Local News

Revenue Shortfall Leads To Changes At Progress Energy

Posted December 7, 2004

— The need to cut costs will mean a management shake-up at

Progress Energy

.

The power company will announce senior management layoffs and a voluntary early retirement plan Wednesday. Progress Energy employs 3,400 people in Wake County. More company-wide layoffs could come next year.

Despite the revenue shortfall, customers will not be impacted. Rates are frozen until at least 2007.

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