8-K

     As filed with the Securities and Exchange Commission on February 12, 1998


                        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):
                                 February 12, 1998




                                                                           
                        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 (813) 824-6400

        1-3274          FLORIDA POWER CORPORATION                       Florida          59-0247770
                         3201 34th Street South
                         St. Petersburg, Florida 33711
                         Telephone (813) 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, 1997:

      Florida Progress issued an Investor News report dated February 12, 1998 to
provide an update  concerning  the Florida Power Crystal River Nuclear  Plant. A
copy of the Investor News report is being furnished herewith as Exhibit 99.

Item 7.  Financial Statements and Exhibits

     (c)  Exhibits:

Exhibit Number (by
reference to Item 601
of Regulation S-K)     Description of Exhibit

99                     Florida Progress Investor News report dated February 12,
                       1998 concerning Florida Power's Crystal River Nuclear
                       Plant.






                                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
                               Assistant Treasurer
                               of each Registrant



Date:  February 12, 1998














                               EXHIBIT INDEX



Exhibit No.            Description of Exhibit

99                     Florida Progress Investor News report dated February 12,
                       1998 concerning Florida Power's Crystal River Nuclear
                       Plant.

EX-99

                                 EXHIBIT 99

Florida Progress Corporation
Investor News - Florida Power's Crystal River Nuclear Plant
[LOGO OMITTED]

Analyst Contacts:
Mark A. Myers (813) 866-4245
Greg Beuris (813) 866-4442


                       Crystal River Nuclear Plant Update

St.  Petersburg,  Florida,  February  12,  1998 -- Florida  Power  Corporation's
Crystal River nuclear  plant,  which recently  returned to service  following an
extended  outage,  went  off-line  Wednesday  morning  because of an  electrical
problem in the plant's  Integrated  Control System.  This is a non-safety system
which monitors operational systems.  Florida Power believes it has corrected the
problem and expects to return the plant to service within the next two days.

Although no specific approval from the Nuclear Regulatory Commission is required
to start up the plant,  Florida Power has discussed the problem with the NRC and
they are satisfied with the diagnosis of the problem and the plans to return the
unit to service.

"Safe Harbor"  Statement under the Private  Securities  Litigation Reform Act of
1995:  this news release  contains a forward  looking  statement  regarding  the
restart of the nuclear  plant.  This statement  involve risks and  uncertainties
that  could  cause  actual  results  or  outcomes  to  differ   materially  from
expectations.  Key  factors  that could have a direct  impact on actual  results
include unforseen  problems with the restart or operation of the plant 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 $5.8 billion.  Its principal  subsidiary  is Florida  Power,  the
state's second-largest electric utility with about 1.3 million customers.
Diversified operations include coal mining, marine operations and rail services.


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