve essential client needs, such as diversification and income.
Tortoise's energy investing expertise across the energy value chain,
including infrastructure and MLPs, dates back more than 15 years.
Through a variety of investment vehicles, Tortoise provides access to a
wide range of client solutions, focused on their evolving needs. For
more information, please visit www.tortoiseadvisors.com.

Tortoise Capital Advisors is the Adviser to the Tortoise Power and
Energy Infrastructure Fund, Inc.

Safe harbor statement

This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these securities in
any state or jurisdiction in which such offer or solicitation or sale
would be unlawful prior to registration or qualification under the laws
of such state or jurisdiction.

Forward-looking statement

This press release contains certain statements that may include
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. All statements, other than statements of historical fact, included
herein are "forward-looking statements." Although the company and
Tortoise Capital Advisors believe that the expectations reflected in
these forward-looking statements are reasonable, they do involve
assumptions, risks and uncertainties, and these expectations may prove
to be incorrect. Actual results could differ materially from those
anticipated in these forward-looking statements as a result of a variety
of factors, including those discussed in the company's reports that are
filed with the Securities and Exchange Commission. You should not place
undue reliance on these forward-looking statements, which speak only as
of the date of this press release. Other than as required by law, the
company and Tortoise Capital Advisors do not assume a duty to update
this forward-looking statement.

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