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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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  	June 7, 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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  	&nbsp;
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  	&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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  	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>
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  <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 1.01 Entry into a Material Definitive Agreement.
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  On June 7, 2007, the Organization and Compensation Committee of the Board of Directors of Progress Energy, Inc. ("Progress Energy") and subsidiary Carolina Power & Light Company d/b/a Progress Energy Carolinas, Inc. (the "Company") approved the election of Lloyd M. Yates as President and Chief Executive Officer of the Company, effective July 1, 2007, replacing Fred N. Day IV, who will retire from the Company on June 30, 2007.<br><br>Mr. Yates, age 46, is currently Senior Vice President of Energy Delivery for the Company, a role he has held since January 2005. From November 2003 to January 2005, Mr. Yates was Vice President of Transmission for the Company.  Mr. Yates joined the Company in December 1998 as Vice President of Fossil Generation and served in that role until November 2003.<br><br>As a result of Mr. Yates&#x2019; promotion, he will enter into a new employment agreement with the Company (the "Agreement") consistent with those of other similarly situated officers of Progress Energy, a form of which has been filed as Exhibit 10 to Progress Energy&#x2019;s and the Company&#x2019;s Form 10-Q filed May 8, 2007.  Specific terms of Mr. Yates&#x2019; employment will include: (i) a beginning base salary of $400,000; (ii) a target annual incentive award pursuant to the Company's Management Incentive Compensation Plan equal to 55% of base salary; and (iii) long-term incentive awards consisting of restricted stock units and performance share grants pursuant to the Company's 2007 Equity Incentive Plan equal to 58% and 117% of base salary, respectively.  The Agreement will remain in effect for three years from the effective date and will include an "evergrow provision" by which the Agreement will be automatically renewed such that the term will always be three years forward on the anniversary of the Agreement's effective date.  The Agreement will provide that the Company may elect not to extend it and must notify Mr. Yates of such an election at least 60 days prior to the annual anniversary date of the Agreement's effective date.<br><br>The Agreement will provide that, upon termination of employment without cause, Mr. Yates will be provided his base salary at the then-current rate times 2.99 and will be eligible to retain all benefits in which he has vested under existing benefit plans.  Additionally, the Company will reimburse him for certain health benefits for up to 18 months after the termination of his employment.  The Agreement will provide that, in the event the Company experiences a change in control, if Mr. Yates is designated as covered by the Company's Management Change in Control Plan ("MCICP") and is involuntarily or constructively terminated under the terms of the MCICP, then he will be entitled to the greater of the benefits available in the event of an involuntary termination without cause described above or the benefits to which he is entitled under the MCICP.<br><br>If the Company terminates Mr. Yates' employment for cause, he will be eligible to retain all benefits in which he has vested under existing benefit plans, but he will not be entitled to any form of salary continuation or any form of severance benefits.  Mr. Yates will also be entitled to any earned but unpaid salary.  The Agreement will provide that if Mr. Yates terminates his employment voluntarily at any time, he will retain all vested benefits but will not be entitled to any form of salary continuation or any form of severance benefit.<br><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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  The disclosure and qualifications set forth in Item 1.01 above are incorporated in this Item 5.02 by reference.
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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 two registrants: Progress Energy, Inc. and Carolina Power & Light Company d/b/a Progress Energy Carolinas, 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.<br></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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  <I>
  	June 7, 2007
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  	By:
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  <I>
  	Frank A. Schiller
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  <I>
  	Name: Frank A. Schiller
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  <I>
  	Title: Assistant Secretary, Progress Energy, Inc.; General Counsel and Assistant Secretary, Carolina Power & Light Company
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_20897.htm", "description": "LIVE FILING", "secsgml_size_bytes": 15653}]
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": "07917567"}, "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": "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": "07917568"}, "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):
  June 7, 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
  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 1.01 Entry into a Material Definitive Agreement.
  On June 7, 2007, the Organization and Compensation Committee of the Board of Directors of Progress Energy, Inc. ("Progress Energy") and subsidiary Carolina Power & Light Company d/b/a Progress Energy Carolinas, Inc. (the "Company") approved the election of Lloyd M. Yates as President and Chief Executive Officer of the Company, effective July 1, 2007, replacing Fred N. Day IV, who will retire from the Company on June 30, 2007.
  Mr. Yates, age 46, is currently Senior Vice President of Energy Delivery for the Company, a role he has held since January 2005. From November 2003 to January 2005, Mr. Yates was Vice President of Transmission for the Company.  Mr. Yates joined the Company in December 1998 as Vice President of Fossil Generation and served in that role until November 2003.
  As a result of Mr. Yates' promotion, he will enter into a new employment agreement with the Company (the "Agreement") consistent with those of other similarly situated officers of Progress Energy, a form of which has been filed as Exhibit 10 to Progress Energy's and the Company's Form 10-Q filed May 8, 2007.  Specific terms of Mr. Yates' employment will include: (i) a beginning base salary of $400,000; (ii) a target annual incentive award pursuant to the Company's Management Incentive Compensation Plan equal to 55% of base salary; and (iii) long-term incentive awards consisting of restricted stock units and performance share grants pursuant to the Company's 2007 Equity Incentive Plan equal to 58% and 117% of base salary, respectively.  The Agreement will remain in effect for three years from the effective date and will include an "evergrow provision" by which the Agreement will be automatically renewed such that the term will always be three years forward on the anniversary of the Agreement's effective date.  The Agreement will provide that the Company may elect not to extend it and must notify Mr. Yates of such an election at least 60 days prior to the annual anniversary date of the Agreement's effective date.
  The Agreement will provide that, upon termination of employment without cause, Mr. Yates will be provided his base salary at the then-current rate times 2.99 and will be eligible to retain all benefits in which he has vested under existing benefit plans.  Additionally, the Company will reimburse him for certain health benefits for up to 18 months after the termination of his employment.  The Agreement will provide that, in the event the Company experiences a change in control, if Mr. Yates is designated as covered by the Company's Management Change in Control Plan ("MCICP") and is involuntarily or constructively terminated under the terms of the MCICP, then he will be entitled to the greater of the benefits available in the event of an involuntary termination without cause described above or the benefits to which he is entitled under the MCICP.
  If the Company terminates Mr. Yates' employment for cause, he will be eligible to retain all benefits in which he has vested under existing benefit plans, but he will not be entitled to any form of salary continuation or any form of severance benefits.  Mr. Yates will also be entitled to any earned but unpaid salary.  The Agreement will provide that if Mr. Yates terminates his employment voluntarily at any time, he will retain all vested benefits but will not be entitled to any form of salary continuation or any form of severance benefit.
  Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
  The disclosure and qualifications set forth in Item 1.01 above are incorporated in this Item 5.02 by reference.
  __________________________________________________________________________________________
  This combined Form 8-K is filed separately by two registrants: Progress Energy, Inc. and Carolina Power & Light Company d/b/a Progress Energy Carolinas, 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.
  June 7, 2007
  By:
  Frank A. Schiller
  Name: Frank A. Schiller
  Title: Assistant Secretary, Progress Energy, Inc.; General Counsel and Assistant Secretary, Carolina Power & Light Company