Progress Energy, Inc. (Progress Energy) is a utility holding company engaged in the regulated electric utility business. It owns, directly or indirectly, its utility subsidiaries, Progress Energy Carolinas, Inc. (PEC) and Progress Energy Florida, Inc. (PEF). The Company�s segments are PEC and PEF, which are engaged in the generation, transmission, distribution and sale of electricity in portions of North Carolina and South Carolina and in portions of Florida, respectively. The Corporate and Other segment includes amounts applicable to the activities of the Parent and Progress Energy Service Company, LLC (PESC) and other miscellaneous non-regulated businesses (Corporate and Other). As of December 31, 2011, the Utilities (collectively, PEC and PEF) had 23,000 megawatts of regulated electric generation capacity and serve approximately 3.1 million retail electric customers, as well as other load-serving entities. Effective July 2, 2012, Duke Energy Corporation merged with the Company.