Filed by Carolina Power & Light Company
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
of the Securities Exchange Act of 1934
Subject Company: Carolina Power & Light Company
Commission File No. 001-03382
On June 13, 2000, William Cavanaugh III, Chairman, President and CEO of Carolina
Power & Light Company made the following presentation at the Donaldson, Lufkin &
Jenrette Fifth Annual Electric Power Conference in New York City.
<PAGE>
Safe Harbor Statement
The matters discussed in this presentation that are not historical facts are
forward-looking statements and, accordingly, involve estimates, projections,
goals, forecasts, assumptions, risks and uncertainties that could cause actual
results or outcomes to differ materially from those expressed in the
forward-looking statements. Any forward-looking statement speaks only as of the
date on which such statement is made, and the Company undertakes no obligation
to update any forward-looking statement or statements to reflect events or
circumstances after the date on which such statement is made.
Questions and inquiries should be directed to Bob Drennan, Manager of Investor
Relations (919) 546-7474 or Karen Ralph, Investor Relations Analyst (919)
546-6931. We invite you to visit our website at www.cplc.com for a variety of
information about Carolina Power & Light Company and its businesses.
Slide No. 1
[Photograph of New York City]
Donalson, Lufkin & Jenrette
Fifth Annual Electric
Power Conference
New York City o June 13, 2000
Carolina Power & Light
Comments by
William Cavanaugh III
Chairman, President, & CEO
<PAGE>
Slide No. 2
Discussion topics
o Past commitments
o Activities underway
o Post-merger strategy
o Our commitment
<PAGE>
Slide No. 3
Nuclear system capacity factor
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE SLIDE]
Performance (%)
1991-93 58%
1997-99 93%
Industry #1
Ranking
<PAGE>
Slide No. 4
O&M per kWh sold
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE SLIDE]
1994 1.6 cents/kWh
Down 25%
1999 1.2 cents
<PAGE>
Slide No. 5
1999 Average revenue/kWh
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE SLIDE]
cents/kWh
Duke 5.5
CP&L 5.6
SCANA 5.6
Dominion 5.8
FP&L 6.8
FPC 6.8
<PAGE>
Slide No. 6
1997 growth objectives
o Double end-use customers [X]
o Sell 20 percent more MW's [X]
o Manage deregulation [X]
o $100 million income from
non-utility operations [X]
<PAGE>
Slide No. 7
Current activities
o Deregulation status
o Energy Ventures business unit
o Subsidiary activities
<PAGE>
Slide No. 8
Post-merger strategy
Three interrelated areas of focus
[VENN DIAGRAM REPRESENTING THE FOLLOWING THREE INTERRELATED AREAS OF FOCUS]
Expand Competitive Energy Supply Business
Leverage Customer Base
Develop Fiber Network Business
[Graphic appears here]
<PAGE>
Slide No. 9
Expand competitive energy
supply business
Critical success factors
o Cost leadership
o Marketing/trading capability
o Optimum asset mix
o Integrated fuel strategy
o Risk management program
<PAGE>
Slide No. 10
Leverage customer base
Critical success factors
o Good location
o Customer focused operations
o Right regulatory platform
o Value-added services
o Distributed generation option
<PAGE>
Slide No. 11
Develop fiber network business
Critical success factors
o Target locations
o Customer responsiveness
o Pricing
o Low cost structure
o Reliability
<PAGE>
Slide No. 12
Fundamental strengths
o 22,000 MW in the Southeast
o $220/KW average embedded cost of generation
o 2.5 million customers plus 50,000/year
o Responsible and reasonable deregulation
<PAGE>
Slide No. 13
Our commitment
Earnings growth--and a bankable dividend
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE SLIDE]
EPS
---
2000 $3.00
2001 $3.30
And beyond 7% to 8% minimum
[graphic of arrow showing a minimum 7% to 8% increase of EPS
appears here]
<PAGE>
Slide No. 14
[LOGO]
CP&L
====
Helping your world work. (TM)
<PAGE>
In connection with the share exchange between CP&L Energy and Florida Progress,
Carolina Power & Light and Florida Progress have filed with the Securities and
Exchange Commission (the "SEC") a preliminary joint proxy statement/prospectus.
CP&L Energy will file a Registration Statement on Form S-4 and Florida Progress
will file a definitive proxy statement each of which will contain the definitive
joint proxy statement/prospectus of CP&L Energy and Florida Progress in addition
to other relevant documents concerning the share exchange with the SEC. WE URGE
INVESTORS TO READ THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER
RELEVANT DOCUMENTS TO BE FILED WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT
INFORMATION. Investors will be able to obtain the documents free of charge at
the SEC's web site, http://www.sec.gov. In addition, documents filed by Carolina
Power & Light and CP&L Energy with the SEC can be obtained by contacting
Carolina Power & Light and CP&L Energy at the following address and telephone
number: Shareholder Relations, 411 Fayetteville Street, Raleigh, North Carolina
27601, telephone : (800) 662-7232. Documents filed with the SEC by Florida
Progress can be obtained by contacting Florida Progress at the following address
and telephone number: Investor Services, P.O. Box 14042 (BT11B), St. Petersburg,
Florida 33733, telephone: (800) 937-2640. READ THE DEFINITIVE JOINT PROXY
STATEMENT/PROSPECTUS CAREFULLY BEFORE MAKING A DECISION CONCERNING THE SHARE
EXCHANGE.
CP&L Energy, its officers, directors, employees and agents may be soliciting
proxies from CP&L Energy shareholders in connection with the share exchange.
Information concerning the participants in the solicitation is set forth in the
preliminary joint proxy statement/prospectus filed by Carolina Power & Light
with the SEC on May 23, 2000.
Florida Progress, its officers, directors, employees and agents may be
soliciting proxies from Florida Progress shareholders in connection with the
share exchange. Information concerning the participants in the solicitation is
set forth in the preliminary joint proxy statement/prospectus filed by Florida
Progress with the SEC on May 23, 2000.
