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<TITLE>S-8</TITLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As
Filed with the Securities and Exchange Commission on November&nbsp;21, 2008</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><B>Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>










<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>



<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
<I>UNDER<BR>
THE SECURITIES ACT OF 1933</I></B>
</DIV>


<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>



<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>PROGRESS ENERGY, INC.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 1pt"><B>(Exact name of registrant as specified in its charter)</B>
</DIV>

<DIV align="center">
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    <TD align="center" valign="top"><B>North Carolina</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>56-2155481</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(State or other jurisdiction of incorporation or organization)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(I.R.S. Employer Identification Number)</B></TD>
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</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>410 South Wilmington Street<BR>
Raleigh, North Carolina 27601<BR>
(919)&nbsp;546-6111<BR>
(Address, including zip code, and telephone number, including area code, of registrant&#146;s principal executive offices)</B>
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>Savings Plan for Employees of Florida Progress Corporation</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 1pt"><B>(Full title of the Plan)</B>
</DIV>


<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MARK F. MULHERN<BR>
Senior Vice President and Chief Financial Officer<BR>
Progress Energy, Inc.<BR>
410 South Wilmington Street<BR>
Raleigh, North Carolina 27601-1748<BR>
(919)&nbsp;546-6111<BR>
(Name and address, including zip code, and telephone number, including area code, of agent for service)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>It is respectfully requested that the Commission send copies of all notices, orders and communications to:</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>TIMOTHY S. GOETTEL, ESQ.<BR>
Hunton &#038; Williams<BR>
421 Fayetteville Street Mall<BR>
Raleigh, North Carolina 27601<BR>
(919)&nbsp;899-3094</B>
</DIV>


<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer or a smaller reporting company. See the definitions of &#147;large accelerated
filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the Exchange Act.
(Check one):
</DIV>

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    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Large accelerated filer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#120;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Accelerated filer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Non-accelerated filer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Smaller reporting company
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Do not check if a smaller reporting company)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">









<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="2%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="21" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left"><B>Title of Securities</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount to be</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Offering Price</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount of</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left"><B>to be Registered(2)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Registered</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Per Share(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Offering Price(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Registration Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, no par value</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD colspan="3" align="center" style="border-top: 2px solid #000000">5,000,000&nbsp;shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">38.76</TD>
    <TD nowrap style="border-top: 2px solid #000000">(1)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">193,800,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">7,617</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="21" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

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</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(1)&nbsp;Estimated solely for the purpose of computing the amount of the registration fee under Rules
457(c) and (h)&nbsp;of the Securities Act based on the average of the high and low prices of the common
stock reported in the consolidated reporting system by the New York Stock Exchange on November&nbsp;19,
2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(2)&nbsp;In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this registration
statement covers an indeterminate amount of interests to be offered or sold pursuant to the
employee benefit plan described herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Registration Statement shall become effective upon filing in accordance with Rule 462(a) under
the Securities Act.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD colspan="9"><A HREF="#000">PART I<BR> INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II<BR> INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. Incorporation of Documents by Reference.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. Description of Securities.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. Interests of Named Experts and Counsel.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. Indemnification of Directors and Officers.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;7. Exemption From Registration Claimed.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;8. Exhibits.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="g16749s8exv5w1.htm">EX-5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="g16749s8exv23w2.htm">EX-23.2</A></TD></TR>
</TABLE>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Explanatory Note</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;30, 2000, Progress Energy, Inc. (formerly CP&#038;L Energy, Inc.), a North
Carolina corporation (the &#147;Company&#148;), acquired Florida Progress Corporation (&#147;FPC&#148;) through
the consummation of a share exchange. After completion of the acquisition, the Savings
Plan for Employees of Florida Progress Corporation (the &#147;Plan&#148;) continued to cover, among
others, employees of FPC and its subsidiaries; however, shares of stock issued in
accordance with the Plan will be shares of the Company&#146;s common stock rather than shares of
FPC common stock.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "PART I<BR> INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I<BR>
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The document(s) containing the information specified in Part&nbsp;I of this Registration Statement
on Form S-8 will be sent or given to participating employees as specified by Rule&nbsp;428(b)(1) of the
Securities Act of 1933, as amended (the &#147;Securities Act&#148;). Such documents and the documents
incorporated by reference herein pursuant to Item&nbsp;3 of Part&nbsp;II hereof, taken together, constitute a
prospectus that meets the requirements of Section 10(a) of the Securities Act.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "PART II<BR> INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>

<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference." -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed by the Company and the Plan with the Securities and Exchange
Commission (the &#147;Commission&#148;) pursuant to the Securities and Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;), are hereby incorporated by reference into this Registration Statement:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2007,
also referred to as our &#147;2007
<FONT style="white-space: nowrap">Form&nbsp;10-K.&#148;</FONT> (The financial statements included in the 2007 Form 10-K
have been revised in Exhibit&nbsp;99 to the Form 8-K dated November&nbsp;6, 2008 to reflect the retrospective
implementation of Financial Accounting Standards Board Staff Position FIN 39-1 and our previously
disclosed correction of errors in presentation in Note 23 and Note 24. These revisions had no
effect on the reported net income for any of the periods presented.);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s Quarterly Reports on Form 10-Q for the quarters ended March&nbsp;31, June&nbsp;30 and
September&nbsp;30, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s Current Reports on Form 8-K filed February&nbsp;28, March&nbsp;20, May&nbsp;14, June&nbsp;26,
August&nbsp;28, September&nbsp;15, September&nbsp;19, October&nbsp;6, October&nbsp;31 and November&nbsp;6, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan&#146;s Annual Report on Form 11-K for the plan year
ended December&nbsp;31, 2007; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the Company&#146;s Common Stock included under the heading &#147;Description of
Holdings Capital Stock&#148; in our Registration Statement on Form S-4 (File No.&nbsp;333-86243), dated
August&nbsp;31, 1999 and incorporated by reference in our Form 8-A filed June&nbsp;6, 2000 (File No.
1-15929).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the foregoing, all documents subsequently filed by the Company and the Plan
pursuant to Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act, on or after the date of this
Registration Statement and prior to the filing of a post-effective amendment which indicates that
all securities offered have been sold or which deregisters all securities then remaining unsold,
shall be deemed incorporated by reference in this Registration Statement and to be a part hereof
from the date of the filing of such documents. To the extent that any information contained in any
Current Report on Form 8-K or in any other document submitted to the Commission, or in any exhibit
thereto, was or is furnished, rather than filed with, the Commission, such information or exhibit
is specifically not incorporated by reference in this document.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement, including financial statements, contained in a document incorporated or deemed
to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of
this Registration Statement to the extent that a statement contained herein or in any other
subsequently filed document which also is or is deemed to be incorporated by reference herein
modifies or supersedes such statement. Any such statement so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders can obtain any document incorporated by reference in this document from us
without charge, excluding all exhibits, except that if we have specifically incorporated by
reference an exhibit in this Registration Statement, the exhibit will also be provided without
charge, by requesting it in writing or by telephone from us at:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">Progress Energy, Inc.<BR>
410 South Wilmington Street<BR>
Raleigh, North Carolina 27601<BR>
(919)&nbsp;546-7474<BR>
Attention: Investor Relations
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may also obtain these documents from our website at <I>www.progress-energy.com </I>or at the
Commission&#146;s website <I>www.sec.gov. </I>The contents of these websites are not and shall not be deemed
to be a part of this Registration Statement.
</DIV>
<!-- link2 "Item&nbsp;4. Description of Securities." -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel." -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain legal matters regarding shares of Common Stock will be passed upon for the Company by
Frank A. Schiller, of the Company&#146;s Legal Department and Assistant Secretary of the Company. Mr.
Schiller beneficially owns, or has options
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to acquire, a number of shares of the Company&#146;s Common
Stock, which represents less than 0.1% of the total outstanding Common Stock.
</DIV>

<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers." -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections&nbsp;55-8-50 through 55-8-58 of the North Carolina Business Corporation Act (the &#147;NCBCA&#148;)
and the Articles of Incorporation and Bylaws of the Company provide for indemnification of the
Company directors and officers in a variety of circumstances, which may include liabilities under
the Securities Act of 1933, as amended. The Company has insurance covering expenditures it might
incur in connection with the lawful indemnification of its directors and officers for their
liabilities and expenses. Officers and directors of the Company also have insurance which insures
them against certain liabilities and expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As authorized by the NCBCA, and to the fullest extent permitted by it, the Company Articles of
Incorporation provide that a Progress Energy director will not be liable to the Company or to any
Company shareholder for monetary damages arising from the director&#146;s breach of his or her duties as
a director. The NCBCA permits a company to indemnify an individual made a party to a proceeding
because he is or was a director against liability incurred in the proceeding if such person: (i)
conducted himself in good faith; and (ii)&nbsp;reasonably believed (A)&nbsp;in the case of conduct in his
official capacity, that his conduct was in the company&#146;s best interests; (B)&nbsp;in all other cases,
that his conduct was at least not opposed to the company&#146;s best interests; and (C)&nbsp;in the case of
any criminal proceeding, he had no reasonable cause to believe his conduct was unlawful. However,
the NCBCA does not permit indemnification against (i)&nbsp;any transaction from which the director
derived an improper personal benefit or (ii)&nbsp;proceeding by or in the right of the company in which
the director is adjudged liable to the corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The NCBCA provides directors and officers with a right to indemnification relating to official
conduct when the director or officer has been wholly successful in defense of a claim. In addition,
a director or officer without the right to indemnification may apply to a court for an order
requiring the corporation to indemnify the director or officer in a particular case.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The NCBCA also authorizes a corporation to indemnify directors and officers beyond the
indemnification rights granted by law, excluding any acts or omissions that the director at the
time of the breach knew or believed were clearly in conflict with the best interests of the
corporation. The Company Bylaws provide that any person who is or was a director or officer of the
Company and any person who at the request of the Company serves or has served as an officer or
director (or in any position of similar authority) of any other corporation or other enterprise,
including as an individual trustee under any employee benefit plan, will be reimbursed and
indemnified against liability and expenses incurred by that person in connection with any action,
suit or proceeding arising out of that person&#146;s status as a director or officer of the Company if
that person&#146;s acts or omissions were not known or believed by him or her to be clearly in conflict
with the best interests of the Company.
</DIV>
<!-- link2 "Item&nbsp;7. Exemption From Registration Claimed." -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption From Registration Claimed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;8. Exhibits." -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Document Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Articles of Incorporation of Progress Energy, Inc. (f/k/a
CP&#038;L Energy, Inc.), as amended and restated on June&nbsp;15, 2000 (filed as Exhibit&nbsp;No.
3a(i) to Quarterly Report on Form&nbsp;10-Q for the fiscal quarter ended June&nbsp;30, 2000
(File No.&nbsp;1-15929)).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.2*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended Articles of Incorporation of Progress Energy, Inc. (f/k/a CP&#038;L Energy,
Inc.), as amended on December&nbsp;4, 2000 (filed as Exhibit&nbsp;3b(1) to Annual Report on
the Form&nbsp;10-K for the year ended December&nbsp;31, 2001 (File No.&nbsp;1-15929)).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.3*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended Articles of Incorporation of Progress Energy, Inc., as amended on May&nbsp;10,
2006 (filed as Exhibit&nbsp;3(a) to Quarterly Report on Form&nbsp;10-Q for the fiscal
quarter ended June&nbsp;30, 2006 (File No.&nbsp;1-15929)).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.4*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By-Laws of Progress Energy, Inc., as amended on May&nbsp;10, 2006 (filed as Exhibit&nbsp;3.B
to the Quarterly Report on Form&nbsp;10-Q for the fiscal quarter ended June&nbsp;30, 2006
(File No.&nbsp;1-15929)).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Frank A. Schiller as to the legality of the securities being registered.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Document Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">5.2*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Internal Revenue Service determination letter dated June&nbsp;13, 1996, to the effect
that the Plan is qualified under Section&nbsp;401 of the Internal Revenue Code (filed
as Exhibit&nbsp;5(c) to the Registration Statement of Florida Progress Corporation on
Form&nbsp;S-8 on December&nbsp;31, 1996 (File No.&nbsp;333-19037)).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Frank A. Schiller (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on signature page).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">* Incorporated herein by reference.
</DIV>

<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned registrant hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of
1933;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date
of the registration statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set
forth in this registration statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of securities offered
would not exceed that which was registered) and any deviation from the low or high end of
the estimated maximum offering range may be reflected in the form of prospectus filed with
the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price
represent no more than 20&nbsp;percent change in the maximum aggregate offering price set forth
in the &#147;Calculation of Registration Fee&#148; table in the effective registration statement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not
previously disclosed in this registration statement or any material change to such
information in the registration statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><I>provided, however, </I>that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in
reports filed with or furnished to the Commission by the registrant pursuant to Section&nbsp;13 or
Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the
registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial <I>bona fide </I>offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. That, for the purpose of determining liability of the registrant under the Securities Act
of 1933 to any purchaser in the initial distribution of the securities:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant undertakes that in a primary offering of securities of the
undersigned registrant pursuant to this registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered or sold to such
purchaser by means of any of the following communications, the undersigned registrant will be a
seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Any preliminary prospectus or prospectus of the undersigned registrant relating to the
offering required to be filed pursuant to Rule&nbsp;424;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;Any free writing prospectus relating to the offering prepared by or on behalf of the
undersigned registrant or used or referred to by the undersigned registrant;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;The portion of any other free writing prospectus relating to the offering containing
material information about the undersigned registrant or its securities provided by or on behalf of
the undersigned registrant; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;Any other communication that is an offer in the offering made by the undersigned
registrant to the purchaser.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant&#146;s annual report pursuant
to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
each filing of an employee benefit plan&#146;s annual report pursuant to section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the registration statement shall be
deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial <I>bona fide </I>offering
thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Act and is therefore, unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the registrant of expenses incurred or paid by a director,
officer, or controlling person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>The Registrant</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Raleigh, State of North Carolina, on the
21<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> day of November&nbsp;2008.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top"><B>PROGRESS ENERGY, INC.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ WILLIAM D. JOHNSON</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">William D. Johnson<BR>
<I>Chairman, Chief Executive Officer and President</I></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each director and/or officer of the issuer whose signature appears below hereby appoints Mark
F. Mulhern, John R. McArthur, and Frank A. Schiller, and each of them severally, as his/her
attorney-in-fact to sign in his/her name and on his/her behalf, in any and all capacities stated
below, and to file with the Securities and Exchange Commission, any and all amendments, including
post-effective amendments, to this registration statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, this registration
statement has been signed by the following persons in the capacities and on the dates indicated:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B><U>Signature</U></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B><U>Title</U></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B><U>Date</U></B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR>
        <TD>&nbsp;<BR></TD>
</TR>
<TR valign="bottom">
    <TD align="left" nowrap valign="top">/s/ WILLIAM D. JOHNSON
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
William D. Johnson</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Chairman of the Board, Chief Executive<BR>
Officer and President<BR>
(Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 21, 2008</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ MARK F. MULHERN
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Mark F. Mulhern</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Senior Vice President and<BR>
Chief Financial Officer<BR>
(Principal Financial Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 21, 2008</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ JEFFREY M. STONE
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Jeffrey M. Stone</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Chief Accounting Officer and Controller<BR>
(Principal Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 21, 2008</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ JAMES E. BOSTIC, JR.
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
James E. Bostic, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 21, 2008</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ DAVID L. BURNER
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
David L. Burner</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 21, 2008</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ HARRIS E. DELOACH, JR.
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Harris E. DeLoach, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 21, 2008</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B><U>Signature</U></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B><U>Title</U></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B><U>Date</U></B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ JAMES B. HYLER, JR.
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
James B. Hyler, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 21, 2008</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ ROBERT W. JONES
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Robert W. Jones</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 21, 2008</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ W. STEVEN JONES
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
W. Steven Jones</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 21, 2008</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ E. MARIE MCKEE
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
E. Marie McKee</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 21, 2008</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ JOHN H. MULLIN, III
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
John H. Mullin, III</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 21, 2008</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ CHARLES W. PRYOR
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Charles W. Pryor</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 21, 2008</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ CARLOS A. SALADRIGAS
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Carlos A. Saladrigas</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 21, 2008</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ THERESA M. STONE
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Theresa M. Stone</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 21, 2008</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ ALFRED C. TOLLISON, JR.
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Alfred C. Tollison, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 21, 2008</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>The Plan</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, the plan
administrator has duly caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Raleigh, State of North Carolina, on
November&nbsp;21, 2008.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top"><B>SAVINGS PLAN FOR EMPLOYEES OF FLORIDA<BR>
PROGRESS CORPORATION</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ ANNE M. HUFFMAN</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Anne M. Huffman on behalf of the Savings Plan for<BR>
Employees of Florida Progress Corporation<BR>
Administrative Committee</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Document Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Articles of Incorporation of Progress Energy, Inc. (f/k/a
CP&#038;L Energy, Inc.), as amended and restated on June&nbsp;15, 2000 (filed as Exhibit&nbsp;No.
3a(i) to Quarterly Report on Form&nbsp;10-Q for the fiscal quarter ended June&nbsp;30, 2000
(File No.&nbsp;1-15929)).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.2*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended Articles of Incorporation of Progress Energy, Inc. (f/k/a CP&#038;L Energy,
Inc.), as amended on December&nbsp;4, 2000 (filed as Exhibit&nbsp;3b(1) to Annual Report on
the Form&nbsp;10-K for the year ended December&nbsp;31, 2001 (File No.&nbsp;1-15929)).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.3*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended Articles of Incorporation of Progress Energy, Inc., as amended on May&nbsp;10,
2006 (filed as Exhibit&nbsp;3(a) to Quarterly Report on Form&nbsp;10-Q for the fiscal
quarter ended June&nbsp;30, 2006 (File No.&nbsp;1-15929)).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.4*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By-Laws of Progress Energy, Inc., as amended on May&nbsp;10, 2006 (filed as Exhibit&nbsp;3.B
to the Quarterly Report on Form&nbsp;10-Q for the fiscal quarter ended June&nbsp;30, 2006
(File No.&nbsp;1-15929)).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Frank A. Schiller as to the legality of the securities being registered.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">5.2*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Internal Revenue Service determination letter dated June&nbsp;13, 1996, to the effect
that the Plan is qualified under Section&nbsp;401 of the Internal Revenue Code (filed
as Exhibit&nbsp;5(c) to the Registration Statement of Florida Progress Corporation on
Form&nbsp;S-8 on December&nbsp;31, 1996 (File No.&nbsp;333-19037)).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Frank A. Schiller (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on signature page).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">* Incorporated herein by reference.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
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S-8
Table of Contents
As
Filed with the Securities and Exchange Commission on November 21, 2008
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
PROGRESS ENERGY, INC.
(Exact name of registrant as specified in its charter)
North Carolina
56-2155481
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification Number)
410 South Wilmington Street
Raleigh, North Carolina 27601
(919) 546-6111
(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)
Savings Plan for Employees of Florida Progress Corporation
(Full title of the Plan)
MARK F. MULHERN
Senior Vice President and Chief Financial Officer
Progress Energy, Inc.
410 South Wilmington Street
Raleigh, North Carolina 27601-1748
(919) 546-6111
(Name and address, including zip code, and telephone number, including area code, of agent for service)
It is respectfully requested that the Commission send copies of all notices, orders and communications to:
TIMOTHY S. GOETTEL, ESQ.
Hunton & Williams
421 Fayetteville Street Mall
Raleigh, North Carolina 27601
(919) 899-3094
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer or a smaller reporting company. See the definitions of "large accelerated
filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
(Check one):
Large accelerated filer
x
Accelerated filer
o
Non-accelerated filer
o
Smaller reporting company
o
(Do not check if a smaller reporting company)
Table of Contents
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Maximum
Maximum
Title of Securities
Amount to be
Offering Price
Aggregate
Amount of
to be Registered(2)
Registered
Per Share(2)
Offering Price(2)
Registration Fee
Common Stock, no par value
5,000,000 shares
$
38.76
(1)
$
193,800,000
$
7,617
(1) Estimated solely for the purpose of computing the amount of the registration fee under Rules
457(c) and (h) of the Securities Act based on the average of the high and low prices of the common
stock reported in the consolidated reporting system by the New York Stock Exchange on November 19,
2008.
(2) In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this registration
statement covers an indeterminate amount of interests to be offered or sold pursuant to the
employee benefit plan described herein.
This Registration Statement shall become effective upon filing in accordance with Rule 462(a) under
the Securities Act.
TABLE OF CONTENTS
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
Item 4. Description of Securities.
Item 5. Interests of Named Experts and Counsel.
Item 6. Indemnification of Directors and Officers.
Item 7. Exemption From Registration Claimed.
Item 8. Exhibits.
Item 9. Undertakings
SIGNATURES
EXHIBIT INDEX
EX-5.1
EX-23.2
Table of Contents
Explanatory Note
On November 30, 2000, Progress Energy, Inc. (formerly CP&L Energy, Inc.), a North
Carolina corporation (the "Company"), acquired Florida Progress Corporation ("FPC") through
the consummation of a share exchange. After completion of the acquisition, the Savings
Plan for Employees of Florida Progress Corporation (the "Plan") continued to cover, among
others, employees of FPC and its subsidiaries; however, shares of stock issued in
accordance with the Plan will be shares of the Company's common stock rather than shares of
FPC common stock.
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The document(s) containing the information specified in Part I of this Registration Statement
on Form S-8 will be sent or given to participating employees as specified by Rule 428(b)(1) of the
Securities Act of 1933, as amended (the "Securities Act"). Such documents and the documents
incorporated by reference herein pursuant to Item 3 of Part II hereof, taken together, constitute a
prospectus that meets the requirements of Section 10(a) of the Securities Act.
Table of Contents
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents filed by the Company and the Plan with the Securities and Exchange
Commission (the "Commission") pursuant to the Securities and Exchange Act of 1934, as amended (the
"Exchange Act"), are hereby incorporated by reference into this Registration Statement:
(a)
The Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2007,
also referred to as our "2007
Form 10-K."
(The financial statements included in the 2007 Form 10-K
have been revised in Exhibit 99 to the Form 8-K dated November 6, 2008 to reflect the retrospective
implementation of Financial Accounting Standards Board Staff Position FIN 39-1 and our previously
disclosed correction of errors in presentation in Note 23 and Note 24. These revisions had no
effect on the reported net income for any of the periods presented.);
(b)
The Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30 and
September 30, 2008;
(c)
The Company's Current Reports on Form 8-K filed February 28, March 20, May 14, June 26,
August 28, September 15, September 19, October 6, October 31 and November 6, 2008;
(d)
The Plan's Annual Report on Form 11-K for the plan year
ended December 31, 2007; and
(e)
The description of the Company's Common Stock included under the heading "Description of
Holdings Capital Stock" in our Registration Statement on Form S-4 (File No. 333-86243), dated
August 31, 1999 and incorporated by reference in our Form 8-A filed June 6, 2000 (File No.
1-15929).
In addition to the foregoing, all documents subsequently filed by the Company and the Plan
pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, on or after the date of this
Registration Statement and prior to the filing of a post-effective amendment which indicates that
all securities offered have been sold or which deregisters all securities then remaining unsold,
shall be deemed incorporated by reference in this Registration Statement and to be a part hereof
from the date of the filing of such documents. To the extent that any information contained in any
Current Report on Form 8-K or in any other document submitted to the Commission, or in any exhibit
thereto, was or is furnished, rather than filed with, the Commission, such information or exhibit
is specifically not incorporated by reference in this document.
Any statement, including financial statements, contained in a document incorporated or deemed
to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of
this Registration Statement to the extent that a statement contained herein or in any other
subsequently filed document which also is or is deemed to be incorporated by reference herein
modifies or supersedes such statement. Any such statement so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Shareholders can obtain any document incorporated by reference in this document from us
without charge, excluding all exhibits, except that if we have specifically incorporated by
reference an exhibit in this Registration Statement, the exhibit will also be provided without
charge, by requesting it in writing or by telephone from us at:
Progress Energy, Inc.
410 South Wilmington Street
Raleigh, North Carolina 27601
(919) 546-7474
Attention: Investor Relations
You may also obtain these documents from our website at
www.progress-energy.com
or at the
Commission's website
www.sec.gov.
The contents of these websites are not and shall not be deemed
to be a part of this Registration Statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Certain legal matters regarding shares of Common Stock will be passed upon for the Company by
Frank A. Schiller, of the Company's Legal Department and Assistant Secretary of the Company. Mr.
Schiller beneficially owns, or has options
Table of Contents
to acquire, a number of shares of the Company's Common
Stock, which represents less than 0.1% of the total outstanding Common Stock.
Item 6. Indemnification of Directors and Officers.
Sections 55-8-50 through 55-8-58 of the North Carolina Business Corporation Act (the "NCBCA")
and the Articles of Incorporation and Bylaws of the Company provide for indemnification of the
Company directors and officers in a variety of circumstances, which may include liabilities under
the Securities Act of 1933, as amended. The Company has insurance covering expenditures it might
incur in connection with the lawful indemnification of its directors and officers for their
liabilities and expenses. Officers and directors of the Company also have insurance which insures
them against certain liabilities and expenses.
As authorized by the NCBCA, and to the fullest extent permitted by it, the Company Articles of
Incorporation provide that a Progress Energy director will not be liable to the Company or to any
Company shareholder for monetary damages arising from the director's breach of his or her duties as
a director. The NCBCA permits a company to indemnify an individual made a party to a proceeding
because he is or was a director against liability incurred in the proceeding if such person: (i)
conducted himself in good faith; and (ii) reasonably believed (A) in the case of conduct in his
official capacity, that his conduct was in the company's best interests; (B) in all other cases,
that his conduct was at least not opposed to the company's best interests; and (C) in the case of
any criminal proceeding, he had no reasonable cause to believe his conduct was unlawful. However,
the NCBCA does not permit indemnification against (i) any transaction from which the director
derived an improper personal benefit or (ii) proceeding by or in the right of the company in which
the director is adjudged liable to the corporation.
The NCBCA provides directors and officers with a right to indemnification relating to official
conduct when the director or officer has been wholly successful in defense of a claim. In addition,
a director or officer without the right to indemnification may apply to a court for an order
requiring the corporation to indemnify the director or officer in a particular case.
The NCBCA also authorizes a corporation to indemnify directors and officers beyond the
indemnification rights granted by law, excluding any acts or omissions that the director at the
time of the breach knew or believed were clearly in conflict with the best interests of the
corporation. The Company Bylaws provide that any person who is or was a director or officer of the
Company and any person who at the request of the Company serves or has served as an officer or
director (or in any position of similar authority) of any other corporation or other enterprise,
including as an individual trustee under any employee benefit plan, will be reimbursed and
indemnified against liability and expenses incurred by that person in connection with any action,
suit or proceeding arising out of that person's status as a director or officer of the Company if
that person's acts or omissions were not known or believed by him or her to be clearly in conflict
with the best interests of the Company.
Item 7. Exemption From Registration Claimed.
Not applicable.
Item 8. Exhibits.
Exhibit No.
Document Description
4.1*
Amended and Restated Articles of Incorporation of Progress Energy, Inc. (f/k/a
CP&L Energy, Inc.), as amended and restated on June 15, 2000 (filed as Exhibit No.
3a(i) to Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2000
(File No. 1-15929)).
4.2*
Amended Articles of Incorporation of Progress Energy, Inc. (f/k/a CP&L Energy,
Inc.), as amended on December 4, 2000 (filed as Exhibit 3b(1) to Annual Report on
the Form 10-K for the year ended December 31, 2001 (File No. 1-15929)).
4.3*
Amended Articles of Incorporation of Progress Energy, Inc., as amended on May 10,
2006 (filed as Exhibit 3(a) to Quarterly Report on Form 10-Q for the fiscal
quarter ended June 30, 2006 (File No. 1-15929)).
4.4*
By-Laws of Progress Energy, Inc., as amended on May 10, 2006 (filed as Exhibit 3.B
to the Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2006
(File No. 1-15929)).
5.1
Opinion of Frank A. Schiller as to the legality of the securities being registered.
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Exhibit No.
Document Description
5.2*
Internal Revenue Service determination letter dated June 13, 1996, to the effect
that the Plan is qualified under Section 401 of the Internal Revenue Code (filed
as Exhibit 5(c) to the Registration Statement of Florida Progress Corporation on
Form S-8 on December 31, 1996 (File No. 333-19037)).
23.1
Consent of Frank A. Schiller (included in Exhibit 5.1).
23.2
Consent of Deloitte & Touche LLP.
24
Power of Attorney (included on signature page).
* Incorporated herein by reference.
Item 9. Undertakings
(a) The undersigned registrant hereby undertakes:
1. To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
(i) to include any prospectus required by Section 10(a)(3) of the Securities Act of
1933;
(ii) to reflect in the prospectus any facts or events arising after the effective date
of the registration statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set
forth in this registration statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of securities offered
would not exceed that which was registered) and any deviation from the low or high end of
the estimated maximum offering range may be reflected in the form of prospectus filed with
the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price
represent no more than 20 percent change in the maximum aggregate offering price set forth
in the "Calculation of Registration Fee" table in the effective registration statement; and
(iii) to include any material information with respect to the plan of distribution not
previously disclosed in this registration statement or any material change to such
information in the registration statement;
provided, however,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in
reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or
Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the
registration statement.
2. That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial
bona fide
offering thereof.
3. To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
4. That, for the purpose of determining liability of the registrant under the Securities Act
of 1933 to any purchaser in the initial distribution of the securities:
The undersigned registrant undertakes that in a primary offering of securities of the
undersigned registrant pursuant to this registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered or sold to such
purchaser by means of any of the following communications, the undersigned registrant will be a
seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the
offering required to be filed pursuant to Rule 424;
(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the
undersigned registrant or used or referred to by the undersigned registrant;
(iii) The portion of any other free writing prospectus relating to the offering containing
material information about the undersigned registrant or its securities provided by or on behalf of
the undersigned registrant; and
(iv) Any other communication that is an offer in the offering made by the undersigned
registrant to the purchaser.
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(b) The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant
to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
each filing of an employee benefit plan's annual report pursuant to section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the registration statement shall be
deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial
bona fide
offering
thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Act and is therefore, unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the registrant of expenses incurred or paid by a director,
officer, or controlling person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
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SIGNATURES
The Registrant
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Raleigh, State of North Carolina, on the
21
st
day of November 2008.
PROGRESS ENERGY, INC.
By:
/s/ WILLIAM D. JOHNSON
William D. Johnson
Chairman, Chief Executive Officer and President
POWER OF ATTORNEY
Each director and/or officer of the issuer whose signature appears below hereby appoints Mark
F. Mulhern, John R. McArthur, and Frank A. Schiller, and each of them severally, as his/her
attorney-in-fact to sign in his/her name and on his/her behalf, in any and all capacities stated
below, and to file with the Securities and Exchange Commission, any and all amendments, including
post-effective amendments, to this registration statement.
Pursuant to the requirements of the Securities Act of 1933, as amended, this registration
statement has been signed by the following persons in the capacities and on the dates indicated:
Signature
Title
Date
/s/ WILLIAM D. JOHNSON
William D. Johnson
Chairman of the Board, Chief Executive
Officer and President
(Principal Executive Officer)
November 21, 2008
/s/ MARK F. MULHERN
Mark F. Mulhern
Senior Vice President and
Chief Financial Officer
(Principal Financial Officer)
November 21, 2008
/s/ JEFFREY M. STONE
Jeffrey M. Stone
Chief Accounting Officer and Controller
(Principal Accounting Officer)
November 21, 2008
/s/ JAMES E. BOSTIC, JR.
James E. Bostic, Jr.
Director
November 21, 2008
/s/ DAVID L. BURNER
David L. Burner
Director
November 21, 2008
/s/ HARRIS E. DELOACH, JR.
Harris E. DeLoach, Jr.
Director
November 21, 2008
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Signature
Title
Date
/s/ JAMES B. HYLER, JR.
James B. Hyler, Jr.
Director
November 21, 2008
/s/ ROBERT W. JONES
Robert W. Jones
Director
November 21, 2008
/s/ W. STEVEN JONES
W. Steven Jones
Director
November 21, 2008
/s/ E. MARIE MCKEE
E. Marie McKee
Director
November 21, 2008
/s/ JOHN H. MULLIN, III
John H. Mullin, III
Director
November 21, 2008
/s/ CHARLES W. PRYOR
Charles W. Pryor
Director
November 21, 2008
/s/ CARLOS A. SALADRIGAS
Carlos A. Saladrigas
Director
November 21, 2008
/s/ THERESA M. STONE
Theresa M. Stone
Director
November 21, 2008
/s/ ALFRED C. TOLLISON, JR.
Alfred C. Tollison, Jr.
Director
November 21, 2008
The Plan
Pursuant to the requirements of the Securities Act of 1933, as amended, the plan
administrator has duly caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Raleigh, State of North Carolina, on
November 21, 2008.
SAVINGS PLAN FOR EMPLOYEES OF FLORIDA
PROGRESS CORPORATION
By:
/s/ ANNE M. HUFFMAN
Anne M. Huffman on behalf of the Savings Plan for
Employees of Florida Progress Corporation
Administrative Committee
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EXHIBIT INDEX
Exhibit No.
Document Description
4.1*
Amended and Restated Articles of Incorporation of Progress Energy, Inc. (f/k/a
CP&L Energy, Inc.), as amended and restated on June 15, 2000 (filed as Exhibit No.
3a(i) to Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2000
(File No. 1-15929)).
4.2*
Amended Articles of Incorporation of Progress Energy, Inc. (f/k/a CP&L Energy,
Inc.), as amended on December 4, 2000 (filed as Exhibit 3b(1) to Annual Report on
the Form 10-K for the year ended December 31, 2001 (File No. 1-15929)).
4.3*
Amended Articles of Incorporation of Progress Energy, Inc., as amended on May 10,
2006 (filed as Exhibit 3(a) to Quarterly Report on Form 10-Q for the fiscal
quarter ended June 30, 2006 (File No. 1-15929)).
4.4*
By-Laws of Progress Energy, Inc., as amended on May 10, 2006 (filed as Exhibit 3.B
to the Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2006
(File No. 1-15929)).
5.1
Opinion of Frank A. Schiller as to the legality of the securities being registered.
5.2*
Internal Revenue Service determination letter dated June 13, 1996, to the effect
that the Plan is qualified under Section 401 of the Internal Revenue Code (filed
as Exhibit 5(c) to the Registration Statement of Florida Progress Corporation on
Form S-8 on December 31, 1996 (File No. 333-19037)).
23.1
Consent of Frank A. Schiller (included in Exhibit 5.1).
23.2
Consent of Deloitte & Touche LLP.
24
Power of Attorney (included on signature page).
* Incorporated herein by reference.