A partnership comprising locally based Progress Energy Inc., Eastern North Carolina Natural Gas Co. and Albemarle Pamlico Economic Development Corp. plans to serve 14 North Carolina counties. Raleigh is 150 miles northeast of Downtown Charlotte.
The initial phase of the multimillion-dollar project consists of 140 miles of six-inch to 12-inch diameter pipeline and about 75 miles of distribution. Construction of the first phase should start late this year with completion by mid-summer of 2002, a prepared statement from Progress Energy states.
Progress was formed last fall when the owner of Carolina Power & Light bought Florida Power Corp. Progress recently reported net income of $154 million or 77 cents per share in the latest quarter, up from $85.3 million or 56 cents per share in the first quarter of 2000. Overall, the company reported an 80.5% rise in first quarter earnings.
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