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RALEIGH, N.C., July 14 /PRNewswire-FirstCall/ -- Progress Energy Chairman, President & CEO Bill Johnson today announced that the Progress Energy Foundation is doubling to $1 million its annual matching contribution to the Energy Neighbor Fund to help the company's low-income customers with heating and energy bills.

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"We know that the increasing cost of living -- for such items as gasoline, food and energy -- is especially challenging for our low-income customers," Johnson said. "I'm pleased to announce that the Progress Energy Foundation is increasing its annual contribution to our Energy Neighbor Fund, from $500,000 to $1 million. This money goes toward the heating and energy bills of our low-income customers."

The Energy Neighbor Fund is an assistance program for Progress Energy customers in need in the Carolinas and Florida. The fund helps cover home energy bills, whether the homes are all-electric or use natural gas, coal, oil, wood or kerosene. In North Carolina, $20,000 of the total is reserved for Operation Fan Relief, for the purchase of fans for the elderly and for individuals with special needs.

The $1 million from the Progress Energy Foundation provides matching funds for contributions to the Energy Neighbor Fund from employees, customers, shareholders, civic organizations, churches and vendors. Since the program was established in 1982 (then called Project Share), Energy Neighbor Fund -- Carolinas has provided $21 million to low-income families in North Carolina and South Carolina. Florida's program began in 1988, and has provided more than $8 million in assistance to families in crisis.

In the Carolinas, the N.C. Division of Social Services and the S.C. Division of Economic Opportunity allocate the Energy Neighbor Fund donations to social service agencies and community action agencies within the counties served by Progress Energy. In Florida, 40 United Way agencies throughout the service area receive the funds and are responsible for determining eligibility of customers.

The announcement of the increased commitment to the Energy Neighbor Fund came during a 100th anniversary event at the company's corporate headquarters in Raleigh. Carolina Power & Light Company was founded July 13, 1908. In 2000, CP&L merged with Florida Progress and changed the name of the company to Progress Energy.

Raleigh Mayor Charles Meeker and a representative from the N.C. Governor Mike Easley's office joined Johnson and Progress Energy employees in downtown Raleigh for the anniversary event.

"This is a historic day for Progress Energy as we celebrate our 100th anniversary and begin our second century of service," Johnson said. "We started here in downtown Raleigh in 1908, powering lights and electric trolleys. We have grown and changed dramatically along with the areas we serve. Now, we are adapting to new energy realities and working to secure the energy future for the millions of customers who depend on us."

As part of its celebration, Progress Energy is in the midst of its "Summer of Service" initiative, through which employees were challenged to collectively perform 100 community service projects in 100 days. The effort began June 1 and will conclude Sept. 8. Already, the company's employees in the Carolinas and Florida have completed or planned 128 community service projects -- exceeding the goal. At Monday's celebration, Johnson challenged the employees to set a new goal of 150.

"The great men and women who have shaped Progress Energy over the years have always been proud of our company's roots and the critical role we play in all our communities," Johnson said. "I want to thank all of our employees, past and present. Our employees have never lost sight of the fact that our success is tied directly to the vitality of our service area."

For more information about the 100th anniversary of Progress Energy, visit the company's Web site at http://www.progress-energy.com/community/anniversary.asp

Progress Energy, headquartered in Raleigh, N.C., is a Fortune 250 energy company with more than 21,000 megawatts of generation capacity and $9 billion in annual revenues. The company will observe its 100th anniversary in 2008. Progress Energy includes two major utilities that serve 3.1 million customers in the Carolinas and Florida. The company is the 2006 recipient of the Edison Electric Institute's Edison Award, the industry's highest honor, in recognition of its operational excellence. The company also is the first utility to receive the prestigious J.D. Power and Associates Founder's Award for customer service. Progress Energy serves two growing areas of the country, and the company is pursuing a balanced strategy for a secure energy future. That balance includes aggressive energy efficiency programs, investments in renewable energy technologies and a state-of-the-art electricity system. For more information about Progress Energy, visit the company's Web site at http://www.progress-energy.com/ .