LEAWOOD, Kan.--Nov. 8, 2010--(BUSINESS WIRE)-- The Board of Directors of Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today declared its distributions for the 2011 first fiscal quarter of $0.125 per month payable as set forth below.

Expected Treatment of Distributions

As the company is approaching the end of its fiscal year, we currently expect the tax characterization of our distributions paid in calendar year 2010 to be in the range of zero percent to 10 percent return of capital, although the ultimate characterization will not be made until determination of our earnings and profits after our 2010 year-end. The ultimate tax characterization of our 2011 distributions will not be made until after our 2011 year-end. For book purposes, these distributions are currently estimated to consist of 45 to 50 percent ordinary income and the remainder as return of capital.

Year-End Conference Call

The Fund will host a conference call on Dec. 16, 2010 at 4:30 p.m. EST, to discuss current U.S. energy infrastructure industry market conditions and TPZ's 2010 year-end performance results. Participants can access the conference call by dialing (877) 941-2332. 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 at 6 p.m. EST on Dec. 16, 2010 and continuing until 11:59 p.m. CST Dec. 30, 2010, by dialing (303) 590-3030. The replay access code is 4381476#. A replay of the webcast will also be available on the company's Web site at www.tortoiseadvisors.com through Dec. 16, 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 investments, such as pipeline and power companies. As of Oct. 31, 2010, the adviser had approximately $5.8 billion of assets under management in six 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.

Tortoise Capital Advisors, LLC
Pam Kearney, 866-362-9331
Investor Relations
pkearney@tortoiseadvisors.com

Source: Tortoise Power and Energy Infrastructure Fund, Inc.