EXHIBIT 99.1

CP&L Establishes Holding Company



RALEIGH, N.C. (June 20, 2000) - Carolina Power & Light Company (CP&L) [NYSE:
CPL] today formally established a new holding company, CP&L Energy, Inc. (CP&L
Energy). CP&L Energy becomes the parent company of CP&L, the utility company
serving 1.2 million electric customers in North and South Carolina, along with
the company's natural gas, fiber optic and energy-related services companies.
CP&L Energy, the temporary name for the new holding company, will be re-named as
part of an overall corporate branding initiative at the close of CP&L's
acquisition of Florida Progress Corp. (FPC) [NYSE: FPC] later this year.

"The energy industry is evolving and becoming more competitive, and to succeed,
a company must be flexible," said William Cavanaugh, chairman, president and CEO
of CP&L Energy. "CP&L's new holding company structure provides that flexibility
and will allow us to move quickly to take advantage of opportunities on the
fast-growing, non-regulated side of the business. It will also facilitate our
growth plans, including our pending acquisition of Florida Progress, which is on
schedule for closing this fall."

As previously announced, CP&L Energy will be organized into five primary
business units: Energy Supply, Energy Delivery, Florida Power, Gas & Energy
Services and Energy Ventures. In addition, a Service Company will be formed to
support the holding company.

CP&L common stock certificates automatically will represent the same number of
shares of common stock of CP&L Energy. Shareholders will not need to exchange
stock certificates. Current holders of CP&L common stock automatically are
entitled to shares of common stock of CP&L Energy on a one- for-one basis. The
common stock of CP&L Energy will remain listed on the New York Stock Exchange
and the Pacific Stock Exchange under the symbol "CP&L." CP&L's preferred stock
will not be affected.

Headquartered in Raleigh, N.C., CP&L Energy, through its subsidiary CP&L,
provides electricity and energy services to 1.2 million customers in North
Carolina and South Carolina and provides natural gas distribution and service,
through its wholly owned NCNG subsidiary, to about 178,000 customers in eastern
and southern North Carolina. The company owns and operates a system of 18 power
plants in the Carolinas and Georgia. CP&L Energy's non-regulated operations
include Interpath and statusgo.com, two Internet-related services businesses,
and Strategic Resource Solutions (SRS), an integrated facility and energy
management solutions company. Additional information on CP&L Energy and CP&L can
be found at http://www.cplc.com.


This press release contains forward-looking statements within the meaning of the
safe harbor provisions of the Securities Exchange Act of 1934. The
forward-looking statements are subject to various risks and uncertainties.
Discussion of factors that could cause actual results to differ materially from
management's projections, forecasts, estimates and expectations may include
factors that are beyond the company's ability to control or estimate precisely.
Factors include, but are not limited to, actions in the financial markets,
weather conditions, economic conditions in the company's service territories,
fluctuations in energy-related commodity prices, conversion activity, other
marketing efforts and other uncertainties. Other risk factors are detailed from
time to time in the company's SEC reports.

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