Free Writing Prospectus Dated May 15, 2012

Registration Statement No. 333-179835-02

Filed Pursuant to Rule 433 of the Securities Act of 1933

FINAL TERM SHEET

Issuer:	Carolina Power & Light Company d/b/a Progress Energy Carolinas, Inc.
Supplemental Indenture:	Seventy-ninth Supplemental Indenture, dated as of May 1, 2012
Format:	SEC Registered
Trade Date:	May 15, 2012
Settlement Date:	May 18, 2012
Joint Book-Running Managers:	Goldman, Sachs & Co. Mitsubishi UFJ Securities (USA), Inc. Morgan Stanley & Co. LLC Wells Fargo Securities, LLC
Co-Managers:	BNY Mellon Capital Markets, LLC SunTrust Robinson Humphrey, Inc. RBC Capital Markets, LLC U.S. Bancorp Investments, Inc. Robert W. Baird & Co. Incorporated KeyBanc Capital Markets Inc.
Expected Ratings:	Moody’s:         A1 S&P:                A Fitch:               A+
Documents Incorporated by Reference:	The section of the Preliminary Prospectus Supplement entitled “Documents Incorporated By Reference” shall include the Current Report on Form 8-K filed May 15, 2012
2022 Bonds
Security:	First Mortgage Bonds, 2.80% Series due 2022
Principal Amount:	$500,000,000
Date of Maturity:	May 15, 2022
Interest Rate:	2.80%
Interest Payment Dates:	Payable semi-annually in arrears on May 15 and November 15, beginning November 15, 2012
Public Offering Price:	99.775% of the principal amount thereof
Benchmark Treasury:	1.75% UST due on May 15, 2022
Benchmark Treasury Yield:	1.776%
Spread to Benchmark Treasury:	+105 basis points
Re-offer Yield:	2.826%
CUSIP/ISIN	144141 DC9 / US144141DC90
Redemption Terms:	Redeemable prior to February 15, 2022 (three months prior to maturity date), in whole at any time, or in part from time to time, at the option of the issuer at a redemption price (as described in further detail in the Prospectus Supplement) using applicable treasury rate plus 20 basis points; redeemable on and after February 15, 2022 (three months prior to maturity date), in whole at any time, or

	in part from time to time, at the option of the issuer at a price of 100% plus accrued interest.
2042 Bonds
Security:	First Mortgage Bonds, 4.10% Series due 2042
Principal Amount:	$500,000,000
Date of Maturity:	May 15, 2042
Interest Rate:	4.10%
Interest Payment Dates:	Payable semi-annually in arrears on May 15 and November 15, beginning November 15, 2012
Public Offering Price:	99.504% of the principal amount thereof
Benchmark Treasury:	3.125% UST due on February 15, 2042
Benchmark Treasury Yield:	2.929%
Spread to Benchmark Treasury:	+120 basis points
Re-offer Yield:	4.129%
CUSIP/ISIN	144141 DB1 / US144141DB18
Redemption Terms:	Redeemable prior to November 15, 2041 (six months prior to maturity date), in whole at any time, or in part from time to time, at the option of the issuer at a redemption price (as described in further detail in the Prospectus Supplement) using applicable treasury rate plus 20 basis points; redeemable on and after November 15, 2041 (six months prior to maturity date), in whole at any time, or in part from time to time, at the option of the issuer at a price of 100% plus accrued interest.

Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Goldman, Sachs & Co. toll-free at 1-866-471-2526, Mitsubishi UFJ Securities (USA), Inc. toll-free at 1-877-649-6848, Morgan Stanley & Co. LLC toll-free at 1-866-718-1649, or Wells Fargo Securities, LLC toll-free at 1-800-326-5897.