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FLORIDA POWER CORPORATION PURCHASES

 SEBRING, Fla., April 1 /PRNewswire/ -- Florida Power Corporation (FPC) today purchased the 12,500-customer Sebring Utilities Commission (SUC) electrical distribution system for $54 million.
 "We are very pleased to welcome the residents of Sebring into the Florida Power system," said FPC Vice President Pete Dagostino. "This acquisition provides significant rate relief for a community that has been saddled with a heavy debt and some of the highest electric rates in Florida and the nation."
 Florida Power will immediately take over electric operations in the Greater Sebring area. Under the terms of the agreement, SUC's former customers will pay a special rate for no more than 15 years in addition to Florida Power's regular electric rates. This rate will recover the costs spent to retire SUC's debt obligations in excess of the value of the system.
 Based on FPC's current rates, residential electric customers pay $79.16 for 1,000 kilowatt hours (kwh) of electricity (a sample monthly residential bill). In addition, Sebring customers will pay $18.05 a month plus $.46 in additional gross receipts tax per 1,000 kwh, for a total of $97.67. All of Florida Power's customers are also eligible for an additional bill reduction of up to $17 per month in the winter and $14 in the summer by participating in its Energy Management Program, potentially reducing the monthly Sebring bill to $80.67.
 SUC last charged its customers a total of $110.14 for 1,000 kwh, which included gross receipts tax.
 All 45 of SUC's electrical system employees were offered full-time employment with Florida Power. Forth-four accepted and have been hired.
 FPC, an investor-owned utility, is the principal subsidiary of Florida Progress Corporation (NYSE: FPC) of St. Petersburg, Fla. Florida Power serves 1.2 million customers in a service area that encompasses approximately 20,000 square miles in 32 countries.
 FLORIDA POWER CORPORATION ELECTRIC RATES
 FOR SEBRING CUSTOMERS
 Effective April 1, 1993
 Residential Rate for 1,000 kilowatt hours:
 Base Rate $ 47.93
 Fuel Charge $ 21.77
 Capacity Charge $ 2.89
 Energy Conservation Charge $ 4.59
 Gross Receipts Tax + $ 1.98
 Sub Total $ 79.16
 Sebring Rider + $ 18.05
 Add'l Gross Receipts Tax .46
 Total $ 97.67
 Optional Energy Management
 Credits, up to $17 - $ 17.00
 Net Monthly Payment $ 80.67
 Most recent Sebring Utilities Commission Rate $110.14
 -0- 4/1/93
 /CONTACT: Bill Warren, 407-646-8266, or Beth Pittenger, 407-646-8263, both of Florida Power Corporation/
 (FPC)


CO: Florida Power Corporation; Sebring Utilities Commission ST: Florida IN: UTI SU:

JB-JJ -- FL008 -- 2094 04/01/93 14:10 EST
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Publication:PR Newswire
Date:Apr 1, 1993
Words:425
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