Tortoise Captial Advisors
 

Tortoise Power and Energy Infrastructure Fund, Inc. Announces Initial Distributions for Fourth Fiscal Quarter

LEAWOOD, Kan. - Sept. 14, 2009 -Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today declared its initial monthly distributions for the fourth fiscal quarter of $0.1250 per month payable as set forth below. Based on TPZ's offering price of $20.00 per share, the annualized distribution rate is 7.5%.

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.

"Infrastructure investments have historically provided attractive risk-adjusted returns relative to other asset classes because infrastructure provides the basic physical framework that enables the economy to function," said David Schulte, Managing Director of Tortoise Capital Advisors. "This Fund provides investors with access to U.S. power and energy infrastructure, which is stable through economic cycles. Demand for power and energy has grown over the past twenty years, and is expected to continue to grow, providing a favorable backdrop for investment."

The Fund declared the following monthly distributions for September, October and November. The distribution schedule appears below:

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. Based on current financial information, these distributions are estimated to consist of 45 to 50 percent ordinary income and the remainder as return of capital for book purposes.

Conference Call
TPZ will host a conference call at 3:15 p.m. CT on Sept. 15, 2009 to discuss general market conditions and the initial portfolio. Please dial-into (877) 941-8632 approximately five to 10 minutes prior to the scheduled start time.

The call will also be webcast in a listen-only format. A link to the webcast will be accessible at www.tortoiseadvisors.com.

A replay of the call will be available beginning at 4 p.m. CT on Sept. 15, 2009 and continuing until midnight on Sept. 29, 2009, by dialing (800) 406-7325. The replay access code is 4160155. A replay of the webcast will also be available on the company's Web site at www.tortoiseadvisors.com through Sept. 15, 2010.

About Tortoise Capital Advisers
Tortoise is an investment manager specializing in listed energy infrastructure, such as pipeline and power companies. As of Aug. 31, 2009, the adviser had approximately $2.3 billion of assets under management in five NYSE-listed investment companies and private accounts. For more information, visit the 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