Florida Power plans to build 540-MW generating unit in Polk County

ST. PETERSBURG, Fla., June 13, 2002 — After an extensive evaluation of competing options, Florida Power has determined that the company’s proposal to build a third unit at its Hines Energy Complex in Polk County is the most cost-effective means of adding electric generation to serve its customers.

In response to its request for proposals (RFP) in November 2001, Florida Power received bids from seven companies. Preliminary assessment narrowed the list to four in April, and further evaluations, compared to Florida Power’s self-build option, determined that adding nearly 540 megawatts at the Hines site is the most efficient generation resource option to meet its customers’ needs.

“Florida Power is committed to providing an ample supply of reliable energy to our customers at the lowest possible cost,” said Bill Habermeyer, president and CEO of Florida Power. “As part of Progress Energy, we are part of one of the largest generators of electricity in the U.S., and building low- cost and efficient power plants is something we do very well.

“With that in mind, we closely examined all of the proposals provided by outside companies. After a thorough review, we determined that the self-build option best met the criteria of reliability and cost.”

Florida Power will file a petition with the Florida Public Service Commission to demonstrate need for the project and will seek supplemental site certification under the Power Plant Siting Act with the Florida Department of Environmental Protection. The filings are expected to be made in the next several months. Florida Power plans to have the unit in service by December 2005. For more information on Florida Power’s RFP bid process, please refer to: www.fpc.com/rfp.

The first natural gas-fueled combined-cycle unit at the Hines site began commercial operation in 1999. Construction on the second unit is under way and scheduled for completion in 2003. Combined-cycle technology combines the use of state-of-the-art combustion turbines working in tandem with equipment that recovers exhaust heat to produce more electricity, making the units highly efficient.

Florida Power, a subsidiary of Progress Energy, provides electricity and related services to more than 1.4 million customers in Florida. The company is headquartered in St. Petersburg, Fla., and serves a territory encompassing over 20,000 square miles including the cities of St. Petersburg, Clearwater, as well as the Central Florida area surrounding Orlando. For more information about Florida Power, visit the company’s Web site at: http://www.fpc.com.

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