LEAWOOD, Kan.–(BUSINESS WIRE)–Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today declared its monthly distributions for the second quarter 2016 of $0.125 per share. The distributions are payable on March 31, 2016, April 29, 2016 and May 31, 2016 to stockholders of record on the respective dates of March 24, 2016, April 22, 2016 and May 24, 2016. The respective ex-dividend dates are March 22, 2016, April 20, 2016 and May 20, 2016.

“This time last year, we communicated that TPZ’s monthly distributions for 2015 would include a baseline distribution amount from distributable cash flow (DCF) and a portion of the capital gains required to be distributed during the year,” said Brad Adams, CEO of Tortoise’s closed-end funds. “The second quarter 2016 monthly distributions reflect our historical baseline distribution supported by DCF, however we do not anticipate the same level of capital gains following recent market declines. The elimination of the capital gain component results in a $0.0375 or 9.1% reduction as compared to the monthly distributions paid for first quarter 2016.”

You should not draw any conclusions about TPZ’s investment performance from the amount of these distributions or from the terms of TPZ’s distribution policy. TPZ estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the distribution may be return of capital. A return of capital may occur, for example, when some or all of the money that you invested in TPZ is paid back to you. A return of capital distribution does not necessarily reflect TPZ’s investment performance and should not be confused with “yield” or “income”.

TPZ will report the sources for its distributions at the time of payment in the applicable Section 19(a) Notice. The amounts and sources of distributions TPZ reports are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon TPZ’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. TPZ will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

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 objective 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 energy investments. As of Jan. 31, 2016, the adviser had approximately $11.6 billion of assets under management across the energy value chain in listed closed-end funds, mutual funds, private funds and separate 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.