SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
MCKEE E MARIE
(Last) (First) (Middle)
ONE STEUBEN WAY
(Street)
CORNING NY 14831
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
PROGRESS ENERGY INC [ PGN ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
05/14/2007
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 05/14/2007 M 100 A $41.24 1,600 D
Common Stock 05/14/2007 S 100 D $52.36 1,500 D
Common Stock 05/14/2007 M 700 A $41.24 2,200 D
Common Stock 05/14/2007 S 700 D $52.37 1,500 D
Common Stock 05/14/2007 M 1,200 A $41.24 2,700 D
Common Stock 05/14/2007 S 1,200 D $52.38 1,500 D
Common Stock 05/14/2007 M 600 A $42.77 2,100 D
Common Stock 05/14/2007 S 600 D $52.33 1,500 D
Common Stock 05/14/2007 M 900 A $42.77 2,400 D
Common Stock 05/14/2007 S 900 D $52.34 1,500 D
Common Stock 05/14/2007 M 500 A $42.77 2,000 D
Common Stock 05/14/2007 S 500 D $52.35 1,500 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy) $41.24 05/14/2007 M 100 (1) 04/30/2013 Common Stock 100 $0 1,900 D
Employee Stock Option (right to buy) $41.24 05/14/2007 M 700 (1) 04/30/2013 Common Stock 700 $0 1,200 D
Employee Stock Option (right to buy) $41.24 05/14/2007 M 1,200 (1) 04/30/2013 Common Stock 1,200 $0 0 D
Employee Stock Option (right to buy) $42.77 05/14/2007 M 600 (2) 04/30/2014 Common Stock 600 $0 1,400 D
Employee Stock Option (right to buy) $42.77 05/14/2007 M 900 (2) 04/30/2014 Common Stock 900 $0 500 D
Employee Stock Option (right to buy) $42.77 05/14/2007 M 500 (2) 04/30/2014 Common Stock 500 $0 0 D
Units based on value of Common Stock (3) (4) (5) Common Stock 18,328 18,328(6) D
Units based on value of Common Stock (7) (4) (5) Common Stock 7,067 7,067(8) D
Explanation of Responses:
1. The options vested in three equal installments on May 1, 2004, 2005, and 2006.
2. The options vested in three equal installments on May 1, 2005, 2006, and 2007.
3. Directors' Deferred Compensation Plan units convertible at a rate of 1 for 1.
4. Units will be settled 100 percent in cash following the undersigned's retirement from the Board.
5. Based upon payment schedule selected by the undersigned.
6. Includes 217 units acquired through routine dividend reinvestment transactions that are exempt under Rule 16a-11.
7. Directors' Stock Unit Plan units convertible at a rate of 1 for 1
8. Includes 83 units acquired through routine dividend reinvestment transactions that are exempt under Rule 16a-11.
Remarks:
/s/E. Marie McKee by Arlene S. Graves 05/15/2007
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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