LEAWOOD, Kan. – Jan. 11, 2010 — Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ), today announced the tax characterization of the 2009 calendar year distributions paid to stockholders which were comprised of approximately 43 percent return of capital and 57 percent ordinary dividends.

Additional information regarding the tax characterization of the 2009 distributions is available at www.tortoiseadvisors.com. A copy of the information is also available upon request by calling (866) 362-9331.

Nothing contained herein or therein should be construed as tax advice. Consult your tax advisor for more information. Furthermore, you may not rely upon any information herein or therein for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code.

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 Dec. 31, 2009, Tortoise had approximately $2.8 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.

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