Florida Power and IBEW reach tentative agreement

ST. PETERSBURG, Fla., Dec. 5, 2002 — Florida Power and the negotiating team for System Council U-8 of the International Brotherhood of Electrical Workers (IBEW) have reached tentative agreement on a new, three-year labor contract.

The union leadership has told company officials it will recommend acceptance of the tentative agreement, which is subject to final approval by union members.

“Florida Power and the IBEW crafted an agreement that allows the company to continue to improve customer service while providing employees with a competitive package,” said Bill Habermeyer, president & CEO of Florida Power. “The tentative agreement is a product of compromise by both parties.”

The date of the ratification vote has not yet been determined, but it is expected to take place no later than the week of December 16th.

On Oct. 1, the company and union began negotiating a new labor contract in an effort to reach a new agreement before the current contract expired Dec. 1. The company presented a proposal that on Nov. 27 the union voted to reject. The two sides then resumed negotiations Dec. 3.

Florida Power, a subsidiary of Progress Energy, provides electricity and related services to more than 1.4 million customers in Florida. The company is headquartered in St. Petersburg, Fla., and serves a territory encompassing over 20,000 square miles including the cities of St. Petersburg, Clearwater, as well as the Central Florida area surrounding Orlando. For more information about Florida Power, visit the company’s Web site at: http://www.fpc.com .

Source: Florida Power