[Federal Register Volume 66, Number 159 (Thursday, August 16, 2001)]
[Notices]
[Page 43036]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-20626]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 35-27431]


Filings Under the Public Utility Holding Company Act of 1935, as 
Amended (``Act'')

August 10, 2001.
    Notice is hereby given that the following filing(s) has/have been 
made with the Commission pursuant to provisions of the Act and rules 
promulgated under the Act. All interested persons are referred to the 
application(s) and/or declaration(s) for complete statements for the 
proposed transaction(s) summarized below. The applicant(s) and/or 
declaration(s) and any amendment(s) is/are available for public 
inspection through the Commission's Branch of Public Reference.
    Interested persons wishing to comment or request a hearing on the 
application(s) and/or declaration(s) should submit their views in 
writing by September 4, 2001, to the Secretary, Securities and Exchange 
Commission, Washington, DC 20549-0609, and serve a copy on the relevant 
applicant(s) and/or declarant(s) at the address(es) specified below. 
Proof of service (by affidavit or, in the case of an attorney at law, 
by certificate) should be filed with the request. Any request for 
hearing should identify specifically the issues of facts or law that 
are disputed. A person who so requests will be notified of any hearing, 
if ordered, and will receive a copy of any notice or order issued in 
the matter. After September 4, 2001, the application(s) and/or 
declaration(s), as filed or as amended, may be granted and/or permitted 
to become effective.

Progress Energy Inc., et al. (70-9909)

    Progress Energy Inc. (``Progress''), a registered holding company 
formerly known as CP&L Energy Inc., 410 South Wilmington Street, 
Raleigh, North Carolina 27602, and its wholly-owned public utility 
subsidiaries, Carolina Power & Light Company (``CP&L'') and North 
Carolina Natural Gas Corporation (``NCNG''), 410 South Wilmington 
Street, Raleigh, North Carolina 27602, and Florida Power Corporation 
(``Florida Power''), One Progress Plaza, St. Petersburg, Florida 33701 
(Collectively, the ``Utility Subsidiaries''), have filed an application 
declaration under sections 6(a), 7, 9(a), 10, and 12(b) of the Act and 
Rules 42, 45 and 54 under the Act.
    Progress and the Utility Subsidiaries have proposed certain 
modifications to financing transactions through September 30, 2003, 
which were approved by the Commission on December 12, 2000 (HCAR No. 
27297) (``December Order''). Progress also requests authority to 
acquire long-term securities from NCNG, and NCNG requests authority to 
issue long-term securities to Progress, subject to any required 
approval from the North Carolina Utilities Commission.
    The requested modifications to the December Order specifically 
include increasing: (1) the aggregate amount of common stock, preferred 
stock and under preferred securities and debentures that Progress may 
issue and have outstanding during the approved authorization period 
from $3.8 billion to $5 billion; (2) Progress' short-term debt limit 
from $1 billion to $2.5 billion; (3) Progress' limit for all 
indebtedness from $5 billion to $6 billion; (4) the limit of short-term 
debt for NCNG from $125 million to $400 million; and (5) the borrowing 
limit for NCNG from the Progress Utility Money Pool from $125 million 
to $400 million.
    Progress states that the proposed increases in the authorized 
limits for long-term equity and debt securities and short-term debt 
will enable it to complete refinancing the acquisition debit incurred 
in November 2000 when it purchased all issued and outstanding common 
stock of Florida Progress, to fund inter-company loans to NCNG, and to 
facilitate the consolidation of external short-term borrowing 
facilities maintained by certain of its subsidiaries. The applicants 
state that any direct borrowings by NCNG from Progress Energy will have 
interest rates and maturities that are designed to parallel Progress' 
effective cost of funds.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-20626 Filed 8-15-01; 8:45 am]
BILLING CODE 8010-01-M