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  <TITLE> Progress Energy, Inc. (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	July 10, 2007
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  	Progress Energy, Inc.
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	North Carolina
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  	1-15929
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  	56-2155481
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	410 S. Wilmington Street, Raleigh, North Carolina
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  	&nbsp;
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  	27601-1849
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
  	(Zip Code)
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  	Registrant&#146;s telephone number, including area code:
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  	&nbsp;
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  	919-546-6111
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  	Carolina Power & Light Company d/b/a Progress Energy Carolinas, Inc.
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	North Carolina
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  	1-3382
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  	56-0165465
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	410 S. Wilmington Street, Raleigh, North Carolina
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  	27601-1849
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
  	(Zip Code)
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  	Registrant&#146;s telephone number, including area code:
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  	&nbsp;
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  	(919) 546-6111
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  	n/a
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  	Former name or former address, if changed since last report
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  	&nbsp;
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  	Florida Power Corporation d/b/a Progress Energy Florida, Inc.
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Florida
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  	1-3274
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  	59-0247770
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	&nbsp;
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  	299 1st Avenue N., St. Petersburg, Florida
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  	33701
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  _________________________________<BR>
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  	&nbsp;
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  ___________<BR>
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  	Registrant&#146;s telephone number, including area code:
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  	&nbsp;
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  	919-546-6111
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  	n/a
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  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
  </P>
  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  <B>
  	Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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  <FONT SIZE="2">
  On March 20, 2007, the Organization and Compensation Committee (the "Committee") of the Board of Directors of Progress Energy, Inc. (the "Company") adopted a new sub-plan to the 2007 Equity Incentive Plan, attached hereto as Exhibit 10.1.  Approval of the new sub-plan was an administrative matter resulting from the approval of the 2007 Equity Incentive Plan by Company&#x2019;s shareholders at the May 9, 2007 Annual Meeting.  The new sub-plan is identical, with respect to future awards, to the previously disclosed Exhibit C to the 2002 Equity Incentive Plan ("Sub-Plan C") and provides that performance shares issued under the new sub-plan will utilize total shareholder return as the sole metric for determining the amount of an award upon vesting.  In order to ensure that the performance metrics are not unduly affected by price to earnings ratio changes that are largely out of management&#x2019;s control, the Committee designed the total shareholder return performance metrics to be calculated assuming a constant price to earnings ratio, which will be set at the beginning of each grant&#x2019;s performance period.  The performance metrics also use core ongoing earnings as the earnings component for performance measurement purposes.  The new sub-plan replaces Sub-Plan C with respect to future performance shares issued by the Company.
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  <BR><BR><BR><BR><P ALIGN="LEFT" STYLE="FONT-SIZE: 10PT">________________________________________________________________________________________________<br><br>This combined Form 8-K is filed separately by three registrants: Progress Energy, Inc., Carolina Power & Light Company d/b/a Progress Energy Carolinas, Inc. and Florida Power Corporation d/b/a Progress Energy Florida, Inc.  Information contained herein relating to any individual registrant is filed by such registrant solely on its own behalf, and is not, and shall not, be deemed to be filed or disclosed by any other registrant.</P><!-- PageBreak START -->
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	Progress Energy, Inc.
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  	&nbsp;&nbsp;
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  <I>
  	July 16, 2007
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  <I>
  	By:
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  	&nbsp;
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  <I>
  	Jeffrey M. Stone
  </I>
  <BR>
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  <I>
  	Name: Jeffrey M. Stone
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  <I>
  	Title: Chief Accounting Officer, Progress Energy, Inc., Carolina Power & Light Company d/b/a Progress Energy Carolinas, Inc. and Florida Power Corporation d/b/a Progress Energy Florida, Inc.
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	Description
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  	10.1
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  Exhibit A 2007 Equity Incentive Plan
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_21446.htm", "description": "LIVE FILING", "secsgml_size_bytes": 17466}]
metadata_filer: [{"company-data": {"conformed-name": "PROGRESS ENERGY INC", "cik": "0001094093", "assigned-sic": "4911", "irs-number": "562155481", "state-of-incorporation": "NC", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-15929", "film-number": "07981456"}, "business-address": {"street1": "410 S WILMINGTON ST", "city": "RALEIGH", "state": "NC", "zip": "27601", "phone": "9195466463"}, "mail-address": {"street1": "410 S WILMINGTON ST", "city": "RALEIGH", "state": "NC", "zip": "27601"}, "former-company": [{"former-conformed-name": "CP&L ENERGY INC", "date-changed": "20000314"}, {"former-conformed-name": "CP&L HOLDINGS INC", "date-changed": "19990830"}]}, {"company-data": {"conformed-name": "FLORIDA POWER CORP", "cik": "0000037637", "assigned-sic": "4911", "irs-number": "590247770", "state-of-incorporation": "FL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-03274", "film-number": "07981457"}, "business-address": {"street1": "100 CENTRAL AVENUE", "city": "ST. PETERSBURG", "state": "FL", "zip": "33701", "phone": "7278205151"}, "mail-address": {"street1": "100 CENTRAL AVENUE", "city": "ST. PETERSBURG", "state": "FL", "zip": "33701"}, "former-company": {"former-conformed-name": "FLORIDA POWER CORP /", "date-changed": "19950829"}}, {"company-data": {"conformed-name": "CAROLINA POWER & LIGHT CO", "cik": "0000017797", "assigned-sic": "4911", "irs-number": "560165465", "state-of-incorporation": "NC", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-03382", "film-number": "07981458"}, "business-address": {"street1": "410 S. WILMINGTON STREET", "city": "RALEIGH", "state": "NC", "zip": "27601", "phone": "9195466111"}, "mail-address": {"street1": "410 S. WILMINGTON STREET", "city": "RALEIGH", "state": "NC", "zip": "27601"}}]
text: Progress Energy, Inc. (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 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):
  July 10, 2007
  Progress Energy, Inc.
  __________________________________________
  (Exact name of registrant as specified in its charter)
  North Carolina
  1-15929
  56-2155481
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  410 S. Wilmington Street, Raleigh, North Carolina
  27601-1849
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  919-546-6111
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Carolina Power & Light Company d/b/a Progress Energy Carolinas, Inc.
  __________________________________________
  (Exact name of registrant as specified in its charter)
  North Carolina
  1-3382
  56-0165465
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  410 S. Wilmington Street, Raleigh, North Carolina
  27601-1849
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  (919) 546-6111
  n/a
  ______________________________________________
  Former name or former address, if changed since last report
  Florida Power Corporation d/b/a Progress Energy Florida, Inc.
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Florida
  1-3274
  59-0247770
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  299 1st Avenue N., St. Petersburg, Florida
  33701
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  919-546-6111
  n/a
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
  On March 20, 2007, the Organization and Compensation Committee (the "Committee") of the Board of Directors of Progress Energy, Inc. (the "Company") adopted a new sub-plan to the 2007 Equity Incentive Plan, attached hereto as Exhibit 10.1.  Approval of the new sub-plan was an administrative matter resulting from the approval of the 2007 Equity Incentive Plan by Company's shareholders at the May 9, 2007 Annual Meeting.  The new sub-plan is identical, with respect to future awards, to the previously disclosed Exhibit C to the 2002 Equity Incentive Plan ("Sub-Plan C") and provides that performance shares issued under the new sub-plan will utilize total shareholder return as the sole metric for determining the amount of an award upon vesting.  In order to ensure that the performance metrics are not unduly affected by price to earnings ratio changes that are largely out of management's control, the Committee designed the total shareholder return performance metrics to be calculated assuming a constant price to earnings ratio, which will be set at the beginning of each grant's performance period.  The performance metrics also use core ongoing earnings as the earnings component for performance measurement purposes.  The new sub-plan replaces Sub-Plan C with respect to future performance shares issued by the Company.
  ________________________________________________________________________________________________
  This combined Form 8-K is filed separately by three registrants: Progress Energy, Inc., Carolina Power & Light Company d/b/a Progress Energy Carolinas, Inc. and Florida Power Corporation d/b/a Progress Energy Florida, Inc.  Information contained herein relating to any individual registrant is filed by such registrant solely on its own behalf, and is not, and shall not, be deemed to be filed or disclosed by any other registrant.
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  Progress Energy, Inc.
  July 16, 2007
  By:
  Jeffrey M. Stone
  Name: Jeffrey M. Stone
  Title: Chief Accounting Officer, Progress Energy, Inc., Carolina Power & Light Company d/b/a Progress Energy Carolinas, Inc. and Florida Power Corporation d/b/a Progress Energy Florida, Inc.
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  10.1
  Exhibit A 2007 Equity Incentive Plan