<PAGE> 1
Exhibit 99.B
[GRAPHIC OMITTED] [GRAPHIC OMITTED]
CP&L FLORIDA
---- PROGRESS
Carolina Power & Light CORPORATION
MEDIA CONTACTS INVESTOR CONTACTS
KEITH POSTON, BOB DRENNAN,
CP&L Energy CP&L Energy
919/546-6189 919/546-7474
MELANIE FORBRICK, GREG BEURIS,
Florida Progress Corporation Florida Progress Corporation
727/820-5023 727/820-5734
FLORIDA PROGRESS SHAREHOLDERS APPROVE CP&L ACQUISITION
RALEIGH, NC AND ST. PETERSBURG, FL -- (AUGUST 17, 2000) - Florida Progress
Corporation (FPC) [NYSE: FPC] shareholders today approved the acquisition of
the company by CP&L Energy (CP&L) [NYSE: CPL] at its Annual Shareholders
Meeting in St. Petersburg, Florida. Of the ballots cast, 96 percent voted in
favor of the acquisition or 76 percent of the more than 98,000,000 shares
outstanding. The combination will create one of the nation's 10 largest energy
companies based on a generating capacity of more than 19,000 megawatts with
more than 2.8 million customers.
"We're obviously pleased that the overwhelming majority of our shareholders
have confidence that our combination with CP&L is what's best for our company
long-term," said Richard Korpan, chairman, president and CEO of Florida
Progress. "They recognize that we will be better positioned to leverage our
economies of scale in order to take advantage of the rapid growth in the
Southeast and deliver increasing value to our shareholders."
"By doubling our customer base and revenues, and nearly doubling our generating
capacity, the new CP&L Energy will be a strong and solidly competitive force in
this nation's evolving energy industry," said William Cavanaugh, chairman,
president and CEO of CP&L Energy. "We are transforming CP&L into a
super-regional organization that will span the Southeastern United States."
FPC shareholders will receive $54 in cash or stock, subject to adjustment, plus
one Contingent Value Obligation (CVO) related to recent synthetic fuel plant
purchases, for each share of FPC stock. Florida Progress shareholders will have
the right to elect cash or stock having a value of $54, subject to adjustment
based on the price of CP&L stock during a period before the exchange is closed
and to proration if the elections exceed 65 percent in cash or 35 percent in
stock.
The acquisition still must be approved the North Carolina Utilities Commission
(NCUC) and the Securities and Exchange Commission (SEC). The NCUC is expected
to issue an order approving the combination soon. The acquisition is expected
to close in the fall.
<PAGE> 2
About Florida Progress
Florida Progress is a FORTUNE 500 diversified electric utility holding company
based in St. Petersburg, Florida. Its principal subsidiary is Florida Power,
one of the nation's leading electric utilities committed to serving its 1.4
million customers in Florida with competitively priced energy, excellent
reliability, and outstanding customer service. Diversified operations include
rail services, marine operations, and coal mining and synthetic fuel
production. Additional information about Florida Progress can be found at
http://www.fpc.com.
About CP&L Energy
Headquartered in Raleigh, N.C., CP&L Energy, through its subsidiary Carolina
Power & Light, provides electricity and energy services to 1.2 million
customers in North Carolina and South Carolina and provides natural gas
distribution and service, through its wholly owned subsidiary North Carolina
Natural Gas (NCNG), to about 178,000 customers in eastern and southern North
Carolina. The company owns and operates a system of 18 power plants in the
Carolinas and Georgia. CP&L Energy's non-regulated operations include fiber
optic assets and statusgo.com, two Internet-related services businesses, and
Strategic Resource Solutions (SRS), an integrated facility and energy
management solutions company. Additional information on CP&L can be found at
http://www.cplc.com.
This press release contains forward-looking statements within the meaning of
the safe harbor provisions of the Securities Exchange Act of 1934. The
forward-looking statements are subject to various risks and uncertainties.
Discussion of factors that could cause actual results to differ materially from
management's projections, forecasts, estimates and expectations may include
factors that are beyond the company's ability to control or estimate precisely.
Factors include, but are not limited to, actions in the financial markets,
actions of regulatory agencies, weather conditions, economic conditions in the
company's service territories, fluctuations in energy-related commodity prices,
conversion activity, other marketing efforts and other uncertainties. Other
risk factors are detailed from time to time in the company's SEC reports.
# # #
