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) January 23, 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
<PAGE>
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 December 31, 1994.
(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: Charles D. Barham, Jr.
Executive Vice President
Date: January 23, 1995
<TABLE>
<CAPTION>
Carolina Power & Light Company
(ORGANIZED UNDER THE LAWS OF NORTH CAROLINA)
INTERIM FINANCIAL STATEMENTS
(NOT AUDITED BY INDEPENDENT AUDITORS)
DECEMBER 31, 1994
STATEMENTS OF INCOME
(In thousands Three Months Ended Twelve Months Ended
except per share amounts) ------------------ -------------------
December 31 December 31
----------- -----------
1994 1993 1994 1993
---- ---- ---- ----
<S> <C> <C> <C> <C>
Operating Revenues.......................................... $ 639,266 $ 658,557 $ 2,876,589 $ 2,895,383
--------- --------- ---------- ----------
Operating Expenses
Operation - fuel for generation........................... 93,858 123,183 471,967 524,366
deferred fuel cost (credit), net.............. 17,760 (6,446) 38,171 27,364
purchased power............................... 94,462 95,777 414,300 368,092
other......................................... 139,584 134,539 539,959 498,333
Maintenance............................................... 57,278 61,507 206,733 235,449
Depreciation and amortization............................. 86,508 106,665 397,735 413,646
Taxes other than on income................................ 29,276 38,153 138,540 142,871
Income tax expense........................................ 34,792 20,601 198,535 189,317
Harris Plant deferred costs, net.......................... 6,681 10,866 26,329 27,575
--------- --------- ---------- ----------
Total Operating Expenses............................ 560,199 584,845 2,432,269 2,427,013
--------- --------- ---------- ----------
Operating Income............................................ 79,067 73,712 444,320 468,370
--------- --------- ---------- ----------
Other Income (Expense)
Allowance for equity funds used during construction....... 313 2,568 6,074 8,999
Income tax credit (expense) (Note 4)...................... 4,050 3,200 9,425 (392)
Harris Plant carrying costs............................... 2,311 15,461 9,754 27,143
Harris Plant disallowance - Power Agency.................. - - - (20,645)
Interest income (Note 4).................................. 838 5,259 14,569 36,196
Other income, net (Note 4)................................ 5,991 12,517 25,592 42,465
--------- --------- ---------- ----------
Total Other Income.................................. 13,503 39,005 65,414 93,766
--------- --------- ---------- ----------
Income Before Interest Charges.............................. 92,570 112,717 509,734 562,136
--------- --------- ---------- ----------
Interest Charges
Long-term debt............................................ 44,098 46,770 183,891 205,182
Other interest charges.................................... 2,727 3,772 16,119 16,419
Allowance for borrowed funds used during construction..... (130) (1,697) (3,443) (5,961)
--------- --------- ---------- ----------
Net Interest Charges............................... 46,695 48,845 196,567 215,640
--------- --------- ---------- ----------
Net Income.................................................. 45,875 63,872 313,167 346,496
Preferred Stock Dividend Requirements....................... (2,403) (2,403) (9,609) (9,609)
--------- --------- ---------- ----------
Earnings for Common Stock................................... $ 43,472 $ 61,469 $ 303,558 $ 336,887
========= ========= ========== ==========
Average Common Shares Outstanding (Notes 4 and 5)........... 147,204 160,737 149,614 160,737
Earnings per Common Share (Notes 4 and 5)................... $ 0.30 $ 0.38 $ 2.03 $ 2.10
Dividends Declared per Common Share......................... $ 0.440 $ 0.425 $ 1.715 $ 1.655
--------------------
See Supplemental Data and Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Carolina Power & Light Company
BALANCE SHEETS December 31
(In thousands) -----------
1994 1993
---- ----
ASSETS
<S> <C> <C>
Electric Utility Plant
Electric utility plant in service......................$ 9,190,874 $ 8,789,518
Accumulated depreciation............................... (3,196,139) (2,897,832)
------------ ------------
Electric utility plant in service, net.......... 5,994,735 5,891,686
Held for future use.................................... 13,195 13,300
Construction work in progress.......................... 170,390 309,713
Nuclear fuel, net of amortization...................... 171,164 217,488
------------ ------------
Total Electric Utility Plant, Net............... 6,349,484 6,432,187
------------ ------------
Current Assets
Cash and cash equivalents.............................. 80,239 23,607
Accounts receivable.................................... 302,218 321,309
Fuel................................................... 96,136 62,029
Materials and supplies................................. 122,720 111,052
Prepayments............................................ 52,988 46,869
Other current assets................................... 24,129 18,591
------------ ------------
Total Current Assets............................ 678,430 583,457
------------ ------------
Deferred Debits and Other Assets
Income taxes recoverable through future rates.......... 384,375 385,515
Abandonment costs...................................... 71,079 125,361
Harris Plant deferred costs............................ 127,824 144,399
Unamortized debt expense............................... 63,302 63,898
Miscellaneous other property and investments........... 360,611 264,165
Other assets and deferred debits....................... 176,058 185,209
------------ ------------
Total Deferred Debits and Other Assets.......... 1,183,249 1,168,547
------------ ------------
Total Assets.................................$ 8,211,163 $ 8,184,191
============ ============
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock equity....................................$ 2,586,179 $ 2,632,116
Preferred stock - redemption not required.............. 143,801 143,801
Long-term debt, net.................................... 2,530,773 2,584,903
------------ ------------
Total Capitalization............................ 5,260,753 5,360,820
------------ ------------
Current Liabilities
Current portion of long-term debt...................... 275,050 162,630
Notes payable (principally commercial paper)........... 68,100 76,000
Accounts payable....................................... 285,610 293,093
Interest accrued....................................... 54,569 54,770
Dividends declared (Note 4)............................ 70,658 74,111
Deferred fuel credit (cost)............................ 28,344 (9,827)
Other current liabilities.............................. 71,811 88,423
------------ ------------
Total Current Liabilities....................... 854,142 739,200
------------ ------------
Deferred Credits and Other Liabilities
Accumulated deferred income taxes...................... 1,628,430 1,585,490
Accumulated deferred investment tax credits............ 252,051 263,588
Other liabilities and deferred credits................. 215,787 235,093
------------ ------------
Total Deferred Credits and Other Liabilities.... 2,096,268 2,084,171
------------ ------------
Commitments and Contingencies (Note 6)
Total Capitalization and Liabilities.........$ 8,211,163 $ 8,184,191
============ ============
<CAPTION>
SCHEDULES OF COMMON STOCK EQUITY
(In thousands)
<S> <C> <C>
Common stock (Note 5)..................................$ 1,510,956 $ 1,622,277
Unearned ESOP common stock............................. (204,947) (220,725)
Capital stock issuance expense......................... (790) (790)
Retained earnings...................................... 1,280,960 1,231,354
------------ ------------
Total Common Stock Equity.......................$ 2,586,179 $ 2,632,116
============ ============
- ---------------------
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
December 31 December 31
1994 1993 1994 1993
--------------------- ---------------------
<S> <C> <C> <C> <C>
Operating Activities
Net income..................................................... $ 45,875 $ 63,872 $ 313,167 $ 346,496
Adjustments to reconcile net income to net cash provided by
operating activities
Depreciation and amortization.............................. 110,308 124,552 473,481 460,094
Harris Plant deferred costs................................ 4,370 (4,595) 16,575 432
Harris Plant disallowance - Power Agency................... - - - 20,645
Deferred income taxes...................................... 42,011 37,762 37,240 71,352
Investment tax credit adjustments.......................... (2,884) (2,958) (11,537) (12,806)
Allowance for equity funds used during construction........ (313) (2,568) (6,074) (8,999)
Deferred fuel cost (credit)................................ 17,760 (6,446) 38,171 27,364
Net (increase) decrease in receivables, inventories and
prepaid expenses....................................... (23,823) 69,171 (73,891) (7,803)
Net decrease in payables and accrued expenses.............. (50,207) (49,374) (51,441) (62,013)
Miscellaneous.............................................. (23,364) (16,949) (4,935) 10,882
--------- --------- --------- ---------
Net Cash Provided by Operating Activities................ 119,733 212,467 730,756 845,644
--------- --------- --------- ---------
Investing Activities
Gross property additions....................................... (82,901) (110,732) (274,777) (341,122)
Nuclear fuel additions......................................... (10,527) (19,512) (25,849) (48,001)
Contributions to external decommissioning trust................ (3,164) (9,792) (21,625) (20,878)
Contributions to retiree benefit trusts........................ - (1,250) (18,917) (3,750)
Loan transactions with SPSP Trustee, net (Note 4).............. - 9,125 - 21,134
Allowance for equity funds used during construction............ 313 2,568 6,074 8,999
Miscellaneous.................................................. (6,094) - (6,094) -
--------- --------- --------- ---------
Net Cash Used in Investing Activities.................... (102,373) (129,593) (341,188) (383,618)
--------- --------- --------- ---------
Financing Activities
Proceeds from issuance of long-term debt....................... 49,886 44,761 318,211 582,030
Net decrease in pollution control bond escrow.................. - - - 2,127
Net increase (decrease) in short-term notes
payable (maturity less than 90 days)........................ 53,100 71,000 (7,900) 29,200
Retirement of long-term debt................................... (3) (268,593) (268,380) (790,376)
Purchase of Company common stock (Note 5)...................... (23,315) - (110,047) -
Dividends paid on common stock (Note 4)........................ (62,808) (65,043) (255,206) (262,749)
Dividends paid on preferred stock.............................. (2,400) (2,268) (9,614) (9,474)
--------- --------- --------- ---------
Net Cash Provided by (Used in) Financing Activities...... 14,460 (220,143) (332,936) (449,242)
--------- --------- --------- ---------
Net Increase (Decrease) in Cash and Cash Equivalents............. 31,820 (137,269) 56,632 12,784
Cash and Cash Equivalents at Beginning of the Period............. 48,419 160,876 23,607 10,823
--------- --------- --------- ---------
Cash and Cash Equivalents at End of the Period................... $ 80,239 $ 23,607 $ 80,239 $ 23,607
========= ========= ========= =========
Supplemental Disclosures of Cash Flow Information
Cash paid during the period - interest........................... $ 40,405 $ 51,641 $ 188,754 $ 218,801
income taxes....................... 105,298 42,878 180,759 113,523
- ----------------------
See Supplemental Data and Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Carolina Power & Light Company
SUPPLEMENTAL DATA Three Months Ended Twelve Months Ended
------------------ -------------------
December 31 December 31
----------- -----------
1994 1993 1994 1993
---- ---- ---- ----
<S> <C> <C> <C> <C>
Operating Revenues (in thousands)
Residential.............................$ 199,919 $ 211,293 $ 915,986 $ 943,697
Commercial.............................. 137,248 139,920 595,573 592,973
Industrial.............................. 184,834 187,338 741,662 744,016
Government and municipal................ 18,404 18,900 78,317 78,616
Wholesale - standard rate schedules..... 15,315 25,420 84,775 100,062
Power Agency contract requirements...... 13,932 20,090 115,262 134,258
NCEMC contract requirements............. 53,870 46,340 266,733 253,859
Other utilities......................... 4,027 2,425 33,789 11,232
Miscellaneous revenue................... 11,717 6,831 44,492 36,670
--------- --------- ---------- ----------
Total Operating Revenues..........$ 639,266 $ 658,557 $ 2,876,589 $ 2,895,383
========= ========= ========== ==========
Energy Sales (millions of kWh)
Residential............................. 2,472 2,576 11,147 11,398
Commercial.............................. 2,019 2,000 8,690 8,548
Industrial.............................. 3,652 3,494 14,030 13,557
Government and municipal................ 294 294 1,263 1,248
Wholesale - standard rate schedules..... 495 547 1,983 2,144
Power Agency contract requirements...... 474 662 2,589 3,505
NCEMC contract requirements............. 1,074 1,084 4,885 4,778
Other utilities......................... 186 81 985 327
--------- --------- --------- ---------
Total Energy Sales................ 10,666 10,738 45,572 45,505
========= ========= ========== ==========
Energy Supply (millions of kWh)
Generated - coal........................ 3,660 6,270 21,001 25,807
nuclear..................... 5,729 2,917 18,511 13,691
hydro....................... 155 117 883 784
combustion turbines......... (1) (2) 67 84
Purchased............................... 1,460 1,879 7,040 7,110
--------- --------- --------- ---------
Total Energy Supply
(Company Share)................. 11,003 11,181 47,502 47,476
========= ========= ========== ==========
Detail of Income Taxes (in thousands)
Included in Operating Expenses
Income tax expense - current............$ (2,659) $ (15,733) $ 182,646 $ 138,622
Income tax expense - deferred........... 40,335 38,098 27,426 62,307
Income tax expense - investment
tax credit adjustments................. (2,884) (1,764) (11,537) (11,612)
--------- --------- ---------- ----------
Subtotal.......................... 34,792 20,601 198,535 189,317
--------- --------- ---------- ----------
Harris Plant deferred costs -
investment tax credit adjustments...... (74) 244 (297) 218
--------- --------- ---------- ----------
Total Included in Operating Expenses.... 34,718 20,845 198,238 189,535
--------- --------- ---------- ----------
Included in Other Income
Income tax expense (credit) - current... (5,726) (1,670) (19,239) (7,459)
Income tax expense (credit) - deferred.. 1,676 (336) 9,814 9,045
Income tax expense (credit) -
investment tax credit adjustments...... - (1,194) - (1,194)
--------- --------- ---------- ----------
Total Included in Other Income.... (4,050) (3,200) (9,425) 392
--------- --------- ---------- ----------
Total Income Tax Expense........$ 30,668 $ 17,645 $ 188,813 $ 189,927
========= ========= ========== ==========
<CAPTION>
FINANCIAL STATISTICS
<S> <C> <C>
Ratio of earnings to fixed charges........ 3.31 3.23
Return on average common stock equity..... 11.55 % 13.03 %
Book value per common share............... $ 17.59 $ 17.75
Capitalization ratios
Common stock equity................... 49.16 % 49.10 %
Preferred stock - redemption
not required......................... 2.73 2.68
Long-term debt, net................... 48.11 48.22
---------- ----------
Total......................... 100.00 % 100.00 %
========== ==========
- --------------------------
See Notes to Financial Statements.
</TABLE>
Carolina Power & Light Company
NOTES TO FINANCIAL STATEMENTS
1. Except as described in Note 4 below, these interim financial statements
are prepared in conformity with the accounting principles reflected in the
financial statements included in the Company's 1993 Annual Report to
Shareholders and the 1993 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 1993 have been reclassified to conform to the 1994 presentation.
2. In December 1994, the Company established a wholly-owned subsidiary,
CaroNet, Inc., and the subsidiary joined a regional partnership led by
BellSouth Personal Communications, Inc. (BellSouth). BellSouth is bidding
for a Federal Communications Commission license to operate a personal
communications services (PCS) system covering most of North Carolina and
South Carolina and 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. The results of the license auction may be known by
the end of the first quarter of 1995.
3. On January 1, 1995, the Company retired $125 million principal amount of
First Mortgage Bonds, 5.20% Series, which matured on that date.
4. In January 1994, the Company implemented Statement of Position (SOP) 93-6,
"Employers' Accounting for Employee Stock Ownership Plans," on a
prospective basis. This SOP required the following changes in accounting
for the Company's leveraged employee stock ownership plan (ESOP): 1) ESOP
shares that have not been committed to be released to participants'
accounts are no longer considered outstanding for the determination of
earnings per common share; 2) dividends on unallocated ESOP shares are no
longer recognized for financial statement purposes; 3) all tax benefits of
ESOP dividends are now recorded to non-operating income tax expense,
whereas previously a portion of the tax benefits was recorded directly to
retained earnings; 4) interest income related to the qualified ESOP loan
is no longer recognized; and 5) the difference between the acquisition and
allocation prices of ESOP shares, which was previously recorded as other
income, net, is now recorded directly to common stock. In addition, ESOP
loan transactions between the Company and the Stock Purchase-Savings Plan
(SPSP) Trustee are no longer reflected in the Statements of Cash Flows.
The implementation of SOP 93-6 resulted in an increase in earnings per
common share of approximately $.04 for the twelve months ended December
31, 1994.
5. In July 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 4.4
million shares through December 31, 1994. The decrease in average common
shares outstanding resulted in an increase in earnings per common share of
approximately $.01 and $.02 for the three and twelve month periods ended
December 31, 1994, respectively.
6. Contingencies existing as of the date of these statements are described
below. No significant changes have occurred since December 31, 1993, with
respect to the commitments discussed in Note 9 of the financial statements
included in the Company's 1993 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. Decommissioning
cost provisions, which are included in depreciation and amortization, were
$29.5 million in 1994 and $34.0 million in 1993. Accumulated
decommissioning costs, which are included in accumulated depreciation,
were $252.7 million at December 31, 1994, and $221.6 million at December
31, 1993, and include amounts funded internally and amounts funded in an
external decommissioning trust. The balance of the external
decommissioning trust, which is included in miscellaneous other property
and investments, was $67.6 million at December 31, 1994, and $44.5 million
at December 31, 1993. Trust earnings, which increase the trust balance
with a corresponding increase in accumulated decommissioning, were $1.5
million in 1994 and $1.2 million in 1993. 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.
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 recently 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 December 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
January 23, 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 December 31,
-----------------------------------
1994 1993
-------------- --------------
(Thousands of Dollars)
<S> <C> <C>
Earnings, as defined:
Net income............................................. $ 313,167 $ 346,496
Fixed charges, as below................................ 213,821 237,098
Income taxes, as below................................. 180,518 181,653
-------------- --------------
Total earnings, as defined........................... $ 707,506 $ 765,247
============== ==============
Fixed Charges, as defined:
Interest on long-term debt............................. $ 183,891 $ 205,182
Other interest......................................... 16,119 16,419
Imputed interest factor in rentals-charged
principally to operating expenses.................... 13,811 15,497
-------------- --------------
Total fixed charges, as defined...................... $ 213,821 $ 237,098
============== ==============
Earnings Before Income Taxes............................. $ 493,685 $ 528,149
============== ==============
Ratio of Earnings Before Income Taxes to Net Income...... 1.58 1.52
Income Taxes:
Included in operating expenses......................... $ 198,238 $ 189,535
Included in other income............................... (9,425) 392
Included in AFUDC - deferred taxes in nuclear
fuel amortization and book depreciation.............. (8,295) (8,274)
-------------- --------------
Total income taxes................................... $ 180,518 $ 181,653
============== ==============
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......... $ 14,689 $ 14,131
Preferred dividends deductible for income taxes...... 312 312
Fixed charges, as above.............................. 213,821 237,098
Total fixed charges and preferred dividends -------------- --------------
combined......................................... $ 228,822 $ 251,541
============== ==============
Ratio of Earnings to Fixed Charges and Preferred
Dividends Combined..................................... 3.09 3.04
Ratio of Earnings to Fixed Charges ...................... 3.31 3.23
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE>UT
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM (INTERIM FINANCIAL STATEMENTS AS OF DECEMBER 31, 1994) AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<CIK> 0000017797
<NAME> CAROLINA POWER & LIGHT COMPANY
<S> <C>
<PERIOD-TYPE> QTR-4
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> $6,349,484
<OTHER-PROPERTY-AND-INVEST> $360,611
<TOTAL-CURRENT-ASSETS> $678,430
<TOTAL-DEFERRED-CHARGES> $646,580
<OTHER-ASSETS> $176,058
<TOTAL-ASSETS> $8,211,163
<COMMON> $1,306,009
<CAPITAL-SURPLUS-PAID-IN> ($790)
<RETAINED-EARNINGS> $1,280,960
<TOTAL-COMMON-STOCKHOLDERS-EQ> $2,586,179
$0
$143,801
<LONG-TERM-DEBT-NET> $2,530,773
<SHORT-TERM-NOTES> $0
<LONG-TERM-NOTES-PAYABLE> $0
<COMMERCIAL-PAPER-OBLIGATIONS> $68,100
<LONG-TERM-DEBT-CURRENT-PORT> $275,050
$0
<CAPITAL-LEASE-OBLIGATIONS> $0
<LEASES-CURRENT> $0
<OTHER-ITEMS-CAPITAL-AND-LIAB> $2,607,260
<TOT-CAPITALIZATION-AND-LIAB> $8,211,163
<GROSS-OPERATING-REVENUE> $2,876,589
<INCOME-TAX-EXPENSE> $198,535
<OTHER-OPERATING-EXPENSES> $2,233,734
<TOTAL-OPERATING-EXPENSES> $2,432,269
<OPERATING-INCOME-LOSS> $444,320
<OTHER-INCOME-NET> $65,414
<INCOME-BEFORE-INTEREST-EXPEN> $509,734
<TOTAL-INTEREST-EXPENSE> $196,567
<NET-INCOME> $313,167
$9,609
<EARNINGS-AVAILABLE-FOR-COMM> $303,558
<COMMON-STOCK-DIVIDENDS> $256,021
<TOTAL-INTEREST-ON-BONDS> $183,891
<CASH-FLOW-OPERATIONS> $730,756
<EPS-PRIMARY> $2.03
<EPS-DILUTED> $2.03
</TABLE>
