Progress Energy Florida President Stepping Down
Vincent Dolan, president of Progress Energy Florida, announced his retirement effective at the end of the year, days ahead of the appearance of the president of the company’s new parent -- Duke Energy -- before the Florida energy regulators.
The company, which recently merged under Duke Energy, also quickly named R. Alexander “Alex” Glenn, currently the Florida utility’s general counsel, to succeed Dolan.
No reason was given for Dolan’s decision, which comes a little more than a month since the merger.
In that time Duke has had to answer growing questions about the future of the Crystal River nuclear plant and defend itself from an investigation by North Carolina’s utilities regulators as the Duke board replaced Progress CEO Bill Johnson hours after the deal was closed.
The move of Johnson preceded other Progress executives and board members being shown the door.
The company has also publicly “disagreed” with a decision by credit rating agency Standard & Poor’s to lower Duke Energy’s ratings over a lack of transparency in Johnson’s removal and its risk practices.
Jim Rogers, Duke Energy president, is scheduled to appear before the Florida Public Service Commission on Monday to discuss how the energy giant’s $18 billion merger with Progress Energy will impact the company’s more than 1.6 million customers in the Sunshine State.
In a release, the company praised Dolan:
“Vinny has been an exemplary leader and a tireless advocate for Florida customers and for the company and its shareholders throughout his career,” Keith Trent, Duke Energy’s executive vice president for Regulated Utilities, stated in a release.
“Alex brings that same deep knowledge, proven leadership and commitment to work for the best possible balance of interests and perspectives of our company and customers. A transition period will ensure the change is seamless for customers, employees and the communities we serve.”
Dolan, 57, has been with Progress Energy since 1986. He had headed the company’s Florida utility, based in St. Petersburg, since 2009.
Glenn, 47, of St. Petersburg, has been with Progress Energy and Florida Power Corp. since 1996. He has been general counsel since 2008.
The move comes a week after the Charlotte, N.C.-based Duke Energy announced its second quarter net income grew 2 percent from the same point a year earlier, earning $444 million on top of $3.58 billion in revenue.
The increase was due to higher electric rates and came as net income for Progress dropped 64 percent during the quarter.
The company claimed the drop was due to three nuclear reactors in the Carolinas being shut down for refueling.