May 9, 2011 -  

LEAWOOD, Kan.--(BUSINESS WIRE)-- 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. For book purposes, the source of these distributions is estimated to be approximately 50 percent ordinary income and the remainder return of capital.

Annual Stockholders' Meeting

TPZ will host its annual stockholders' meeting on May 20, 2011 at 9 a.m. CDT at 11550 Ash Street, Suite 300, Leawood, Kan. The meeting can be accessed via conference call by dialing (800) 762-8779 (U.S./Canada).

The conference call will also be webcast simultaneously on the Investor Relations section of the company's website at www.tortoiseadvisors.com. A replay will be available one hour after the call and can be accessed by dialing 800-406-7325 (U.S./Canada) and entering access code 4433628#. This replay will be available through May 27, 2011. A replay of the webcast will also be available on the company's website at www.tortoiseadvisors.com through May 20, 2012.

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 April 30, 2011, the adviser had approximately $6.9 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.