Progress Energy Incorporated. The Group's principal activities are the generation, transmission, distribution and sale of electricity and natural gas in portions of North and South Carolina and Florida. The Group is also into the business of telecommunication services, coal and synthetic fuel operations, energy management and merchant energy generation. The Group's business segments are electric utilities, progress ventures and rail services. The Electric utility encompasses all regulated utility operations. Progress ventures include fuel extraction, manufacturing and delivery, synthetic fuels production, merchant generation and energy marketing. Rail services include railcar repair, rail parts reconditioning and sales and other rail related services.In 2002, the Group acquired Walton County Power, LLC, Washington County Power, LLC and Westchester Gas Company . Electric operations accounted for 82% of 2002 revenues; rail services, 9% and progress ventures, 9%.