EXHIBIT 99

Florida Progress Corporation
Investor News
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Analyst Contacts:
Greg Beuris (813) 866-4442
Lauran Willoughby (813) 866-4837

             Florida Progress Corporation Increases Annual Dividend

ST.  PETERSBURG,  Florida,  February 19, 1998 -- Florida Progress  Corporation's
board of directors  today declared a quarterly cash dividend of 53 1/2 cents per
share on the company's outstanding common stock.

The board's action increases the annual dividend rate by 4 cents per share, thus
raising  the annual  dividend  to $2.14 per  share.  This  represents  an annual
dividend increase of 1.9 percent.

"Florida Power's strong fundamentals  combined with the expanding  operations of
Electric Fuels  Corporation  should allow us to achieve long-term average annual
growth in earnings per share of 4 to 5 percent,  which  supports our decision to
increase the  dividend,"  said Jeffrey R.  Heinicka,  senior vice  president and
chief financial officer.

In 1992, as the dividend payout approached 90 percent,  Florida Progress began a
strategy of gradually  lowering the payout while  working to increase  earnings.
This  strategy  has been  successful,  resulting  in a 1997 payout of 80 percent
before nonrecurring charges.

The new  quarterly  dividend  of 53 1/2 cents per share is  payable on March 20,
1998 to shareholders of record at the close of business on March 5, 1998.

"Safe Harbor"  Statement under the Private  Securities  Litigation Reform Act of
1995: this news release contains a forward looking statement  concerning Florida
Progress'  earnings per share growth rate.  This  statement  involves  risks and
uncertainties  that could cause actual results or outcomes to differ  materially
from  expectations.  Key factors  that have a direct  bearing on actual  results
include  annual  growth  in  utility  customers,  successful  cost  containment,
efficient  operation  of  generating  units,   successful  execution  of  growth
strategies 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 $5.8 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 and rail services.


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