EXHIBIT 99.(b)
                            
                            FLORIDA PROGRESS CORPORATION
                                INVESTOR INFORMATION
Analysts' Contacts:
Richard R. Champion, Director, Investor Relations  (813) 824-6428
Mark A. Myers, Manager, Investor Communications  (813) 824-6422


                                                       January 17, 1994


Florida Power to trim another 300 positions from its work force

Florida Power Corporation today announced plans to further reduce employment
across its 32-county system by approximately 300 positions before the end of
this year.  The positions are within the utility's largest operating unit, known
as energy distribution.  About 2,500 of Florida Power's 5,800 employees work in
this part of the company, which includes all functions related to customer
service.

Florida Power believes these work force reductions - and related cost savings -
can be made without compromising the high service levels Florida Power provides
to its 1.2 million customers.  Today's decision is part of a Florida Power
strategy that calls for restructuring the organization to allow it to compete
more aggressively in tomorrow's new energy markets.  An important goal of this
strategy is to reduce the annual operating costs and improve efficiencies in the
utility's energy distribution unit.

Florida Power began streamlining this part of its organization in 1993.  The
utility started by realigning its operations to better serve the growing
population in its service territory, now and in the future.  It decided to take
a more regional approach to customer service.  Florida Power went from operating
seven field divisions in its system to consolidating its operations into three
large regions.

Many administrative functions and field activities, such as meter reading and
customer service, were centralized in these three regions.  These moves were
designed to help improve customer service and make energy distribution more cost
efficient.  The utility also announced last year that several of its smaller
field offices would close.  In addition, several layers of management within the
utility's field operations were eliminated.
 
In the years ahead, Florida Power sees the electric power industry dividing into
three major operating segments - generation, transmission and distribution.  By
organizing along functional lines, the utility believes it can compete more
successfully in each of these emerging energy businesses.  Florida Power already
has announced restructuring moves in its generation and transmission units.

In September 1993, the utility's power plant divisions, both fossil and nuclear,
were streamlined and two older power plants were scheduled to be shut down.  As
a result, Florida Power said that between 175 to 200 positions would be
eliminated in 1994.  The utility also announced work force reductions of up to
73 nuclear positions and another 72 contractor jobs by the end of this year.

The reorganization of Florida Power's transmission operations, known as energy
delivery, will result in the elimination of 34 utility positions.  Streamlining
also occurred at the corporate staff level.  Last year, Florida Power announced
that about 60 positions would be trimmed by the end of 1994 in such areas as
financial services, materials and contracts, and administrative services.

Last month, Florida Progress announced a voluntary, early retirement program for
which approximately 200 employees were eligible, most of whom work at Florida
Power.  Most of those eligible for the program work in utility operations that
are being affected by the position reductions discussed above.

All of these organizational changes are designed to keep Florida Power cost
competitive in Florida's growing energy markets.  When the utility began the
comprehensive review of its operations, special employee teams were formed to
help Florida Power look for ways to reduce operating costs and improve
efficiencies. Their recommendations have led to key management decisions at the
utility in 1993.  This detailed approach to changing the business will continue.
In fact, it will be an ongoing part of Florida Power's strategic management
process.

Florida Progress (NYSE: FPC) is a diversified utility holding company with
assets of $5.5 billion.  Its principal subsidiary is Florida Power, the state's
second-largest electric utility with 1.2 million customers.  Florida Progress'
diversified operations include coal mining and transportation, life insurance,
real estate, and lending and leasing.