EXHIBIT NO.10b(17)
                              EMPLOYMENT AGREEMENT

         This Employment Agreement  ("Agreement") is made and entered into as of
April 1, 1993, by and between  Carolina Power & Light Company  ("Employer")  and
William S. Orser ("Employee").

         WHEREAS, Employer desires to retain Employee and Employee desires to be
retained by Employer as Executive Vice  President - Nuclear of Employer,  on the
terms and conditions set forth in this Agreement.

         NOW,  THEREFORE,  in consideration of the mutual  agreements  contained
herein, the parties agree as follows:

                             SECTION 1 - EMPLOYMENT

         Employee  shall be  employed as  Executive  Vice  President  Nuclear by
Employer,  and shall  devote  his full  business  time and best  efforts  to the
performance of the duties that are necessary and  appropriate as such.  Employee
will also  perform  all  duties and  obligations  as  President/Chief  Operating
Officer  of the  Company  and the  Board  of  Directors  may  from  time to time
specifically require, including without limitation, those duties and obligations
in this  Agreement.  Employee  shall be responsible  and report  directly to the
President/Chief  Operating  Officer  of the  Company.  Employee  agrees  to such
employment upon the terms and conditions in this Agreement.

                         SECTION 2 - TERM OF EMPLOYMENT

         This employment is similar to the employment of other senior executives
of  Employer  and is at the  continued  will of both  parties.  If it  should be
terminated by either party, then the provisions of Section 7 herein shall apply.

                            SECTION 3 - COMPENSATION

         In  consideration  of all the  services  to be  rendered by Employee to
Employer under this Agreement, Employer shall compensate Employee as follows:

         (a) Employee  shall be paid an aggregate  annual  salary,  exclusive of
fringe benefits and benefits provided under employee benefit plans, of $280,000,
payable at such intervals, but not less frequently than monthly, as Employer may
determine.  Such salary shall be subject to periodic  review and  adjustment  by
Employer  commencing in calendar year 1993 and thereafter,  at the same time and
in the same manner as other executive officer salaries are reviewed and adjusted
by Employer;

         (b) Employee shall receive 2,000 shares of Employer common stock,  plus
such additional amounts as are necessary to pay the amount of federal, state and
local taxes due on the value of such stock;

         (c) Employee shall receive short-term incentive  compensation  payments
of: (i)  $50,000,  to be paid on or before  August  31,  1993,  with  respect to
Employee's services in 1993; and (ii) $50,000, to be paid on or before March 15,
1994,  with  respect to  Employee's  services in calendar  year 1993.  Such cash
payments shall be in lieu of amounts that might otherwise be payable to Employee
with  respect  to  calendar  year 1993  under  Employer's  Management  Incentive
Compensation  Program  or any  similar  program  adopted in lieu  thereof.  With
respect to calendar years after 1993,  Employee shall be eligible to participate
in Employer's  Management Incentive  Compensation Program with a present maximum
payout of 30  percent  of base  salary or any  similar  program  adopted in lieu
thereof and Employee's entitlement to any such short-term incentive compensation
shall be determined under such program;

         (d) Employee shall be entitled to such long-term incentive compensation
payments  or awards  under plans or  programs  adopted  from time to time by the
Board of Directors of the Employer  which covers  eligible  executive  officers,
including Employee;

         (e)  Employee  shall be eligible  to  participate  in certain  employee
pension benefit  programs  (including  certain  deferred  compensation  plans or
agreements) as described in Section 4 of this agreement;

         (f)  Employee  shall be eligible  to  participate  in certain  employee
welfare  benefit  plans or  programs  and shall be  entitled  to certain  fringe
benefits as described in Section 5 of this Agreement. Such fringe benefits shall
be taxable to the extent  required by law,  and  Employee  shall not receive any
additional amounts to pay the taxes due on any taxable fringe benefits except as
otherwise provided in Section 5.

             SECTION 4 - PENSION AND DEFERRED COMPENSATION BENEFITS

         (a) Employee  shall be entitled to  participate  in and be eligible for
such  pension and  deferred  compensation  benefit  plans or programs  available
generally to senior  executives of Employer,  including by way of  illustration,
but not by way of limitation,  the Stock Purchase-Savings Plan, the Supplemental
Retirement  Plan for  Employees,  the  Supplemental  Executive  Retirement  Plan
("SERP"),   the  Executive   Deferred   Compensation   Plan,  and  the  Deferred
Compensation  Plan for Key Management  Employees.  Employee shall be entitled to
participate in such plans and programs on the same terms and conditions as other
executive employees, except as follows:

                  (i)  Employee  shall be entitled to three  annual  payments of
$50,000 each for calendar years 1993,  1994,  and 1995,  which shall be deferred
and paid to Employee as if they were  deferred  under the Deferred  Compensation
Plan for Key Management Employees as a one-year deferral for calendar year 1993.
This  amount  shall be  utilized  to provide  retirement  income to  Employee of
$151,100  per year for 15 years  payable  monthly,  commencing  upon  Employee's
attainment  of age 65 (or  $112,911  per year for 15 years at age 60). As of his
date of employment,  Employee shall also be credited with 9 years of service for
purposes of determining his benefits thereunder.  In addition,  reduced payments
shall be made  pursuant  to an  agreed-upon  schedule  if  Employee  dies before
reaching age 65.

                  (ii)  If  Employee's  employment  is  terminated  at  age  55,
employee  shall be  entitled,  under the  severance  provisions  of the Deferred
Compensation  Plan for Key  Management  Employees,  to a  one-time  option  of a
lump-sum  payment of $225,000.  If Employee elects this option,  payment of said
lump sum  shall  terminate  Employee's  participation  and any  future  benefits
thereunder.

                  (iii)  With  respect  to  the  SERP,   Employee  shall  become
immediately  eligible  to  participate  and shall be fully  vested  in  benefits
thereunder as of his date of employment.

                     SECTION 5 - WELFARE AND FRINGE BENEFITS

         (a)  Employee  shall be entitled  to  participate  in all such  welfare
benefit  programs  and  plans  that  exist or may  hereafter  be  instituted  by
Employer,  and shall receive all other fringe  benefits  available  generally to
senior  executives  of Employer.  These  welfare  benefit plans and programs and
other  fringe  benefits  include,  by way  of  illustration,  but  not by way of
limitation,  group health insurance benefits, life insurance benefits, long-term
and short-term disability benefits, vacation days, and annual Employer holidays.

         (b)  Employee  shall be entitled to receive  the  following  additional
welfare  benefits and fringe  benefits on the same terms and conditions as other
executive employees, except as follows:

                  (i)  Employee  shall  be  provided  with   split-dollar   life
insurance coverage in an amount equal to $790,000,  plus such additional amounts
as  necessary  to pay the amount of  federal,  state and local  taxes due on the
value of such life  insurance.  The cost of such  coverage  shall be included in
Employee's  taxable  income in  accordance  with  applicable  regulations.  This
split-dollar  insurance  coverage  shall be in addition to $50,000 in group-term
life  insurance  provided  to  all  senior  executives  with  split-dollar  life
insurance  coverage  and  shall  be in  lieu  of any  other  insurance  coverage
available to Company  employees  under the Company's  group-term  life insurance
program.

                  (ii)  Employee  shall have the  opportunity  to obtain  estate
planning  counseling  provided  through the trust department of Wachovia Bank of
North Carolina, N.A.;

                  (iii)  Employee  shall be entitled to four (4) weeks of annual
vacation and additional  vacation days as approved on a  discretionary  basis by
the President/Chief Operating Officer of the Company;
                  
                  (iv)  Employer  shall  pay  initiation  fees  and dues for the
Employee at the Capital City Club;

                  (v)  Employee  shall  be  entitled  to  membership  in the Rex
Hospital Wellness Center, with the initiation fee and monthly dues to be paid by
Employer;

                  (vi)  Employer  shall  pay  for  one  annual  physical,  to be
provided by a physician of Employee's choice;

                  (vii)  Employee  shall be provided an  automobile of the class
available to senior executives of Employer, with a cellular telephone. Insurance
and  maintenance  for the vehicle  will be provided  by  Employer,  and all base
monthly telephone charges and the incremental  charges for all business calls on
the cellular telephone will be paid by Employer.

                  (viii)  Employee  shall  be  entitled  to  utilize   chartered
aircraft service pursuant to the Employer's policies as needed, and, pursuant to
Employee's discretion, first class commercial air travel;

                  (ix) Employee  shall be provided  with a personal  computer at
his home for business use;

                  (x) Employee shall be reimbursed  for  relocation  expenses as
described in Attachment A hereto;

                  (xi)  Employee  shall  be  reimbursed  for  temporary   living
expenses, in addition to the 30 days provided by the Relocation Program, and for
travel  expenses to and from  Detroit,  Michigan  through  September 9, 1993, or
until family relocation, whichever occurs first; and

                  (xii) Upon  retirement  from  employment  anytime after age 55
with the  Employer,  Employee  shall be entitled to the same  medical and dental
coverage   provided  other  future  retirees  of  the  Employer,   such  as  the
Chairman/Chief Executive Officer; provided, however, that to the extent that any
such  benefits may not be provided to Employee  due to  statutory or  regulatory
limitations,  Employer  shall  obtain  substantially  equivalent  coverage on an
insured basis.

                 SECTION 6 - REIMBURSEMENT OF BUSINESS EXPENSES

         Employer  shall   reimburse   Employee  for  all  reasonable   business
expenditures  incurred by Employee in the ordinary and necessary  performance of
his duties  hereunder in accordance with reasonable  practices  established from
time to time by Employer,  upon timely  presentation  by Employee of an itemized
account  of such  expenditures.  In  addition,  Employee  shall be  entitled  to
reimbursement  for travel expenses of Employee's spouse when she accompanies him
to business meetings when spousal attendance is customary.

                             SECTION 7 - TERMINATION

         (a)  Employee's  employment  may be  terminated  at any time by  either
Employee or Employer and for any reason.  No advance notice of such  termination
shall be required to be provided by either party. Upon termination of Employee's
employment,  Employee  shall  be  entitled  to such  benefits  under  Employer's
established  benefit programs as determined under such programs and this Section
7 of this Agreement.

         (b)  If  Employee's   employment  is  terminated,   or   constructively
terminated,  by the Employer  for any reason other than good cause,  then to the
extent  vested,  Employee will retain all benefit  rights under all  established
benefit programs as well as all benefits  described herein.  Employee shall also
be entitled to receive the following  benefits:  (i) if there is  termination of
employment  by the Company for any reason other than good cause within the first
two years of employment,  the Employee shall be entitled to salary  continuation
of 50  percent of his full base  monthly  salary  for 24 months  following  such
termination.  During  such  24-month  period,  Employee  shall  be  entitled  to
continued  coverage under the medical,  dental,  life insurance,  and disability
programs  provided,  however,  that to the extent any such employee benefits may
not be provided to Employee  due to statutory  or  regulatory  nondiscrimination
rules, Employer shall obtain for Employee  substantially  equivalent coverage on
an insured  basis.  The cost of any such medical,  dental,  life  insurance,  or
disability  coverage shall be included in Employee's taxable income, if required
by and in accordance with  applicable  regulations:  (ii) if termination  occurs
after the employee has attained  age 55 but before  attaining  age 60,  Employer
agrees to pay the  employee a severance  benefit of $153,912  per year (less any
benefits payable under the SERP), for the remainder of the Employee's life. Such
severance benefit shall terminate at the employee's death.

         (c) At the option of the Employee,  to be exercised  within one year of
the occurrence of the event, Employee may deem any of the following events to be
a constructive termination of Employee's employment by Employer:

                  (i) Change in form of ownership of Employer (e.g., Employer is
acquired,  enters into a business  combination with another company or otherwise
changes form of ownership).

                  (ii)  Change  in  the  present  Chairman  of  the  Board/Chief
Executive Officer of the Employer or a material change in his responsibilities.

         (d) If  Employee's  employment is terminated by Employee for any reason
other than  death or  disability,  Employee  shall  retain all vested  benefits,
calculated as of the date of termination,  but shall not be entitled to any form
of salary or benefit continuance.

                    SECTION 8 - COOPERATION AFTER TERMINATION

         Following any  termination  of employment by Employee,  Employee  shall
fully  cooperate  with  Employer in all matters  relating to the  completion  of
Employee's  pending work on behalf of Employer  and the orderly  transfer of any
such  pending  work to other  employees  of  Employer  as may be  designated  by
Employer.  Employer shall be entitled to such full-time or part-time services of
Employee as Employer may reasonably require during all or any part of the 90-day
period  following  any notice of  termination  by the  Employee.  In such event,
Employee shall be compensated at a per diem rate equivalent to his previous base
salary with Employer.

                           SECTION 9 - CONFIDENTIALITY

         All confidential information acquired by Employee during his employment
with Employer  shall be regarded as  confidential  and solely for the benefit of
Employer.

                            SECTION 10 - ARBITRATION

         In case of any dispute or disagreement arising out of or connected with
this  Agreement,  the parties  hereto  hereby  agree to submit  said  dispute or
disagreement to the American Arbitration Association in Raleigh, North Carolina,
for a resolution  within 120 days after submission  thereof by three arbitrators
to be designated by said American Arbitration Association. Any decision or award
by said  arbitrators  shall be  binding,  and except in cases of gross  fraud or
misconduct  by one or more of the  arbitrators,  the decision or award  rendered
with  respect  to such  dispute  or  disagreement  shall not be  appealable.  In
addition,  the  prevailing  party  in such an  arbitration  proceeding  shall be
entitled to recover his attorney's fees, all reasonable  out-of-pocket costs and
disbursements,  as well as any and all charges which may be made for the cost of
the arbitration and fees of the arbitrators.

                            SECTION 11 - SEVERABILITY

         If, for any reason,  any  provision of this  Agreement is held invalid,
such invalidity shall not affect any other provisions of this Agreement not held
so invalid,  and each such other provision shall, to the full extent  consistent
with law, continue in full force and effect.

                             SECTION 12 - ASSIGNMENT

         Rights and duties of the parties  hereunder  shall not be assignable by
either  party except that this  Agreement  and all the rights  hereunder  may be
assigned by Employer to any  corporation or other business entity which succeeds
to all  or  substantially  all  of the  business  of  Employer  through  merger,
consolidation,   corporate   reorganization   or  by   acquisition   of  all  or
substantially  all of the  assets  of  Employer  and  which  assumes  Employer's
obligations under this Agreement.

                          SECTION 13 - ENTIRE AGREEMENT

         This  Agreement  supersedes  all prior  agreements  between the parties
concerning the subject matter hereof and this Agreement  constitutes  the entire
agreement  between the parties  with  respect  thereto.  This  Agreement  may be
modified only with a written instrument duly executed by each of the parties. No
person has any authority to make any  representation or promise on behalf of any
of the parties not set forth herein and this  Agreement has not been executed in
reliance upon any  representation  or promise except those contained  herein. No
waiver by any  party of any  breach  of this  Agreement  shall be deemed to be a
waiver of any preceding or succeeding breach.

                           SECTION 14 - GOVERNING LAW

         This Agreement is made and entered into in the State of North Carolina,
and the laws of North Carolina shall govern its validity and  interpretation and
the performance by the parties hereto of their respective duties and obligations
hereunder. This Agreement shall be binding upon the Employer and the Employee as
approved by the Board of Directors of the Employer.

                              SECTION 15 - HEADINGS

         Section  and  other  headings  contained  in  this  Agreement  are  for
reference  purposes  only  and  shall  not  affect  in any  way the  meaning  or
interpretation of this Agreement.

         IN WITNESS WHEREOF,  the parties hereto have executed this Agreement as
of the date first written above.


WITNESS:                                    EMPLOYER:
 /S/Fred N. Day     
--------------------                         By:   /S/ Charles D. Barham
Fred N. Day                                  -----------------------
                                             Charles D. Barham

                                             Title: Executive  Vice  President

                                             EMPLOYEE:
                                             /S/ William S. Orser
                                             -----------------------
                                             William S. Orser