FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 20, 1995
CAROLINA POWER & LIGHT COMPANY
_________________________________________________________________________
(Exact name of registrant as specified in its charter)
North Carolina 1-3382 56-0165465
_________________________________________________________________________
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
411 Fayetteville Street, Raleigh, North Carolina 27601
________________________________________________________________________
(Address of principal executive offices)
Registrant's telephone number, including area code (919) 546-6111
______________
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
_____________________________________________________________________________
(a) Interim financial statements (unaudited), including statements of income,
balance sheets and statements of cash flows, for the period ended
March 31, 1995.
(b) No pro forma financial information is filed herewith.
(c) Exhibits
- Computation of Ratio of Earnings to Fixed Charges
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CAROLINA POWER & LIGHT COMPANY
Registrant
By: /s/ Richard E. Jones
Senior Vice President
Date: April 20, 1995
<TABLE>
<CAPTION>
Carolina Power & Light Company
(ORGANIZED UNDER THE LAWS OF NORTH CAROLINA)
INTERIM FINANCIAL STATEMENTS
(NOT AUDITED BY INDEPENDENT AUDITORS)
MARCH 31, 1995
STATEMENTS OF INCOME
Three Months Ended Twelve Months Ended
(In thousands March 31 March 31
except per share amounts) 1995 1994 1995 1994
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operating Revenues $ 728,238 $ 744,461 $2,860,367 $2,932,358
-----------------------------------------------------------------------------------------------------------------
Operating Expenses
Operation - fuel for generation 110,796 129,912 452,851 527,659
deferred fuel cost (credit), net 22,475 (2,251) 62,897 26,370
purchased power 93,659 111,541 396,419 401,931
other 127,078 130,804 536,232 513,549
Maintenance 40,755 46,959 200,529 218,874
Depreciation and amortization 90,275 105,057 382,953 415,422
Taxes other than on income 38,920 35,436 142,025 144,404
Income tax expense 61,416 57,498 202,453 195,029
Harris Plant deferred costs, net 6,605 6,478 26,456 27,846
-----------------------------------------------------------------------------------------------------------------
Total Operating Expenses 591,979 621,434 2,402,815 2,471,084
-----------------------------------------------------------------------------------------------------------------
Operating Income 136,259 123,027 457,552 461,274
-----------------------------------------------------------------------------------------------------------------
Other Income (Expense)
Allowance for equity funds used during construction 913 2,263 4,724 9,597
Income tax credit 3,290 3,583 9,131 4,093
Harris Plant carrying costs 2,219 2,563 9,410 27,111
Harris Plant disallowance - Power Agency - - - (20,645)
Interest income 2,588 1,294 15,863 29,753
Other income, net 4,021 6,490 23,124 37,399
-----------------------------------------------------------------------------------------------------------------
Total Other Income 13,031 16,193 62,252 87,308
-----------------------------------------------------------------------------------------------------------------
Income Before Interest Charges 149,290 139,220 519,804 548,582
-----------------------------------------------------------------------------------------------------------------
Interest Charges
Long-term debt 46,593 47,376 183,108 198,336
Other interest charges 6,028 4,251 17,896 15,022
Allowance for borrowed funds used
during construction (1,364) (1,231) (3,576) (6,098)
-----------------------------------------------------------------------------------------------------------------
Net Interest Charges 51,257 50,396 197,428 207,260
-----------------------------------------------------------------------------------------------------------------
Net Income 98,033 88,824 322,376 341,322
Preferred Stock Dividend Requirements (2,402) (2,402) (9,609) (9,609)
-----------------------------------------------------------------------------------------------------------------
Earnings for Common Stock $ 95,631 $ 86,422 $ 312,767 $ 331,713
=================================================================================================================
Average Common Shares Outstanding (Note 4) 147,270 150,820 148,738 158,291
Earnings per Common Share (Note 4) $ 0.65 $ 0.57 $ 2.10 $ 2.10
Dividends Declared per Common Share $ 0.440 $ 0.425 $ 1.730 $ 1.670
.................................................................................................................
See Supplemental Data and Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Carolina Power & Light Company
BALANCE SHEETS March 31 December 31
(In thousands) 1995 1994 1994
- ------------------------------------------------------------------------------------------------------
ASSETS
<S> <C> <C> <C>
Electric Utility Plant
Electric utility plant in service $ 9,246,650 $ 8,881,884 $ 9,190,874
Accumulated depreciation (3,263,768) (2,974,558) (3,196,139)
- ------------------------------------------------------------------------------------------------------
Electric utility plant in service, net 5,982,882 5,907,326 5,994,735
Held for future use 13,195 13,195 13,195
Construction work in progress 171,717 260,887 170,390
Nuclear fuel, net of amortization 163,159 211,702 171,164
- ------------------------------------------------------------------------------------------------------
Total Electric Utility Plant, Net 6,330,953 6,393,110 6,349,484
- ------------------------------------------------------------------------------------------------------
Current Assets
Cash and cash equivalents 39,858 33,444 80,239
Accounts receivable 284,934 292,473 302,218
Fuel 103,820 69,595 96,136
Materials and supplies 124,826 119,238 122,720
Prepayments 50,628 46,308 52,988
Other current assets 26,792 16,437 24,129
- ------------------------------------------------------------------------------------------------------
Total Current Assets 630,858 577,495 678,430
- ------------------------------------------------------------------------------------------------------
Deferred Debits and Other Assets
Income taxes recoverable
through future rates 385,089 382,224 384,375
Abandonment costs 67,177 106,450 71,079
Harris Plant deferred costs 123,438 140,484 127,824
Unamortized debt expense 61,933 63,260 63,302
Miscellaneous other property and investments 374,338 276,424 360,611
Other assets and deferred debits 184,409 188,821 176,058
- ------------------------------------------------------------------------------------------------------
Total Deferred Debits and Other Assets 1,196,384 1,157,663 1,183,249
- ------------------------------------------------------------------------------------------------------
Total Assets $ 8,158,195 $ 8,128,268 $ 8,211,163
======================================================================================================
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock equity $ 2,622,103 $ 2,664,101 $ 2,586,179
Preferred stock - redemption not required 143,801 143,801 143,801
Long-term debt, net 2,591,462 2,514,047 2,530,773
- ------------------------------------------------------------------------------------------------------
Total Capitalization 5,357,366 5,321,949 5,260,753
- ------------------------------------------------------------------------------------------------------
Current Liabilities
Current portion of long-term debt 150,050 287,630 275,050
Notes payable (principally commercial paper) 95,500 6,700 68,100
Accounts payable 127,234 166,025 285,610
Taxes accrued 84,086 95,132 4,650
Interest accrued 49,638 51,206 54,569
Dividends declared 70,770 70,022 70,658
Deferred fuel credit (cost) 50,819 (12,078) 28,344
Other current liabilities 61,022 69,369 67,161
- ------------------------------------------------------------------------------------------------------
Total Current Liabilities 689,119 734,006 854,142
- ------------------------------------------------------------------------------------------------------
Deferred Credits and Other Liabilities
Accumulated deferred income taxes 1,627,090 1,574,761 1,628,430
Accumulated deferred investment tax credits 249,498 260,704 252,051
Other liabilities and deferred credits 235,122 236,848 215,787
- ------------------------------------------------------------------------------------------------------
Total Deferred Credits and Other Liabilities 2,111,710 2,072,313 2,096,268
- ------------------------------------------------------------------------------------------------------
Commitments and Contingencies (Note 5)
Total Capitalization and Liabilities $ 8,158,195 $ 8,128,268 $ 8,211,163
======================================================================================================
SCHEDULES OF COMMON STOCK EQUITY
(In thousands)
Common stock (Note 4) $ 1,508,098 $ 1,624,114 $ 1,510,956
Unearned ESOP common stock (197,011) (214,908) (204,947)
Capital stock issuance expense (790) (790) (790)
Retained earnings 1,311,806 1,255,685 1,280,960
- ------------------------------------------------------------------------------------------------------
Total Common Stock Equity $ 2,622,103 $ 2,664,101 $ 2,586,179
======================================================================================================
......................................................................................................
See Supplemental Data and Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Carolina Power & Light Company
STATEMENTS OF CASH FLOWS
(In thousands) Three Months Ended Twelve Months Ended
March 31 March 31
1995 1994 1995 1994
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operating Activities
Net income $ 98,033 $ 88,824 $ 322,376 $ 341,322
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation and amortization 115,061 119,467 469,075 466,632
Harris Plant deferred costs 4,386 3,915 17,046 736
Harris Plant disallowance - Power Agency - - - 20,645
Deferred income taxes (11,579) (8,821) 34,482 52,706
Investment tax credit adjustments (2,553) (2,884) (11,207) (12,797)
Allowance for equity funds used during construction (913) (2,263) (4,724) (9,597)
Deferred fuel cost (credit) 22,475 (2,251) 62,897 26,370
Net (increase) decrease in receivables, inventories
and prepaid expenses (43,392) (23,083) (94,200) 2,952
Net increase (decrease) in payables and accrued
expenses (16,376) 7,157 (70,304) (4,013)
Miscellaneous 11,919 19,621 (12,636) 11,036
- --------------------------------------------------------------------------------------------------------------
Net Cash Provided by Operating Activities 177,061 199,682 712,805 895,992
- --------------------------------------------------------------------------------------------------------------
Investing Activities
Gross property additions (71,928) (72,313) (274,392) (331,824)
Nuclear fuel additions (15,868) (11,216) (30,501) (53,287)
Contributions to external decommissioning trust (18,504) (6,328) (33,801) (23,539)
Contributions to retiree benefit trusts (2,400) (18,917) (2,400) (22,667)
Loan transactions with SPSP Trustee, net - - - 19,769
Allowance for equity funds used during construction 913 2,263 4,724 9,597
Miscellaneous (487) - (6,581) -
- --------------------------------------------------------------------------------------------------------------
Net Cash Used in Investing Activities (108,274) (106,511) (342,951) (401,951)
- --------------------------------------------------------------------------------------------------------------
Financing Activities
Proceeds from issuance of long-term debt 59,731 147,986 229,956 434,765
Net decrease in pollution control bond escrow - - - 1,800
Net increase (decrease) in short-term notes
payable (maturity less than 90 days) 27,400 (69,300) 88,800 6,700
Retirement of long-term debt (125,045) (95,623) (297,802) (803,148)
Purchase of Company common stock (Note 4) (4,178) - (118,895) -
Dividends paid on common stock (64,656) (63,986) (255,876) (260,833)
Dividends paid on preferred stock (2,420) (2,411) (9,623) (9,483)
- --------------------------------------------------------------------------------------------------------------
Net Cash Used in Financing Activities (109,168) (83,334) (363,440) (630,199)
- --------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Cash and Cash Equivalents (40,381) 9,837 6,414 (136,158)
Cash and Cash Equivalents at Beginning of the Period 80,239 23,607 33,444 169,602
- --------------------------------------------------------------------------------------------------------------
Cash and Cash Equivalents at End of the Period $ 39,858 $ 33,444 $ 39,858 $ 33,444
==============================================================================================================
Supplemental Disclosures of Cash Flow Information
Cash paid during the period - interest $ 54,694 $ 52,247 $ 191,201 $ 215,151
income taxes 1,611 2,050 180,320 115,861
..............................................................................................................
See Supplemental Data and Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Carolina Power & Light Company
SUPPLEMENTAL DATA Three Months Ended Twelve Months Ended
March 31 March 31
1995 1994 1995 1994
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operating Revenues (in thousands)
Residential $ 251,355 $ 262,373 $ 904,968 $ 957,702
Commercial 141,142 143,797 592,918 600,128
Industrial 164,416 166,860 739,217 749,420
Government and municipal 18,842 19,516 77,644 79,463
Wholesale - standard rate schedules 20,400 23,854 81,320 101,108
Power Agency contract requirements 23,818 35,947 103,133 131,223
NCEMC contract requirements 83,707 77,344 273,097 262,661
Other utilities 13,541 4,070 43,261 12,567
Miscellaneous revenue 11,017 10,700 44,809 38,086
- ----------------------------------------------------------------------------------------------
Total Operating Revenues $ 728,238 $ 744,461 $2,860,367 $2,932,358
==============================================================================================
Energy Sales (millions of kWh)
Residential 3,263 3,343 11,068 11,577
Commercial 2,091 2,051 8,730 8,692
Industrial 3,268 3,117 14,181 13,663
Government and municipal 301 306 1,257 1,257
Wholesale - standard rate schedules 462 478 1,966 2,103
Power Agency contract requirements 476 647 2,418 3,193
NCEMC contract requirements 1,384 1,223 5,047 4,795
Other utilities 573 117 1,441 340
- ---------------------------------------------------------------------------------------------
Total Energy Sales 11,818 11,282 46,108 45,620
==============================================================================================
Energy Supply (millions of kWh)
Generated - coal 4,563 6,096 19,468 25,430
nuclear 5,847 3,383 20,976 13,937
hydro 298 304 877 741
combustion turbines (1) 39 27 116
Purchased 1,510 1,957 6,592 7,430
- ----------------------------------------------------------------------------------------------
Total Energy Supply
(Company Share) 12,217 11,779 47,940 47,654
==============================================================================================
Detail of Income Taxes (in thousands)
Included in Operating Expenses
Income tax expense - current $ 77,155 $ 70,243 $ 189,557 $ 161,881
Income tax expense - deferred (13,186) (9,861) 24,101 44,751
Income tax expense - investment
tax credit adjustments (2,553) (2,884) (11,205) (11,603)
- ----------------------------------------------------------------------------------------------
Subtotal 61,416 57,498 202,453 195,029
- ----------------------------------------------------------------------------------------------
Harris Plant deferred costs -
investment tax credit adjustments (74) (74) (297) 188
- ----------------------------------------------------------------------------------------------
Total Included in Operating Expenses 61,342 57,424 202,156 195,217
- ----------------------------------------------------------------------------------------------
Included in Other Income
Income tax expense (credit) - current (4,897) (4,623) (19,512) (10,854)
Income tax expense (credit) - deferred 1,607 1,040 10,381 7,955
Income tax expense (credit) -
investment tax credit adjustments - - - (1,194)
- ----------------------------------------------------------------------------------------------
Total Included in Other Income (3,290) (3,583) (9,131) (4,093)
- ----------------------------------------------------------------------------------------------
Total Income Tax Expense 58,052 53,841 193,025 191,124
==============================================================================================
FINANCIAL STATISTICS
Ratio of earnings to fixed charges 3.36 3.28
Return on average common stock equity 11.87 % 12.68 %
Book value per common share 17.81 17.65
Capitalization ratios
Common stock equity $ 48.94 % $ 50.06 %
Preferred stock - redemption not required 2.69 2.70
Long-term debt, net 48.37 47.24
- ----------------------------------------------------------------------------------------------
Total 100.00 % 100.00 %
==============================================================================================
..............................................................................................
See Notes to Financial Statements.
</TABLE>
NOTES TO FINANCIAL STATEMENTS
1. These interim financial statements are prepared in conformity with the
accounting principles reflected in the financial statements included in
the Company's 1994 Annual Report to Shareholders and the 1994 Annual
Report on Form 10-K. These are interim financial statements, and because
of temperature variations between seasons of the year and the timing of
outages of electric generating units, especially nuclear-fueled units, the
amounts reported in the Statements of Income for periods of less than
twelve months are not necessarily indicative of amounts expected for the
year. Certain amounts for 1994 have been reclassified to conform to the
1995 presentation.
2. In 1994, the Company established a wholly-owned subsidiary, CaroNet, Inc.,
and the subsidiary joined a regional partnership led by BellSouth Personal
Communications, Inc. (BellSouth). On March 14, 1995, BellSouth won its bid
for a Federal Communications Commission license for the partnership to
operate a personal communications services (PCS) system covering most of
North Carolina and South Carolina, as well as a small portion of Georgia.
PCS, a wireless communications technology, is expected to provide
high-quality mobile communications. Wireless technology could also support
automated meter reading, automated service connection and disconnection,
and control and monitoring of certain aspects of the Company's electric
transmission and distribution systems. BellSouth will transfer the PCS
license to the partnership. BellSouth will be the general partner and
handle day-to-day management of the business. Construction of the system
infrastructure is expected to begin this summer, with service start-up
anticipated by mid-1996.
3. In April 1995, the Company intends to issue $125 million principal amount
of 8.55% Quarterly Income Capital Securities (Series A Subordinated
Deferrable Interest Debentures). These capital securities would mature on
June 30, 2025. The obligations of the Company under the securities would
be subordinate and junior in right of payment to the senior indebtedness
of the Company.
4. In 1994, the Board of Directors of the Company authorized the Executive
Committee of the Board to repurchase up to 10 million shares of the
Company's common stock on the open market. In accordance with the stock
repurchase program, the Company has purchased approximately 4.5 million
shares through March 31, 1995. The decrease in average common shares
outstanding resulted in an increase in earnings per common share of
approximately $.02 and $.04 for the three and twelve month periods ended
March 31, 1995, respectively.
5. Contingencies existing as of the date of these statements are described
below. No significant changes have occurred since December 31, 1994, with
respect to the commitments discussed in Note 10 of the financial
statements included in the Company's 1994 Annual Report to Shareholders.
a) In the Company's retail jurisdictions, provisions for nuclear
decommissioning costs are approved by the North Carolina Utilities
Commission and the South Carolina Public Service Commission and are
based on site-specific estimates that included the costs for removal
of all radioactive and other structures at the site. In the
wholesale jurisdiction, the provisions for nuclear decommissioning
costs are based on amounts agreed upon in applicable rate
settlements. Based on the site-specific estimates discussed below,
and using an assumed after-tax earnings rate of 8.5% and an assumed
cost escalation rate of 4%, current levels of rate recovery for
nuclear decommissioning costs are adequate to provide for
decommissioning of the Company's nuclear facilities.
The Company's most recent site-specific estimates of decommissioning
costs were developed in 1993, using 1993 cost factors, and are based
on prompt dismantlement decommissioning, which reflects the cost of
removal of all radioactive and other structures currently at the
site, with such removal occurring shortly after operating license
expiration. These estimates, in 1993 dollars, are $257.7 million for
Robinson Unit No. 2, $235.4 million for Brunswick Unit No. 1, $221.4
million for Brunswick Unit No. 2 and $284.3 million for the Harris
Plant. These estimates are subject to change based on a variety of
factors including, but not limited to, cost escalation, changes in
technology applicable to nuclear decommissioning, and changes in
federal, state or local regulations. The cost estimates exclude the
portion attributable to North Carolina Eastern Municipal Power
Agency, which holds an undivided ownership interest in certain of
the Company's generating facilities. Operating licenses for the
Company's nuclear units expire in the year 2010 for Robinson Unit
No. 2, 2016 for Brunswick Unit No. 1, 2014 for Brunswick Unit No. 2
and 2026 for the Harris Plant.
The Financial Accounting Standards Board has added a project to its
agenda regarding the electric industry's current accounting
practices related to decommissioning costs. Any changes to these
practices could affect such items as: 1) when the decommissioning
obligation is recognized, 2) where balances of accumulated
decommissioning costs are recorded, 3) where income earned on
external decommissioning trust balances is recorded and 4) the
levels of annual decommissioning cost provisions. It is uncertain
what impact, if any, this project may have on the Company's
accounting for decommissioning costs.
b) As required under the Nuclear Waste Policy Act of 1982, the Company
entered into a contract with the U. S. Department of Energy (DOE)
under which the DOE agreed to dispose of the Company's spent nuclear
fuel. The Company cannot predict whether the DOE will be able to
perform its contractual obligations and provide interim storage or
permanent disposal repositories for spent nuclear fuel and/or
high-level radioactive waste materials on a timely basis.
With certain modifications, the Company's spent fuel storage
facilities are sufficient to provide storage space for spent fuel
generated on the Company's system through the expiration of the
current operating licenses for all of the Company's nuclear
generating units. Subsequent to the expiration of the licenses, dry
storage may be necessary.
c) The Company is subject to federal, state and local regulations
addressing air and water quality, hazardous and solid waste
management and other environmental matters.
Various organic materials associated with the production of
manufactured gas, generally referred to as coal tar, are regulated
under various federal and state laws, and a liability may exist for
their remediation. There are several manufactured gas plant (MGP)
sites to which the Company and certain entities that were later
merged into the Company may have had some connection. In this
regard, the Company, along with other entities alleged to be former
owners and operators of MGP sites in North Carolina, is
participating in a cooperative effort with the North Carolina
Department of Environment, Health and Natural Resources, Division of
Solid Waste Management (DSWM) to establish a uniform framework for
addressing those sites. It is anticipated that the investigation and
remediation of specific MGP sites will be addressed pursuant to one
or more Administrative Orders on Consent between DSWM and individual
potentially responsible parties. To date, the Company has not
entered into any such orders.
The Company has been approached by another North Carolina public
utility concerning a possible cost-sharing arrangement with respect
to the investigation and, if necessary, remediation of four MGP
sites. The Company is currently engaged in discussions with the
other utility regarding this matter.
In addition, a current owner of property that was the site of one
MGP owned by Tidewater Power Company (Tidewater Power), which merged
into the Company in 1952, and the Company have entered into an
agreement to share the cost of investigation and, if necessary, the
remediation of this site. The Company has also been approached by a
North Carolina municipality that is the current owner of another MGP
site that was formerly owned by Tidewater Power. The Company is
engaged in discussions with that municipality concerning a possible
cost-sharing arrangement with respect to the investigation and, if
necessary, the remediation of that site.
The Company is continuing its investigation regarding the identities
of parties connected to several additional MGP sites, the relative
relationships of the Company and other parties to those sites and
the degree, if any, to which the Company should undertake shared
voluntary efforts with others at individual sites.
The Company has been notified by regulators of its involvement or
potential involvement in several sites, other than MGP sites, that
require remedial action. Although the Company cannot predict the
outcome of these matters, it does not anticipate significant costs
associated with these sites.
In 1994, the Company accrued a liability for the estimated costs
associated with investigation and remediation activities for certain
MGP sites and for sites other than MGP sites. This accrual was not
material to the results of operations of the Company. Due to the
lack of information with respect to the operation of MGP sites for
which a liability has not been accrued and due to the uncertainty
concerning questions of liability and potential environmental harm,
the extent and cost of required remedial action, if any, are not
currently determinable. The Company cannot predict the outcome of
these matters or the extent to which other MGP sites may become the
subject of inquiry.
PAUL S. BRADSHAW
Vice President and Controller
Raleigh, NC 27602
April 20, 1995
<TABLE>
<CAPTION>
EXHIBIT 12
CAROLINA POWER & LIGHT COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS COMBINED
AND RATIO OF EARNINGS TO FIXED CHARGES
------------------------------
Twelve Months Ended
------------------------------
March 31, December 31,
1995 1994
------------ ------------
(Unaudited)
(Thousands of Dollars)
<S> <C> <C>
Earnings, as defined:
Net income............................................. $ 322,376 $ 313,167
Fixed charges, as below................................ 214,801 213,821
Income taxes, as below................................. 184,719 180,518
------------ ------------
Total earnings, as defined........................... $ 721,896 $ 707,506
============ ============
Fixed Charges, as defined:
Interest on long-term debt............................. $ 183,108 $ 183,891
Other interest......................................... 17,896 16,119
Imputed interest factor in rentals-charged
principally to operating expenses.................... 13,797 13,811
------------ ------------
Total fixed charges, as defined...................... $ 214,801 $ 213,821
============ ============
Earnings Before Income Taxes............................. $ 507,095 $ 493,685
============ ============
Ratio of Earnings Before Income Taxes to Net Income...... 1.57 1.58
Income Taxes:
Included in operating expenses......................... $ 202,156 $ 198,238
Included in other income............................... (9,131) (9,425)
Included in AFUDC - deferred taxes in nuclear
fuel amortization and book depreciation.............. (8,306) (8,295)
------------ ------------
Total income taxes................................... $ 184,719 $ 180,518
============ ============
Fixed Charges and Preferred Dividends Combined:
Preferred dividend requirements........................ $ 9,609 $ 9,609
Portion deductible for income tax purposes............. (312) (312)
------------ ------------
Preferred dividend requirements not deductible......... $ 9,297 $ 9,297
============ ============
Preferred dividend factor:
Preferred dividends not deductible times ratio of
earnings before income taxes to net income......... $ 14,596 $ 14,689
Preferred dividends deductible for income taxes...... 312 312
Fixed charges, as above.............................. 214,801 213,821
Total fixed charges and preferred dividends ------------ ------------
combined......................................... $ 229,709 $ 228,822
============ ============
Ratio of Earnings to Fixed Charges and Preferred
Dividends Combined..................................... 3.14 3.09
Ratio of Earnings to Fixed Charges ...................... 3.36 3.31
</TABLE>
<TABLE> <S> <C>
<ARTICLE> UT
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM (INTERIM FINANCIAL STATEMENTS AS OF MARCH 31, 1995) AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<CIK> 0000017797
<NAME> CAROLINA POWER & LIGHT COMPANY
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> $6,330,953
<OTHER-PROPERTY-AND-INVEST> $374,338
<TOTAL-CURRENT-ASSETS> $630,858
<TOTAL-DEFERRED-CHARGES> $637,637
<OTHER-ASSETS> $184,409
<TOTAL-ASSETS> $8,158,195
<COMMON> $1,311,087
<CAPITAL-SURPLUS-PAID-IN> ($790)
<RETAINED-EARNINGS> $1,311,806
<TOTAL-COMMON-STOCKHOLDERS-EQ> $2,622,103
$0
$143,801
<LONG-TERM-DEBT-NET> $2,591,462
<SHORT-TERM-NOTES> $0
<LONG-TERM-NOTES-PAYABLE> $0
<COMMERCIAL-PAPER-OBLIGATIONS> $95,500
<LONG-TERM-DEBT-CURRENT-PORT> $150,050
$0
<CAPITAL-LEASE-OBLIGATIONS> $0
<LEASES-CURRENT> $0
<OTHER-ITEMS-CAPITAL-AND-LIAB> $2,555,279
<TOT-CAPITALIZATION-AND-LIAB> $8,158,195
<GROSS-OPERATING-REVENUE> $728,238
<INCOME-TAX-EXPENSE> $61,416
<OTHER-OPERATING-EXPENSES> $530,563
<TOTAL-OPERATING-EXPENSES> $591,979
<OPERATING-INCOME-LOSS> $136,259
<OTHER-INCOME-NET> $13,031
<INCOME-BEFORE-INTEREST-EXPEN> $149,290
<TOTAL-INTEREST-EXPENSE> $51,257
<NET-INCOME> $98,033
$2,402
<EARNINGS-AVAILABLE-FOR-COMM> $95,631
<COMMON-STOCK-DIVIDENDS> $64,785
<TOTAL-INTEREST-ON-BONDS> $46,593
<CASH-FLOW-OPERATIONS> $177,061
<EPS-PRIMARY> $0.65
<EPS-DILUTED> $0.65
</TABLE>
