As filed with the Securities and Exchange Commission on October 19, 1998
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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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):
October 16, 1998
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
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. Florida Power makes no
representations as to the information relating to Florida Progress' diversified
operations.
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 Quarterly Report on Form 10-Q for the quarter ended
September 30, 1998:
Florida Progress issued an Investor News report and a media News Release,
each dated October 16, 1998, to report an increase in its 1998 third-quarter
earnings. A copy of the Investor News report and the media News Release are
being filed herewith as Exhibits 99.(a) and 99.(b), respectively.
The following litigation updates are also being reported:
1. Metropolitan Dade County ("Dade") and Montenay Power Corp.("Montenay")
v. Florida Power Corporation, Circuit Court of the Eleventh Circuit
for Dade County, Florida, Case No 96-09598-CA-30.
Metropolitan Dade County and Montenay Power Corp. v. Florida Progress
Corporation, Florida Power Corporation and Electric Fuels Corporation,
U.S. District Court, Southern District, Miami Division, Florida, Case
No 96-594-CIV-LENARD.
In re: Petition for Declaratory Statement That Energy Payments Are
Limited to Analysis of Avoided Unit's Contractually Specified
Characteristics, Florida Public Service Commission, Docket No. 980283-
EQ
See prior discussion of this matter in the 1997 Form 10-K, Item 3,
paragraph 2, the first quarter 1998 Form 10-Q, Part 2, Item 1,
paragraph 2 and the second quarter 1998 Form 10-Q, Part 2, Item 1,
paragraph 3. On September 14, 1998 the Judge affirmed the order
granting Florida Power's Motion for Summary Judgment. On October 6,
1998, the FPSC denied the Florida Power Motion for Declaratory
Statement.
2. NCP Lake Power, Inc. ("Lake") v. Florida Power Corporation, Florida
Circuit Court, Fifth Judicial Circuit for Lake County, Case No.
9402354-CA-01
In re: Petition for Expedited Approval of Settlement Agreement With
Lake Cogen, Ltd., Public Service Commission, Docket No. 961477-EQ
In re: Petition for Declaratory Statement Regarding the Negotiated
Contract for Purchase of Firm Capacity and Energy between Florida
Power Corporation and Lake Cogen, Ltd., Florida Public Service
Commission, Docket No. 980509-EQ.
See prior discussion of this matter in the 1997 Form 10-K, Item 3,
paragraph 3, and the first quarter 1998 Form 10-Q, Part 2, Item 1,
paragraph 3. On April 9, 1998, Florida Power filed a petition with the
FPSC for a Declaratory Statement. Florida Power is seeking a
determination that energy payments due pursuant to the negotiated
contract are limited to amounts derived from an analysis of avoided
costs, based exclusively upon the contractually specified
characteristics. On October 6, 1998 the FPSC denied the petition.
In the Circuit Court action, a pre-trial conference was held on
October 1, 1998 and Court mandated mediation was conducted on October
6, with the parties reaching impasse. The bench trial is scheduled to
begin on November 2, 1998.
Item 7. Financial Statements and Exhibits
(c) Exhibits:
Exhibit Number (by
reference to Item 601
of Regulation S-K) Description of Exhibit
99.(a) Florida Progress Investor News report dated October 16, 1998
reporting an increase in 1998 third-quarter earnings.
99.(b) Florida Progress media News Release dated October 16, 1998
reporting an increase in 1998 third-quarter earnings.
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
Treasurer of each Registrant
Date: October 16, 1998
EXHIBIT INDEX
Exhibit No. Description of Exhibit
99.(a) Florida Progress Investor News report dated October 16, 1998
reporting an increase in 1998 third-quarter earnings.
99.(b) Florida Progress media News Release dated October 16, 1998
reporting an increase in 1998 third-quarter earnings.
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