As filed with the Securities and Exchange Commission on January 28, 1999


                        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):
                                 January 25, 1999



                                                                           
                        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 (727) 824-6400

        1-3274          FLORIDA POWER CORPORATION                       Florida          59-0247770
                         One Progress Plaza
                         St. Petersburg, Florida 33701
                         Telephone (727) 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. 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.










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, 1998:

     Florida Progress issued an Investor News report dated January 25, 1999, and
a related News Release of even date therewith,  regarding 1998 earnings.  Copies
of the  Investor  News  report and News  Release  are being  filed  herewith  as
Exhibits 99.(a) and 99.(b) respectively.

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 January 25,
                       1999 regarding 1998 earnings.
                       

99.(b)                 Florida Progress News Release dated January 25, 1999
                       regarding 1998 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:  January 25, 1999









                               EXHIBIT INDEX



Exhibit No.            Description of Exhibit

99.(a)                 Florida Progress Investor News report dated January 25,
                       1999 regarding 1998 earnings.
                       

99.(b)                 Florida Progress News Release dated January 25, 1999
                       regarding 1998 earnings.