[Federal Register Volume 67, Number 76 (Friday, April 19, 2002)]
[Notices]
[Page 19460]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-9628]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 35-27520]


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

April 15, 2002.
    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 of the 
proposed transaction(s) summarized below. The application(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 May 10, 2002, 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 May 10, 2002, the application(s) and/or 
declaration(s), as filed or as amended, may be granted and/or permitted 
to become effective.

Progress Energy, Inc. (70-10060)

    Progress Energy, Inc. (``Progress Energy''), a registered holding 
company, 410 South Wilmington Street, Raleigh, NC 27602, has filed an 
application-declaration under sections 32 and 33 of the Act and rule 53 
under the Act.
    Progress Energy owns, directly or indirectly, all of the issued and 
outstanding common stock of three public-utility subsidiaries: Carolina 
Power & Light Company (``CP&L''), which generates, transmits, purchases 
and sells electricity in parts of North Carolina and South Carolina; 
Florida Power Corporation (``Florida Power''), which generates, 
transmits, purchases and sells electricity in parts of Florida; and 
North Carolina Natural Gas Corporation (``NCNG''), which distributes 
gas at retail in parts of North Carolina. Collectively, CP&L, Florida 
Power and NCNG are referred to as the ``Utility Subsidiaries.'' 
Together, the Utility Subsidiaries provide electric service to 
approximately 2.8 million wholesale and retail customers in parts of 
North Carolina, South Carolina and Florida and natural gas or gas 
transportation service to approximately 120,000 residential, 
commercial, agricultural and industrial customers, all in North 
Carolina.
    By order dated December 12, 2000, in File No. 70-9659, as modified 
by orders dated September 20, 2001 and March 15, 2002 in File No. 9909 
(together, ``Financing Orders''),\1\ the Commission authorized Progress 
Energy, the Utility Subsidiaries and Progress Energy's direct and 
indirect nonutility subsidiaries to engage in a program of external and 
intrasystem financing, to organize and acquire the equity securities of 
specified types of new subsidiaries, to pay dividends out of capital or 
unearned surplus, and to engage in other related financial and 
structural transactions from time to time through September 30, 2003. 
Under the Financing Orders, Progress is currently authorized: (1) To 
issue and sell common stock, preferred stock or other forms of 
preferred securities and unsecured long-term debt securities in an 
aggregate amount at any time outstanding not to exceed $7.5 billion; 
(2) to issue and sell commercial paper and other forms of unsecured 
short-term indebtedness in an aggregate principal amount at any time 
outstanding not to exceed $2.5 billion; and (3) to provide guarantees 
and other forms of credit support (``Guarantees'') on behalf or for the 
benefit of its subsidiaries in an aggregate or nominal amount not to 
exceed $2 billion at any time outstanding.
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    \1\ See Progress Energy, Inc., et al., Holding Co. Act Release 
Nos. 27297 (Dec. 12, 2000), 27440 (Sept. 20, 2001), and 27500 (Mar. 
15, 2002).
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    Under the terms of the Financing Orders, Progress Energy is 
authorized to use proceeds from the sale of securities to make 
investments in and to provide Guarantees with respect to the 
obligations of exempt wholesale generators (``EWGs'') and foreign 
utility companies (``FUCOs''). Progress Energy's aggregate investment 
(as defined under rule 53) in EWGs and FUCOs currently does not exceed 
50% of its consolidated retained earnings (also as defined in rule 53). 
Progress Energy's aggregate investment in EWGs is currently $965 
million, or 47% of Progress Energy's consolidated retained earnings for 
the four quarters ended December 31, 2001 ($2.07 billion).\2\ Progress 
Energy does not currently hold an interest in any FUCO.
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    \2\ Progress Energy, through an indirect wholly-owned 
subsidiary, Progress Ventures, Inc., holds all of the equity 
securities of seven EWGs, as defined in section 32 of the Act.
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    Progress Energy requests, under rule 53(c), authority to use the 
proceeds of authorized financing (including Guarantees) to increase its 
aggregate investment in EWGs and FUCOs to $4 billion (``EWG/FUCO 
Investment Limit''). The proposed EWG/FUCO Investment Limit is equal to 
approximately 200% of Progress Energy's consolidated retained earnings 
for the four quarters ended December 31, 2001. Accordingly, Progress 
Energy requests that the Commission issue an order under rule 53(c) to 
allow Progress Energy to utilize the proceeds from the issuance of 
equity and debt securities and to issue Guarantees, within the limits 
specified under the Financing Orders (or any order or orders 
subsequently issued that extend or renew Progress Energy's 
authorization under the Financing Orders), to finance investments in 
EWGs and FUCOs in an amount up to the proposed EWG/FUCO Investment 
Limit.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 02-9628 Filed 4-18-02; 8:45 am]
BILLING CODE 8010-01-P