EXHIBIT 99.(b)

Florida Progress Corporation
Investor News
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Analyst Contacts:
Gre Beuris (727) 820-5734
Lauran Willoughby (727) 820-5737


                         FLORIDA POWER TO BUILD PEAKING UNITS

- - Generation expansion will increase overall capacity, reliability for FPC 
customers

ST.  PETERSBURG,  FL...(February  19,  1999)...Florida  Power  Corporation today
announced the next phase of its generation  expansion  plan. The first phase was
the  500-megawatt  Hines 1 unit,  which began  initial  start-up  and testing in
December 1998 and is scheduled for full  commercial  operation by the end of the
first  quarter of this year.  The next phase is to build  three  "peaker"  power
generation  units at Florida Power's  Intercession  City site in Osceola County.
The units,  designed  to provide  electricity  during  periods of peak  customer
demand,  will provide a total of 300  megawatts  of power  beginning in December
2000.

"As we enter our 100th year of providing  electric  service to the  residents of
Florida,  we do so with a renewed  commitment to providing  our  customers  with
competitively priced, reliable energy," said Florida Power President and CEO Joe
Richardson.  "We intend to live up to that  commitment,  and building new peaker
units provides us with an innovative and timely way to do just that."

In October of last year,  Florida  Power  submitted  a proposal  to the  Florida
Public Service  Commission (PSC) asking the Commission to exercise its statutory
authority to forgo the bid requirement for a second power plant at the company's
Hines Energy  Complex in Polk County.  PSC rules state that the  Commission  may
forgo the  time-consuming  bid process if proposals,  like the one Florida Power
submitted for the Hines 2 plant,  would "likely  result in lower-cost  supply of
electricity,  increase the reliable supply of electricity or is otherwise in the
public interest."  Citing concerns about  potentially  lengthy legal challenges,
the PSC recently denied Florida Power's request for a bid waiver.

"While we're disappointed in the PSC's recent decision and its associated delay,
Hines 2 is still very much in our future  plans,  and the addition of peakers at
Intercession City simply postpones that phase to a later date," said Richardson.
"In the meantime,  we will continue our work to meet the growing customer demand
for electricity in the near future."

Florida  Power has an  agreement  with  General  Electric to purchase  three 7EA
combustion  turbine  units.  The units will be  capable  of using  either oil or
natural  gas,depending  upon the cost and  availability  of those fuel  sources.
Environmental  permitting is expected to be complete by the end of the year, and
construction will begin immediately  thereafter at Florida Power's  Intercession
City plant site,  which is located in southwestern  Osceola County.  It is a 167
- -acre site with 58 acres  developed  for  peaking  plants.  Currently,  the site
accommodates  11 units that in total  produce  more than 900  megawatts of power
during periods of peak customer demand for electricity.

Headquartered in St.  Petersburg,  Florida,  Florida Power Corporation is one of
the country's leading investor-owned electric utilities.  For 100 years, Florida
Power has provided electric service in central and northern  Florida,  and today
is the energy  provider to more than 1.3 million  customers  who live within the
company's  32-county service area.  Florida Power's dedication to growth through
expanding  customer  relationships  is reflected in three customer  commitments:
competitively  priced energy,  excellent  reliability and  outstanding  customer
service.  Florida  Power is the  principal  subsidiary  of St.  Petersburg-based
Florida Progress Corporation (NYSE:FPC).