EXHIBIT 99.(a)


             Florida Progress Corporation Increases Annual Dividend

ST. PETERSBURG,  Florida...(February 18, 1999) -- Florida Progress Corporation's
board of directors  today declared a quarterly cash dividend of 54 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 $2.18 per share. This represents an annual dividend increase of 1.9 percent.

"The board's  decision to increase  the  dividend is  supported by  management's
expectation that long-term growth in earnings per share should allow the Company
to continue  reducing the dividend payout ratio over time while  maintaining the
dividend  growth  rate,"  said  Richard  Korpan,  chairman  and  CEO of  Florida
Progress.

Florida  Progress'  earnings growth has enabled it to reduce its dividend payout
ratio to 74 percent at the end of 1998.

The new  quarterly  dividend  of 54 1/2 cents per share is  payable on March 20,
1999 to shareholders of record at the close of business on March 5, 1999.

"Safe Harbor"  Statement under the Private  Securities  Litigation Reform Act of
1995: This news release contains forward looking  statements  regarding  Florida
Progress'  projected  earnings  per  share  growth,  dividend  payout  ratio and
dividend growth rate.  These  statements  involve risks and  uncertainties  that
could cause actual results or outcomes to differ  materially from  expectations.
Key factors that could have a direct bearing on the company's  ability to attain
these  projections  include  continued  annual growth in electric  customers and
customer usage; economic and weather conditions affecting the demand for and the
supply of not only  electricity but also Electric Fuels  Corporation's  products
and services;  successful cost containment  efforts;  legislative and regulatory
developments;  the efficient  operation  and/or  construction of Florida Power's
existing  and planned  generating  units;  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 $6.2 billion.  Its principal  subsidiary is Florida Power, one of
the nation's  leading  electric  utilities  committed to serving its 1.3 million
customers in Florida with competitively  priced energy,  excellent  reliability,
and outstanding customer service.  Diversified operations include rail services,
marine operations and coal mining.