EXHIBIT 10c(27)






                              EMPLOYMENT AGREEMENT

                                     BETWEEN

                      PROGRESS ENERGY SERVICE COMPANY, LLC

                                       AND

                         ------------------------------


                          _____________________, 200__



<PAGE>

                              EMPLOYMENT AGREEMENT


     This EMPLOYMENT AGREEMENT  ("Agreement"),  dated as of the ____________ day
of  ____________,  200_, is between  Progress  Energy  Service  Company,  LLC, a
corporation  headquartered  in  Raleigh,  North  Carolina,  and  a  wholly-owned
subsidiary   of  Progress   Energy,   Inc.,   its   successors  or  assigns  and
_______________________  ("___________").  Progress Energy Service Company, LLC,
shall be referred to as "PESC" or "the  Company"  throughout.  Progress  Energy,
Inc. shall be referred to as "Progress Energy" throughout.

                                    Preamble

     The  Company  and   ______________   agree  to  enter  into  an  employment
relationship in which  ___________________ will continue to serve as Senior Vice
President  -  ______________________,  for the  term  as set  forth  within  the
Agreement,  and in  consideration  of this  Agreement,  the parties agree to the
terms and provisions outlined herein:

                                   Provisions

     NOW,  THEREFORE,  in  consideration  of the mutual  covenants  and promises
contained herein and for other good and valuable consideration,  the receipt and
sufficiency of which are hereby  acknowledged  and accepted,  the parties hereto
hereby agree as follows:

     1. RESPONSIBILITIES; OTHER ACTIVITIES.

     _____________   shall  occupy  the   position  of  Senior  Vice   President
________________________    at   PESC   and   shall    undertake   the   general
responsibilities  and  duties  of such  position  as  directed  by  PESC  senior
management.   During  the  Employment  Term,   _________________  shall  perform
faithfully   the  duties  of   _________________'s   position,   devote  all  of
_________________'s  working  time and  energies to the  business and affairs of
PESC and shall use  ________________'s  best  efforts,  skills and  abilities to
promote PESC's general business  interests.  PESC reserves the right to reassign
_______________  to other  positions  within the  controlled  group of  Progress
Energy companies.

     2. TERM OF THE AGREEMENT:

          (a) The Agreement becomes  effective on ____________  ____, 200__, and
shall remain in effect until _____________ _____, 200__.

          (b) On January 1, 200__ and on January 1 of each year thereafter ("the
Extension Date"), the Agreement will be extended such that each prospective term
will always be three years forward ("Evergrow provisions").

                                       2
<PAGE>

          (c) The Company may elect to not extend the  Agreement and must notify
________________  no later than 60 days prior to the Extension Date that it does
not intend to renew the Agreement pursuant to paragraph 2(b), above.  Should the
Company elect not to renew the Agreement,  the Agreement will continue in effect
for the remainder of its term.

          (d)  The  Agreement  cannot  extend  beyond  _______________'s  normal
retirement date unless ______________ is requested to serve in his/her full-time
position  for a defined  period as set forth by the Chief  Executive  Officer of
Progress Energy.

     3. SALARY.  As  compensation  for the  services to be performed  hereunder,
_________________   will  be  paid  a  base   salary  at  the  annual   rate  of
________________Dollars   ($_______________)   (less  applicable   withholdings)
beginning on ________ ____, 200_. Annual base salary for each subsequent year of
employment under the Agreement shall be subject to adjustment by PESC during the
normal  annual  salary  review  process for  similarly  situated  executives  as
determined by PESC in its discretion.  Annual base salary shall be deemed earned
proportionally as ______________  performs services over the course of each year
the Agreement is in effect. Payments of annual base salary shall be made, except
as  otherwise  provided  herein,  in  accordance  with PESC's  standard  payroll
policies and procedures.

     4. EMPLOYEE BENEFIT PLANS.  During the Employment Term,  ____________ shall
be  entitled to  participate  in all  applicable  Company  and  Progress  Energy
sponsored  benefits plans as may be in effect upon terms and in accordance  with
policies  and  procedures  equivalent  to those  then in effect  and  applicable
generally to PESC employees.

     5.  EXECUTIVE  INCENTIVES,  BENEFITS  AND  PERQUISITES.   _____________  is
eligible to participate in the following  executive  incentive and benefit plans
and to receive the following executive perquisites:

          (a)  Short  Term  Incentive  Plan.   ______________   is  eligible  to
participate in the Progress Energy sponsored Management  Incentive  Compensation
Plan (MICP),  subject to its terms. The annual target will be __% of actual base
salary  earnings.  ______________'s  200__ MICP target will be  pro-rated at the
target rate of ___% between  ____________  ______ and ______ ___,  200__ and __%
for the period between _______ ___ and __________ ___, 200__.  The annual target
will increase to ___% effective _________ ___, 200__.

          (b) Long Term Incentives.  _____________ is eligible to participate in
a long  term  incentive  program,  subject  to its  terms,  with  the  following
components:

               (i) An award of performance  shares/units  equivalent to ____% of
base  salary  earned over a  three-year  period and  adjusted  based on Progress
Energy  performance.  These annual awards are generally  made in March.  For the
year 200__,  ____________ is eligible to receive an award of performance  shares
earned  over a three  (3)-year  period and  adjusted  based on  Progress  Energy
performance.

                                       3

<PAGE>

               (ii) An award of stock options  equivalent to approximately  ___%
of base salary vesting 1/3, 1/3, and 1/3 on the 1st, 2nd and 3rd  anniversaries,
from the date of grant. These annual awards are generally granted in October.

               (iii) An award of restricted  common stock  equivalent to ___% of
base salary  vesting  1/3,  1/3 and 1/3 on the 3rd,  4th and 5th  anniversaries,
respectively,  from the date of grant. These annual awards are generally made in
March. For the year 200__, ___________ shall receive ______ shares of restricted
common stock in accordance with the terms of a Progress Energy  Restricted Stock
Agreement.

          (c)  Base  Salary   Deferral  Plan.   _____________   is  eligible  to
participate in the Progress Energy sponsored  Management  Deferred  Compensation
Plan (MDCP), subject to its terms.

          (d) Restoration Pension Plan. _____________ is eligible to participate
in the Progress Energy sponsored  non-qualified  pension plan ("the  Restoration
Retirement Plan"),  subject to its terms. If _____________  becomes eligible for
benefits under Progress Energy's  Supplemental Senior Executive Retirement Plan,
____________ forfeits all benefits under the Restoration Retirement Plan.

          (e) Supplemental  Senior  Executive  Retirement Plan. Upon meeting the
Plan's   eligibility   requirements,   ____________   shall  be   eligible   for
participation in Progress Energy's Supplemental Senior Executive Retirement Plan
(SERP), subject to its terms.

          (f) Executive AD&D Life Insurance.  ____________  shall be eligible to
participate in Progress Energy's  Executive AD&D Life Insurance Plan, subject to
its terms.

          (g)  Split  Dollar  Insurance  Plan.  ______________  is  eligible  to
participate in the Progress  Energy  sponsored Split Dollar Life Insurance Plan,
subject to its terms.

          (h) Financial  Planning.  Consistent with PESC's practice with respect
to other executives,  ______________  will be reimbursed for financial  planning
and tax preparation.

          (i)  Automobile  Allowance.  ______________  is eligible to receive an
automobile  allowance of  _______________________  Dollars ($________) per month
(less withholdings), subject to the terms of PESC's policies.

          (j) Annual  Physical.  Consistent with PESC's practice with respect to
other  executives,  PESC  will  pay  for an  annual  physical  examination  by a
physician of _____________'s choice.

          (k) Luncheon Club.  PESC will pay the monthly dues for a membership at
a luncheon club approved by PESC senior  management.  Business  related expenses
will be reimbursed consistent with PESC's expense account guidelines.

                                       4

<PAGE>

          (l) Country Club  Membership.  At  ____________'s  option,  if joined,
Progress Energy will pay an initiation fee and monthly dues for a membership for
____________  at a country club approved by Progress  Energy.  Business  related
expenses will be reimbursed  consistent with Progress  Energy's  expense account
guidelines.

          (m) Airline Club  Membership.  Progress Energy will provide an airline
club membership in accordance with Progress Energy policy.

          (n)  Personal  Computer.  Progress  Energy  will  provide  a  personal
computer to _____________ to be used at his/her personal residence.

          (o) Home  Security.  PESC  will  install  a home  security  system  at
_______________'s personal residence and pay for any ongoing monitoring fees.

     6. COMPANY PLAN AND PROGRAM MAINTENANCE.  ____________'s entitlement to the
benefits  described  in  Sections 4 and 5 shall be governed  exclusively  by the
terms of the plans and programs  described in those  provisions.  Nothing in the
Agreement  shall require  Progress Energy or the Company to continue or maintain
any short term  incentive,  long term incentive,  employee or executive  benefit
plan or program or any  perquisite.  Progress  Energy and the Company shall have
the right to modify,  replace or eliminate  any  incentive  or benefit  plans or
programs, including perquisites.

     7. VACATION AND HOLIDAYS. ______________ will be entitled to _____ weeks of
vacation leave per year,  unless  his/her  combined years of service to Progress
Energy  subsidiaries  entitle  him/her to additional  vacation leave pursuant to
Company policy. __________ will be granted paid holidays per Company policy.

     8. TERMINATION OF EMPLOYMENT.

          (a) Involuntary Termination.

               (i) For purposes of this Agreement,  PESC shall be deemed to have
terminated  ____________'s  employment  if  _____________  is displaced  from an
assignment  within the controlled  group of Progress Energy companies and is not
simultaneously  reassigned to another  position  within the controlled  group of
Progress Energy companies.

               (ii)  Termination   Without  Cause.   During  the  term  of  this
Agreement,  if _____________'s  employment from the controlled group of Progress
Energy  companies  is  terminated  without  cause,  then  _____________  will be
provided with his/her  then-base  salary at the rate at the time of  termination
for  the  remainder  of the  term  of the  Agreement.  Additionally,  PESC  will
reimburse  ______________  for the costs of  continued  coverage  under  certain
health and welfare  benefit plans  pursuant to the  Consolidated  Omnibus Budget
Reconciliation  Act of 1985  ("COBRA")  for up to eighteen (18) months after the

                                       5

<PAGE>

termination of his/her employment;  provided, however, that ______________ shall
not be eligible  for COBRA  reimbursement  if he/she is  otherwise  eligible for
coverage  under  benefit  plans  offering  substantially  equivalent  or greater
benefits than the plans in which he/she is eligible to participate  under COBRA.
Receipt of the  benefits in this  paragraph  is subject to the  requirements  of
paragraphs 8(f), (g) and (h) of this Agreement.  In addition,  _________ will be
eligible  to retain all  benefits  under  existing  benefit  plans to the extent
vested within the terms of those plans.

               (iii)  Termination for Cause.  During the term of this Agreement,
PESC may elect at any time to terminate ______________'s  employment immediately
hereunder and remove  ____________  from  employment for cause.  For purposes of
this  paragraph  8(a)(iii),  cause for the  termination  of employment  shall be
defined  as:  (1) any  act of  ___________'s  including,  but  not  limited  to,
misconduct, negligence, unlawfulness, dishonesty or inattention to the business,
which is detrimental to PESC's interests;  or (2) ____________'s  unsatisfactory
job  performance or failure to comply with PESC policies,  rules or regulations.
If ____________ is terminated for Cause as defined herein,  then he/she shall be
eligible to retain all benefits  under  existing  benefit plans that have vested
pursuant to those plans,  but he/she shall not be entitled to any form of salary
continuation or severance  benefits.  Upon  termination for cause,  ____________
shall be  entitled  to any  earned  but  unpaid  salary  accrued  to the date of
termination.  Any continued  rights or benefits  _____________  or his/her legal
representatives  may have under any PESC or Progress Energy  sponsored  employee
benefit plan or program upon his/her  termination  for cause shall be determined
in accordance with the terms or provisions of the plan or program.

          (b) Constructive Termination.

               (i)  Within  the  term  of  this  Agreement,   if   ___________'s
employment is constructively  terminated,  then __________ will be provided with
his/her  base salary at the current  rate for the  remainder of the term of this
Agreement.  Additionally,  Progress  Energy will  reimburse  ______________  for
his/her COBRA  premiums for up to eighteen (18) months after the  termination of
______________'s  employment  as long as  _______________  is not  eligible  for
coverage  under the same types of benefits  plans  covered by COBRA.  Receipt of
these benefits is subject to the  requirements  of paragraphs 8 (f), (g) and (h)
of this Agreement.  In addition,  _______________ will be eligible to retain all
benefits under existing  benefit  programs to the extent vested within the terms
of those programs.

               (ii)  For  the  purposes  of  paragraph  8 of this  Agreement,  a
constructive  termination  will be deemed to occur if:  (1) there is a change in
the form of ownership of Progress  Energy  (e.g.,  Progress  Energy is acquired,
enters into a business  combination  with another  company or otherwise  changes
form of  ownership)  and (2)  ____________  is  offered  a new  position  with a
material  change in  authority,  duties,  wages or  benefits.  If  ___________'s
employment is constructively  terminated under this paragraph,  _____________ is
entitled to the greater of either the benefits  contained  in this  paragraph or
the benefits he/she is entitled to, if any, under the Progress Energy Management

                                       6

<PAGE>

Change-in-Control  Plan,  according  to the  terms of the Plan.  Changes  to the
corporate structure of Progress Energy not related to an acquisition of Progress
Energy shall not constitute grounds for constructive termination.

          (c)  Voluntary   Termination.   If  ____________   terminates  his/her
employment voluntarily for any reason at any time, then he/she shall be eligible
to retain all benefits under existing benefit plans that have vested pursuant to
the terms of those plans, but as of the last date of regular employment,  he/she
shall not be  entitled  to any form of salary  continuation  or other  severance
benefit.

          (d) Termination Due to Death. In the event of  ______________'s  death
during the term of the Agreement,  ______________'s  employment  hereunder shall
terminate  and the Company  shall have no further  obligation  to  _____________
under  this  Agreement  except  as  specifically  provided  in  this  Agreement.
______________'s  estate  shall be  entitled  to  receive  all earned but unpaid
Salary accrued to the date of termination  and any Bonus for a prior fiscal year
that has been  earned  but not paid.  The Bonus,  if any,  for the year in which
______________'s  death occurs shall be  calculated  on a pro rata basis for the
portion of the fiscal year prior to  __________________'s  death  occurring  and
shall be paid at the regularly  scheduled time for the payment of the Bonus. Any
rights and  benefits  ____________,  or  _____________'s  estate or other  legal
representatives,  may have under employee  benefit plans and programs of PESC or
Progress Energy upon  _____________'s  death during the Employment Term, if any,
shall be determined in  accordance  with the terms and  provisions of such plans
and programs.

          (e) Termination Due to Medical Condition.

               (i)  PESC  may  terminate  ____________'s  employment  hereunder,
subject to the Americans With  Disabilities  Act or other applicable law, due to
medical  condition  if (1) for a  period  of 180  consecutive  days  during  the
Employment Term,  ___________ is totally and permanently  disabled as determined
in accordance  with the Company's long term disability plan (LTD), if any, as in
effect  during  such time;  or (2) at any time  during  which no such plan is in
effect,  ______________  is  substantially  unable  to  perform  his/her  duties
hereunder  because of a medical  condition for a period of 180 consecutive  days
during  the term of the  Agreement.  Provided,  however,  that if  _____________
applies  for and is deemed  eligible  for  benefits  under the  Progress  Energy
sponsored Long Term Disability Plan (LTD Benefits), ______________ shall receive
such benefits and his/her employment will not be terminated as long as he/she is
receiving LTD Benefits.

               (ii) Upon the  termination  of  ___________'s  employment  due to
medical  condition or placement of ____________  on Long Term Disability  (LTD),
PESC shall have no  further  obligation  to  ____________  under this  Agreement
except as  specifically  provided in this  Agreement.  Upon such  termination or
placement on LTD, ____________ shall be entitled to all earned but unpaid Salary
accrued to the date of termination or placement on LTD and any Bonus for a prior
fiscal  year that has been  earned  but not paid.  The  Bonus,  if any,  for the
current  fiscal year shall be  calculated on a pro rata basis for the portion of

                                       7

<PAGE>

the fiscal year  _______________  was performing the duties of his/her  position
and shall be paid at the regularly  scheduled time for the payment of the Bonus.
Any continued  rights and benefits  _____________,  or  _______________'s  legal
representatives,  may have under employee  benefit plans and programs of PESC or
Progress Energy upon  ________________'s  termination or placement on LTD due to
medical condition,  if any, shall be determined in accordance with the terms and
provisions of such plans and programs.

          (f)  Release of Claims.  In order to  receive  continuation  of salary
under paragraph 8(a) or 8(b), ______________ agrees to execute a written release
of all claims against PESC, and its employees, officers, directors, subsidiaries
and affiliates, on a form acceptable to PESC.

          (g)  Covenant  Not to  Compete.  If  PESC  terminates  _____________'s
employment  without  Cause  under  paragraph  8(a)  or if  ____________  becomes
eligible  for the benefits  available  under  paragraph  8(a) as the result of a
change in control as set forth in paragraph  8(b),  _____________,  for one year
after the Termination  Date,  shall not compete  directly or indirectly with the
Company,  or its affiliates  within fifty (50) miles of any  geographic  area in
which the Company or its affiliates has a material  business interest with which
_________________ is involved.

          (h) Non  Interference.  If PESC terminates  ____________'s  employment
without Cause under paragraph 8(a) or if  _______________  becomes  eligible for
the benefits available under paragraph 8(a) as the result of a change in control
as set forth in paragraph 8(b), ___________,  for one year after the Termination
Date,  shall not  whether on his/her  own  account or on the  account of another
individual,  partnership,  firm,  corporation,  or other  business  organization
(other  than  the  Company  and  its   affiliates),   directly  or   indirectly,
intentionally  solicit,  endeavor  to entice away from the Company or any of its
affiliates,  or otherwise  interfere with the relationship of the Company or its
affiliates,  any  person  who is  employed  by or  otherwise  engaged to perform
services  for the Company or its  affiliates  including  but not limited to, any
independent representatives or organizations,  or any person or entity that is a
customer of the Company or its affiliates.

     9. ASSIGNABILITY.

     No rights or  obligations  of  ______________  under this  Agreement may be
assigned or transferred by _______________, except that (i) ___________'s rights
to  compensation  and benefits  hereunder may be  transferred by will or laws of
intestacy to the extent specified herein and (ii)  _____________'s  rights under
employee benefit plans or programs described in Sections 4 and 5 may be assigned
or  transferred  in  accordance  with the terms of such  plans or  programs,  or
regular practices thereunder.  The Company may assign or transfer its rights and
obligations under this Agreement.

                                       8
<PAGE>
     10. CONFIDENTIALITY.

     ______________  will not disclose the terms of this Agreement except (i) to
financial and legal advisors under an obligation to maintain confidentiality, or
(ii) as required by a valid court order or subpoena  (and in such event will use
his/her best efforts to obtain a protective order requiring that all disclosures
be kept under court seal) and will notify  PESC  promptly  upon  receipt of such
order or subpoena.

     11. MISCELLANEOUS.

          (a) Governing Law. This Agreement  shall be governed by, and construed
in accordance with, the laws of the State of North Carolina without reference to
laws governing conflicts of law.

          (b)   Entire   Agreement.   This   Agreement   contains   all  of  the
understandings and representations  between the parties hereto pertaining to the
subject matter hereof and supersedes all  undertakings  and agreements,  whether
oral or in  writing,  if any,  previously  entered  into  by them  with  respect
thereto.

          (c) Amendment or Modification;  Waiver. No provision in this Agreement
may be  amended  or  waived  unless  such  amendment  or  waiver is agreed to in
writing,  signed  by  ____________  and by an  officer  of PESC  thereunto  duly
authorized to do so. Except as otherwise specifically provided in the Agreement,
no waiver  by a party  hereto of any  breach  by the other  party  hereto of any
condition  or  provision  of the  Agreement  to be performed by such other party
shall be deemed a waiver of a similar or  dissimilar  provision  or condition at
the same or any prior or subsequent time.

          (d) Notice. Any notice (with the exception of notice of termination by
PESC,  which may be given by any means and need not be in writing except that if
termination  is for Cause,  oral notice  must be followed by written  notice) or
other document or  communication  required or permitted to be given or delivered
hereunder  shall be in  writing  and shall be deemed to have been duly  given or
delivered  if (i)  mailed by  United  States  mail,  certified,  return  receipt
requested,  with proper postage prepaid,  or (ii) otherwise delivered by hand or
by  overnight  delivery,  against  written  receipt,  by  a  common  carrier  or
commercial  courier or delivery service,  to the party to whom it is to be given
at the address of such party as set forth  below (or to such other  address as a
party  shall  have  designated  by notice to the other  parties  given  pursuant
hereto):

          If to _______________:
                  ------------------
                  Progress Energy Service Company, LLC
                  410 S. Wilmington Street
                  Raleigh, North Carolina 27601

                                       9

<PAGE>

          If to PESC:
                  Progress Energy Service Company, LLC
                  410 S. Wilmington Street
                  Raleigh, North Carolina 27601
                  Attn.:  Vice President - Human Resources

Any  such  notice,  request,  demand,  advice,  schedule,  report,  certificate,
direction,  instruction  or other  document or  communication  so mailed or sent
shall be deemed to have been duly given,  if sent by mail, on the third business
day following the date on which it was deposited at a United States post office,
and if delivered by hand, at the time of delivery by such commercial  courier or
delivery service,  and, if delivered by overnight delivery service, on the first
business day following the date on which it was delivered to the custody of such
common carrier or commercial courier or delivery service,  as all such dates are
evidenced  by the  applicable  delivery  receipt,  airbill or other  shipping or
mailing document.

          (e)  Severability.  In the event that any provision or portion of this
Agreement shall be determined to be invalid or unenforceable for any reason, the
remaining  provisions or portions of this Agreement shall be unaffected  thereby
and shall  remain in full force and effect to the fullest  extent  permitted  by
law.

          (f) References.  In the event of _______________'s death or a judicial
determination of  _____________'s  incompetence,  reference in this Agreement to
____________ shall be deemed, where appropriate, to refer to ___________'s legal
representative,  or, where  appropriate,  to  _______________'s  beneficiary  or
beneficiaries.

          (g) Headings.  Headings contained herein are for convenient  reference
only and shall not in any way  affect  the  meaning  or  interpretation  of this
Agreement.

          (h)   Counterparts.   This   Agreement  may  be  executed  in  several
counterparts,  each of which shall be deemed to be an original, but all of which
together shall constitute one and the same instrument.

          (i) Rules of  Construction.  The  following  rules  shall apply to the
construction and interpretation of this Agreement:

               (1) Singular words shall connote the plural number as well as the
singular and vice versa,  and the  masculine  shall include the feminine and the
neuter.

               (2) All  references  herein to particular  articles,  paragraphs,
sections,  subsections,   clauses,  Schedules  or  Exhibits  are  references  to
articles, paragraphs,  sections, subsections,  clauses, Schedules or Exhibits of
this Agreement.

                                       10

<PAGE>

               (3) Each party and its  counsel  have  reviewed  and  revised (or
requested  revisions of) this Agreement,  and therefore any rule of construction
requiring that  ambiguities are to be resolved  against a particular party shall
not be applicable in the  construction and  interpretation  of this Agreement or
any exhibits hereto or amendments hereof.

               (4) As used in this Agreement,  "including" is illustrative,  and
means "including but not limited to."

          (j) Remedies.  Remedies specified in this Agreement are in addition to
any others available at law or in equity.

          (k)  Withholding  Taxes.  All payments under this  Agreement  shall be
subject  to  applicable   income,   excise  and   employment   tax   withholding
requirements.


     IN WITNESS WHEREOF,  the parties hereto have executed,  or have caused this
Agreement to be executed by their duly authorized  officer,  as the case may be,
all as of the day and year written below.


EMPLOYEE


_________________________________________       Date: _________________________



PROGRESS ENERGY SERVICE COMPANY, LLC


By:   ___________________________________       Date: _________________________
      OFFICER
      OFFICER TITLE



                                       11