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Tortoise Power and Energy Infrastructure Fund, Inc. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update

  Tortoise Power and Energy Infrastructure Fund, Inc. Provides Unaudited
  Balance Sheet Information and Asset Coverage Ratio Update as of Dec. 31,
  2013

Business Wire

LEAWOOD, Kan. -- January 2, 2014

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today
announced that as of Dec. 31, 2013, the company’s unaudited total assets were
approximately $234.6 million and its unaudited net asset value was $196.9
million, or $28.32 per share.

As of Dec. 31, 2013, the company was in compliance with its asset coverage
ratios under the Investment Company Act of 1940 (the 1940 Act). The company’s
asset coverage ratio under the 1940 Act with respect to senior securities
representing indebtedness was 634 percent. For more information on calculation
of coverage ratios, please refer to the company’s most recent applicable
prospectus.

Set forth below is a summary of the company’s unaudited balance sheet at Dec.
31, 2013, and a summary of its top 10 holdings.

Unaudited Balance Sheet

                           (in Millions)  Per Share
Investments                 $    232.7      $  33.47
Cash and Cash Equivalents        0.1           0.02
Other Assets                    1.8          0.26
Total Assets                    234.6        33.75
                                            
Short-Term Borrowings            36.9          5.31
                                            
Other Liabilities               0.8          0.12
Net Assets                  $    196.9      $  28.32
                                               
6.95 million common shares currently outstanding.

Top 10 Holdings (as of Dec. 31, 2013)

                                               Market          % of
Name                                          Value          Investment
                                               (in Millions)   Securities^(1)
Kinder Morgan Management, L.L.C. (equity)      $     18.1      7.8      %
Enbridge Energy Management, L.L.C. (equity)          15.3      6.6      %
Enterprise Products Partners, L.P. (equity)          7.4       3.2      %
CMS Energy Corp. (fixed income)                      6.6       2.8      %
El Paso Corp. (fixed income)                         6.4       2.8      %
NRG Energy Inc. (fixed income)                       6.4       2.8      %
DCP Midstream LLC (fixed income)                     6.2       2.7      %
TransCanada Pipelines Limited (fixed income)         6.2       2.6      %
Source Gas LLC (fixed income)                        6.1       2.6      %
PPL Capital Funding, Inc. (fixed income)            6.1       2.6      %
Total                                          $     84.8      36.5     %

^(1) Percent of Investments and Cash Equivalents

About Tortoise Power and Energy Infrastructure Fund, Inc.

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

About Tortoise Capital Advisors, L.L.C.

Tortoise Capital Advisors, L.L.C. is an investment manager specializing in
listed energy investments. As of Nov. 30, 2013, the adviser had approximately
$13.7 billion of assets under management in NYSE-listed closed-end investment
companies, open-end funds and other accounts. For more information, visit
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:

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