As filed with the Securities and Exchange Commission on December 18, 1997
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
---------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
December 15, 1997
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<S> <C> <C> <C>
Exact name of Registrant as
Commission specified in its charter, address State of I.R.S. Employer
File No. of principal executive offices, telephone Incorporation Identification No.
1-8349 FLORIDA PROGRESS CORPORATION Florida 59-2147112
One Progress Plaza
St. Petersburg, Florida 33701
Telephone (813) 824-6400
1-3274 FLORIDA POWER CORPORATION Florida 59-0247770
3201 34th Street South
St. Petersburg, Florida 33711
Telephone (813) 866-5151
</TABLE>
The address of neither registrant has changed since the last report.
This combined Form 8-K represents separate filings by Florida Progress
Corporation and Florida Power Corporation. Information contained herein relating
to an individual registrant is filed by that registrant on its own behalf.
Florida Power makes no representations as to the information relating to Florida
Progress' diversified operations. <PAGE>
Item 5. Other Events
In light of ongoing securities offerings by Florida Progress Corporation
("Florida Progress") and its subsidiaries, including Florida Power Corporation
("Florida Power") and Progress Capital Holdings, Inc., the following information
is being presented pending distribution of the combined Florida Progress and
Florida Power Annual Report on Form 10-K for the year ended December 31, 1997:
Florida Progress issued an Investor News report dated December 15, 1997 to
provide an update concerning the Florida Power Crystal River Nuclear Plant. A
copy of the Investor News report is being furnished herewith as Exhibit 99.
Item 7. Financial Statements and Exhibits
(c) Exhibits:
Exhibit Number (by
reference to Item 601
of Regulation S-K) Description of Exhibit
99 Florida Progress Investor News report dated December 15,
1997 concerning Florida Power's Crystal River Nuclear
Plant.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized. The signature of the undersigned on behalf
of each listed company shall be deemed to relate only to matters having
reference to such company.
FLORIDA PROGRESS CORPORATION
FLORIDA POWER CORPORATION
/s/Pamela A. Saari
By:____________________________
Pamela A. Saari
Assistant Treasurer
of each Registrant
Date: December 15, 1997
<PAGE>
EXHIBIT INDEX
Exhibit No. Description of Exhibit
99 Florida Progress Investor News report dated December 15,
1997 concerning Florida Power's Crystal River Nuclear
Plant.
EXHIBIT 99
Florida Progress Corporation
Investor News
[LOGO OMITTED]
Analyst Contacts:
Mark A. Myers (813) 866-4245
Greg Beuris (813) 866-4442
Florida Power Corporation Crystal River Nuclear Plant Update
St. Petersburg, Florida, December 15, 1997 -- Florida Power Corporation met with
the Nuclear Regulatory Commission's (NRC) restart panel last week to discuss the
utility's progress toward returning the Crystal River nuclear power plant to
service. At the meeting, both the NRC and Florida Power agreed there were no new
issues concerning the restart of the nuclear plant.
Senior vice-president Roy Anderson stated he expects to begin "plant heatup"
later in December and bring the reactor critical (restart) during the first week
of January 1998. By mid-January, Anderson expects the plant will be producing
power and connected to the transmission grid. The current schedule reflects the
time necessary to wrap up plant modifications and obtain NRC approval of
remaining license submittals.
Florida Power began preparing the nuclear unit for plant heatup in late November
and reported to the NRC last week that plant preparations were progressing well.
This activity includes testing of various plant systems and equipment to ensure
those systems are operating as designed prior to plant heatup.
Florida Power's nuclear plant is currently in Mode 5, otherwise known as cold
shutdown. Returning a nuclear plant to service entails many steps that
ultimately bring the plant to Mode 1. It is during this final mode that the
plant's power output is escalated and connected to the transmission grid.
During plant heatup, the water temperature in the plant's reactor coolant system
is gradually increased. When the temperature reaches 200 degrees, the plant is
in Mode 4. Further increases in primary plant water temperature and pressure
result in the plant achieving normal operating temperature and pressure. An
important aspect of plant heatup is examination for any leaks in the plant's
reactor coolant system that require sealing prior to restart.
Upon approval from the NRC's Nuclear Reactor Regulation division (NRR) of
certain license submittals, Florida Power can enter Mode 4. Although the NRR has
not announced when it expects to issue its approval of these submittals, Florida
Power does not expect any further delays in its restart plan. Florida Power
continues to work very closely with the NRR on the license submittals.
Prior to entering Mode 2, the point at which reactor criticality is reached,
Florida Power must receive written concurrence from the NRC's Region II
Administrator. Florida Power expects to request that once all NRR approvals of
license amendments have been received. Florida Power currently anticipates
entering Mode 2 during the first week of January.
-- more --
<PAGE>
Page 2
Florida Progress Corporation
Investor News - Florida Power's Crystal River Nuclear Plant
In his concluding remarks at the restart panel meeting, the NRC's Region II
Administrator, Luis Reyes, noted that Florida Power has accomplished a
significant amount of work in a short period of time and that the Operational
Safety Team Inspection, which is the final inspection before restart, is
scheduled to be completed on December 16.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: this news release contains forward looking statements, including
statements regarding the restart of the nuclear plant by mid-January 1998. These
statements involve risks and uncertainties that could cause actual results or
outcomes to differ materially from expectations. Key factors that could have a
direct impact on actual results include various factors that could impact the
successful execution of the restart plan, such as the timing and nature of
actions by regulators, timely completion of scheduled work by Florida Power and
outside contractors and the timely delivery of parts and materials, potential
new plant modifications not foreseen at this time which extend the outage
further and other factors described in the company's Securities and Exchange
Commission filings.
Florida Progress (NYSE:FPC) is a Fortune 500 diversified utility holding company
with assets of $6.1 billion. Its principal subsidiary is Florida Power, the
state's second-largest electric utility with about 1.3 million customers.
Diversified operations include coal mining, marine operations, rail services and
life insurance.
