Tortoise Captial Advisors
 

Tortoise Power and Energy Infrastructure Fund, Inc. Announces Distributions for Third Fiscal Quarter 2010

LEAWOOD, Kan. - May 10, 2010 -Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today declared its monthly distributions for the third fiscal quarter of $0.125 per month payable as set forth below.

Expected Treatment of Distribution
A portion of these distributions are expected to be treated as return of capital for income tax purposes, primarily as a result of the fund's investments in Master Limited Partnerships. The ultimate determination will not be made until after the fund's year-end.

Annual Stockholders' Meeting
The company will discuss financial results at its annual stockholders' meeting on May 21, 2010 at 10 a.m. CDT at 11550 Ash Street, Suite 300, Leawood, Kansas 66211.

For those unable to attend the meeting, a listen-only conference call will be provided. Please dial-in approximately five to 10 minutes prior to the scheduled start time.

U.S./Canada: (877) 941-8610

The meeting will also be webcast in a listen-only format. The link to the webcast and supplemental information will be accessible at www.tortoiseadvisors.com.

A replay of the meeting will be available beginning at 6 p.m. CDT on May 21, 2010 and continuing until 12 p.m. CDT June 4, 2010, by dialing (800) 406-7325 (U.S./Canada). The replay access code is 4290560#. A replay of the webcast will also be available on the company's Web site at www.tortoiseadvisors.com through May 21, 2011.

About Tortoise Power and Energy Infrastructure Fund, Inc.
The Fund invests in a portfolio of fixed income and equity securities issued by power and energy infrastructure companies. The Fund's goal is to provide stockholders' a high level of current income, with a secondary objective of capital appreciation.

About Tortoise Capital Advisors, LLC
Tortoise is an investment manager specializing in listed energy infrastructure, such as pipeline and power companies. As of April 30, 2010, Tortoise had approximately $3.5 billion of assets under management in five NYSE-listed investment companies and private accounts. For more information, visit our Web site at www.tortoiseadvisors.com.

Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Forward-Looking Statement
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the company and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the company's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the company and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

Contact information:
Tortoise Capital Advisors, LLC
Pam Kearney
Investor Relations
(866) 362-9331
pkearney@tortoiseadvisors.com