Document:

<PAGE>

                                                                    Exhibit 4(d)
                                                                    ------------

                              GUARANTEE AGREEMENT

                                    Between

                               CP&L ENERGY, INC.
                                 as Guarantor,

                                      and

                         ____________________________
                             as Guarantee Trustee,

                        Dated as of __________________
<PAGE>

                               TABLE OF CONTENTS
                               -----------------

<TABLE>
<CAPTION>

                                                                                     Page
                                                                                     ----
<S>                                                                                    <C>
ARTICLE I.  DEFINITIONS...........................................................      1

     Section 101. Definitions.....................................................      1

ARTICLE II.  TRUST INDENTURE ACT..................................................      5

     Section 201. Trust Indenture Act; Application................................      5
     Section 202. List of Holders.................................................      5
     Section 203. Reports by the Guarantee Trustee................................      5
     Section 204. Periodic Reports to the Guarantee Trustee.......................      6
     Section 205. Evidence of Compliance with Conditions Precedent................      6
     Section 206. Events of Default; Waiver.......................................      6
     Section 207. Event of Default; Notice........................................      6
     Section 208. Conflicting Interests...........................................      6

ARTICLE III.  THE GUARANTEE TRUSTEE...............................................      7

     Section 301. Certain Duties and Responsibilities.............................      7
     Section 302. Certain Rights of Guarantee Trustee.............................      8
     Section 303. Compensation; Indemnity.........................................     10

ARTICLE IV.  GUARANTEE TRUSTEE....................................................     10

     Section 401. Guarantee Trustee; Eligibility..................................     10
     Section 402. Appointment, Removal and Resignation of the Guarantee Trustee...     11
     Section 403. Acceptance of Appointment by Successor Guarantee Trustee........     13

ARTICLE V. GUARANTEE..............................................................     13

     Section 501. Guarantee.......................................................     13
     Section 502. Waiver of Notice and Demand.....................................     14
     Section 503. Obligations Not Affected........................................     14
     Section 504. Rights of Holders...............................................     15
     Section 505. Guarantee of Payment............................................     15
     Section 506. Subrogation.....................................................     15
     Section 507. Independent Obligations.........................................     16

ARTICLE VI.  COVENANTS AND SUBORDINATION..........................................     16

     Section 601. Subordination...................................................     16
     Section 602. Pari Passu Guarantees...........................................     16

ARTICLE VII.  TERMINATION.........................................................     16
</TABLE>

                                      (i)
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<TABLE>
<S>                                                                                    <C>
     Section 701. Termination.....................................................     16

ARTICLE VIII.  MISCELLANEOUS......................................................     17

     Section 801. Successors and Assigns..........................................     17
     Section 802. Amendments......................................................     17
     Section 803. Notices.........................................................     17
     Section 804. Benefit.........................................................     18
     Section 805. Interpretation..................................................     18
     Section 806. Governing Law...................................................     19
     Section 807. Counterparts....................................................     19
</TABLE>

                                     (ii)
<PAGE>

                         CP&L ENERGY CAPITAL TRUST __

           Certain Sections of this Guarantee Agreement relating to
                        Sections 310 through 318 of the
                         Trust Indenture Act of 1939:

<TABLE>
<CAPTION>
Trust Indenture                                                                 Guarantee Agreement
  Act Section                                                                         Section
---------------                                                                 -------------------
<S>                                                                             <C>
Section 310 (a)(1)............................................................  401(a)
            (a)(2)............................................................  401(a)
            (a)(3)............................................................  Not Applicable
            (a)(4)............................................................  Not Applicable
            (b)...............................................................  208, 401(c)
Section 311 (a)...............................................................  202(b)
            (b)...............................................................  202(b)
Section 312 (a)...............................................................  202(a)
            (b)...............................................................  202(b)
            (c)...............................................................  Not Applicable
Section 313 (a)...............................................................  203
            (a)(4)............................................................  203
            (b)...............................................................  203
            (c)...............................................................  203
            (d)...............................................................  203
Section 314 (a)...............................................................  204
            (b)...............................................................  204
            (c)(1)............................................................  205
            (c)(2)............................................................  205
            (c)(3)............................................................  205
            (e)...............................................................  101, 205
Section 315 (a)...............................................................  301(d), 302
            (b)...............................................................  207
            (c)...............................................................  301(c)
            (d)...............................................................  301(d)
            (e)...............................................................  Not Applicable
Section 316 (a)...............................................................  101, 206, 504
            (a)(1)(A).........................................................  504
            (a)(1)(B).........................................................  504
            (a)(2)............................................................  Not Applicable
            (b)...............................................................  503
            (c)...............................................................  Not Applicable
Section 317 (a)(1)............................................................  Not Applicable
            (a)(2)............................................................  Not Applicable
            (b)...............................................................  Not Applicable
Section 318 (a)...............................................................  201
</TABLE>

Note: This reconciliation and tie shall not, for any purpose, be deemed to be a
part of the Guarantee Agreement.

                                     (iii)
<PAGE>

                              GUARANTEE AGREEMENT

     This GUARANTEE AGREEMENT, dated as of _____________ is executed and
delivered by CP&L Energy, Inc., a North Carolina corporation (the "Guarantor")
having its principal office at 411 Fayetteville Street, Raleigh, North Carolina
27601-1748, and ________________, a New York banking corporation, as trustee
(the "Guarantee Trustee"), for the benefit of the Holders (as defined herein)
from time to time of the Trust Preferred Securities (as defined herein) of CP&L
Energy Capital Trust __, a Delaware statutory business trust (the "Trust").

     WHEREAS, pursuant to an Amended and Restated Trust Agreement (the "Trust
Agreement"), dated as of _____________, among CP&L Energy, Inc., as Depositor,
______________, as Property Trustee (the "Property Trustee"), __________________
Delaware, as Delaware Trustee (the "Delaware Trustee") (collectively, the
"Trustees"), the Administrators named therein and the Holders from time to time
of preferred undivided beneficial ownership interests in the assets of the
Trust, the Trust is issuing up to $____________ aggregate Liquidation Amount (as
defined herein) of its ______% Trust Preferred Securities, Liquidation Amount $
_____ per Trust Preferred Security (the "Trust Preferred Securities"),
representing preferred undivided beneficial ownership interests in the assets of
the Trust and having the terms set forth in the Trust Agreement;

     WHEREAS, the Trust Preferred Securities will be issued by the Trust and the
proceeds thereof, together with the proceeds from the issuance by the Trust of
the Trust Common Securities (as defined herein), will be used to purchase the
_______% Junior Subordinated Deferrable Interest Debentures Series __ due
_____________ (the "Junior Subordinated Debentures") of the Guarantor which will
be deposited with ____________________, as Property Trustee under the Trust
Agreement, as trust assets; and

     WHEREAS, as incentive for the Holders to purchase the Trust Preferred
Securities, the Guarantor desires irrevocably and unconditionally to agree, to
the extent set forth herein, to pay to the Holders of the Trust Preferred
Securities the Guarantee Payments (as defined herein) and to make certain other
payments on the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the purchase of the Trust Preferred
Securities by each Holder, which purchase the Guarantor hereby acknowledges
shall benefit the Guarantor, and intending to be legally bound hereby, the
Guarantor executes and delivers this Guarantee Agreement for the benefit of the
Holders from time to time of the Trust Preferred Securities.

                            ARTICLE I. DEFINITIONS

     Section 101.   Definitions.

            As used in this Guarantee Agreement, the terms set forth below
shall, unless the context otherwise requires, have the following meanings.
Capitalized terms used but not
<PAGE>

otherwise defined herein shall have the meanings assigned to such terms in the
Trust Agreement as in effect on the date hereof.

            "Affiliate" of any specified Person means any other Person directly
or indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition,
"control" when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

            "Distributions" means preferential cumulative cash distributions
accumulating from ________, 20__ and payable quarterly in arrears on _________,
________, ________ and _________ of each year, commencing ________, 20__, at an
annual rate of ____% of the Liquidation Amount.

            "Event of Default" means (i) a default by the Guarantor in any of
its payment obligations under this Guarantee Agreement, or (ii) a default by the
Guarantor in any other obligation hereunder that remains unremedied for 30 days.

            "Guarantee Agreement" means this Guarantee Agreement, as modified,
amended or supplemented from time to time.

            "Guarantee Payments" means the following payments or distributions,
without duplication, with respect to the Trust Preferred Securities, to the
extent not paid or made by or on behalf of the Trust: (i) any accumulated and
unpaid Distributions (as defined in the Trust Agreement) required to be paid on
the Trust Preferred Securities, to the extent the Trust shall have funds on hand
available therefor at such time, (ii) the Redemption Price, with respect to the
Trust Preferred Securities called for redemption by  the Trust to the extent
that the Trust shall have funds on hand available therefor at such time, and
(iii) upon a voluntary or involuntary termination, winding-up or liquidation of
the Trust, unless the Junior Subordinated Debentures are distributed to the
Holders, the lesser of (a) the aggregate of the Liquidation Amount and all
accumulated and unpaid Distributions to the date of payment to the extent the
Trust shall have funds on hand available to make such payment at such time and
(b) the amount of assets of the Trust remaining available for distribution to
Holders on liquidation of the Trust (in either case, the "Liquidation
Distribution").

            "Guarantee Trustee" means ____________________, until a Successor
Guarantee Trustee has been appointed and has accepted such appointment pursuant
to the terms of this Guarantee Agreement and thereafter means each such
Successor Guarantee Trustee.

            "Guarantor" shall have the meaning specified in the first paragraph
of this Guarantee Agreement.

            "Holder" means any holder, as registered on the books and records of
the Trust, of any Trust Preferred Securities; provided, however, that, in
determining whether the holders of the requisite percentage of Trust Preferred
Securities have given any request, notice, consent or

                                      -2-
<PAGE>

waiver hereunder, "Holder" shall not include the Guarantor, the Guarantee
Trustee, or any Affiliate of the Guarantor or the Guarantee Trustee.

            "Indenture" means the Indenture (For Subordinated Debt Securities)
dated as of ______________, between CP&L Energy, Inc. and ____________________,
as trustee, as may be modified, amended or supplemented from time to time.

            "Like Amount" means (a) with respect to a redemption of Trust
Securities, Trust Securities having a Liquidation Amount equal to that portion
of the principal amount of Junior Subordinated Debentures to be
contemporaneously redeemed in accordance with the Indenture, allocated to the
Trust Common Securities and to the Trust Preferred Securities based upon the
relative Liquidation Amounts of such classes and (b) with respect to a
distribution of Junior Subordinated Debentures to Holders of Trust Securities in
connection with a dissolution or liquidation of the Trust, Junior Subordinated
Debentures having a principal amount equal to the Liquidation Amount of the
Trust Securities of the Holder to whom such Junior Subordinated Debentures are
distributed.

            "Liquidation Amount" means the stated amount of $_____ per Trust
Preferred Security.

            "Majority in Liquidation Amount of the Trust Preferred Securities"
means, except as provided by the Trust Indenture Act, Trust Preferred Securities
representing more than 50% of the aggregate Liquidation Amount of all then
outstanding Trust Preferred Securities issued by the Trust.

            "Officers' Certificate" means a certificate signed by the Chairman
of the Board, President, any Vice President, the Treasurer or any other duly
authorized officer of the Guarantor, and delivered to the Guarantee Trustee. Any
Officers' Certificate delivered with respect to compliance with a condition or
covenant provided for in this Guarantee Agreement (other than pursuant to
Section 204) shall include:

            (a)     a statement that each Person signing such certificate or
     opinion has read such covenant or condition and the definitions herein
     relating thereto;

            (b)     a brief statement as to the nature and scope of the
     examination or investigation upon which the statements or opinions
     contained in such certificate or opinion are based;

            (c)     a statement that, in the opinion of each such Person, such
     Person has made such examination or investigation as is necessary to enable
     such Person to express an informed opinion as to whether or not such
     covenant or condition has been complied with; and

            (d)     a statement as to whether, in the opinion of each such
     Person, such condition or covenant has been complied with.

                                      -3-
<PAGE>

            "Person" means a legal person, including any individual,
corporation, estate, partnership, joint venture, association, joint stock
company, limited liability company, trust, unincorporated association, or
government or any agency or political subdivision thereof, or any other entity
of whatever nature.

            "Redemption Date" means, with respect to any Trust Preferred
Security to be redeemed, the date fixed for such redemption by or pursuant to
the Trust Agreement; provided that each Junior Subordinated Debenture Redemption
Date and the stated maturity of the Junior Subordinated Debentures shall be a
Redemption Date for a Like Amount of Trust Preferred Securities.

            "Redemption Price" shall have the meaning specified in the Trust
Agreement.

            "Responsible Officer" means, when used with respect to the Guarantee
Trustee, any officer assigned to the Corporate Trust Office, including any
managing director, vice president, assistant vice president, assistant
treasurer, assistant secretary, Senior Trust Officer, Trust Officer or any other
officer of the Guarantee Trustee customarily performing functions similar to
those performed by any of the above designated officers and having direct
responsibility for the administration of this Guarantee Agreement, and also,
with respect to a particular matter, any other officer to whom such matter is
referred because of such officer's knowledge of and familiarity with the
particular subject.

            "Senior Indebtedness" shall have the meaning specified in the
Indenture.

            "Successor Guarantee Trustee" means a successor Guarantee Trustee
possessing the qualifications to act as Guarantee Trustee under Section 401.

            "Trust" shall have the meaning specified in the first paragraph of
this Guarantee Agreement.

            "Trust Agreement" means the Amended and Restated Trust Agreement,
dated ___________, entered among CP&L Energy, Inc., as Depositor,
_________________, as Delaware Trustee, ____________________, as Property
Trustee, and the Administrators named therein.

            "Trust Common Securities" means the securities representing common
undivided beneficial interests in the assets of the Trust.

            "Trust Indenture Act" means the Trust Indenture Act of 1939 as in
force and effect as of the date of execution of this Guarantee Agreement;
provided, however, that in the event the Trust Indenture Act of 1939 is
succeeded by another statute or is amended after such date, "Trust Indenture
Act" shall mean such successor statute or the Trust Indenture Act of 1939, as so
amended, to the extent such successor statute or amendment is applicable to this
Guarantee Agreement or to the actions of the Guarantor or the Property Trustee
under or pursuant to this Guarantee Agreement.

                                      -4-
<PAGE>

            "Trust Preferred Securities" shall have the meaning specified in the
first recital of this Guarantee Agreement.

            "Trust Securities" means the Trust Common Securities and the Trust
Preferred Securities.

                        ARTICLE II. TRUST INDENTURE ACT

     Section 201.   Trust Indenture Act; Application.

            This Guarantee Agreement is intended to be in conformity with the
provisions of the Trust Indenture Act that would be required to be part of this
Guarantee Agreement were this Guarantee Agreement to be qualified under the
Trust Indenture Act and shall, to the extent applicable, and unless otherwise
provided herein, be governed by such provisions. If and to the extent that any
provision of this Guarantee Agreement limits, qualifies or conflicts with the
duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act,
such imposed duties shall control. If any provision of this Guarantee Agreement
modifies or excludes any provision of the Trust Indenture Act that may be so
modified or excluded, the latter provision shall be deemed to apply to this
Guarantee Agreement as so modified or excluded, as the case may be.

     Section 202.   List of Holders.

            (a)     The Guarantor will furnish or cause to be furnished to the
     Guarantee Trustee a list of Holders at the following times:

                    (i)   semiannually, not more than 15 days after _________
            and ____________ in each year, a list, in such form as the Guarantee
            Trustee may reasonably require, of the names and addresses of the
            Holders as of such ________ or _________, as applicable; and

                    (ii)  at such other times as the Guarantee Trustee may
            request in writing, within 30 days after the receipt by the
            Guarantor of any such request, a list of similar form and content as
            of a date not more than 15 days prior to the time such list is
            furnished.

            (b)     The Guarantee Trustee shall comply with the requirements of
     Section 311(a) of the Trust Indenture Act subject to the provisions of
     Sections 311(b) and 312(b) of the Trust Indenture Act.

     Section 203.   Reports by the Guarantee Trustee.

            Not later than 60 days after ___________ of each year, commencing
___________, 20__, the Guarantee Trustee shall provide to the Holders such
reports, if any, as are required by Section 313(a) of the Trust Indenture Act in
the form and in the manner provided by Section 313 of the Trust Indenture Act.
The Guarantee Trustee shall also comply with the requirements of Section
313(b)(c) and (d) of the Trust Indenture Act.

                                      -5-
<PAGE>

     Section 204.   Periodic Reports to the Guarantee Trustee.

            The Guarantor shall provide to the Guarantee Trustee, and the
Holders such documents, reports and information, if any, as required by Section
314 of the Trust Indenture Act and the compliance certificate required by
Section 314(a)(4) of the Trust Indenture Act, in the form, in the manner and at
the times required by Section 314 of the Trust Indenture Act.

     Section 205.   Evidence of Compliance with Conditions Precedent.

            The Guarantor shall provide to the Guarantee Trustee such evidence
of compliance with such conditions precedent, if any, provided for in this
Guarantee Agreement that relate to any of the matters set forth in Section
314(c) of the Trust Indenture Act. Any certificate or opinion required to be
given by an officer pursuant to Section 314(c)(1) may be given in the form of an
Officer's Certificate.

     Section 206.   Events of Default; Waiver.

            The Holders of a Majority in Liquidation Amount of the Trust
Preferred Securities may, on behalf of the Holders, waive any past Event of
Default and its consequences. Upon such waiver, any such Event of Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to
have been cured, for every purpose of this Guarantee Agreement, but no such
waiver shall extend to any subsequent or other default or Event of Default or
impair any right consequent therefrom.

     Section 207.   Event of Default; Notice.

            The Guarantee Trustee shall give notice to the Holders of any
default hereunder of which it has knowledge (within the meaning of Section
302(h) hereof) in the manner and to the extent required to do so by the Trust
Indenture Act, unless such default shall have been cured or waived. For the
purpose of this Section, the term "default" means any event which is, or after
notice or lapse of time, or both, would become, an Event of Default.

     Section 208.   Conflicting Interests.

            The Indenture, the Trust Agreement, the Guarantee Agreement dated as
of ___________ between the Guarantor and ____________________, as guarantee
trustee, relating to the Trust, and the Amended and Restated Trust Agreement
dated as of ______________ among the Guarantor, as Depositor,
____________________, as Property Trustee, _________________, as Delaware
Trustee and the Administrators named therein, relating to the Trust, shall be
deemed to be specifically described in this Guarantee Agreement for the purposes
of clause (i) of the first proviso contained in Section 310(b) of the Trust
Indenture Act.

                                      -6-
<PAGE>

                      ARTICLE III. THE GUARANTEE TRUSTEE

     Section 301.   Certain Duties and Responsibilities.

            (a)     The Guarantee Trustee shall have and be subject to all the
     duties and responsibilities specified with respect to an indenture trustee
     in the Trust Indenture Act, and no implied covenants or obligations shall
     be read into this Guarantee Agreement against the Guarantee Trustee. For
     purposes of Sections 315(a) and 315(c) of the Trust Indenture Act, the term
     "default" is hereby defined as an Event of Default which has occurred and
     is continuing.

            (b)     This Guarantee Agreement shall be held by the Guarantee
     Trustee for the benefit of the Holders, and the Guarantee Trustee shall not
     transfer this Guarantee Agreement to any Person except a Holder exercising
     his or her rights pursuant to Section 504(iv) or to a Successor Guarantee
     Trustee on acceptance by such Successor Guarantee Trustee of its
     appointment to act as Successor Guarantee Trustee hereunder. The right,
     title and interest of the Guarantee Trustee, as such, hereunder shall
     automatically vest in any Successor Guarantee Trustee, upon acceptance by
     such Successor Guarantee Trustee of its appointment hereunder, and such
     vesting and cessation of title shall be effective whether or not
     conveyancing documents have been executed and delivered pursuant to the
     appointment of such Successor Guarantee Trustee.

            (c)     The Guarantee Trustee, prior to the occurrence of an Event
     of Default and after the curing or waiving of all Events of Default that
     may have occurred, undertakes to perform such duties and only such duties
     as are specifically set forth in this Guarantee Agreement. In case an Event
     of Default of which a Responsible Officer of the Guarantee Trustee has
     actual knowledge has occurred (which has not been cured or waived), the
     Guarantee Trustee shall exercise such of the rights and powers vested in it
     by this Guarantee Agreement, and use the same degree of care and skill in
     their exercise, as a prudent person would exercise or use under the
     circumstances in the conduct of such person's own affairs.

            (d)     No provision of this Guarantee Agreement shall be construed
     to relieve the Guarantee Trustee from liability for its own negligent
     action, its own negligent failure to act or its own willful misconduct,
     except that prior to the occurrence of an Event of Default and after the
     curing or waiving of all Events of Default which may have occurred:

                    (i)   the duties and obligations of the Guarantee Trustee
            shall be determined solely by the express provisions of this
            Guarantee Agreement, and the Guarantee Trustee shall not be liable
            except for the performance of such duties and obligations as are
            specifically set forth in this Guarantee Agreement, and no implied
            covenants or obligations shall be read into this Guarantee Agreement
            against the Guarantee Trustee; and

                    (ii)  in the absence of bad faith on the part of the
            Guarantee Trustee, the Guarantee Trustee may conclusively rely, as
            to the truth of the statements and the correctness of the opinions
            expressed therein, upon any certificates or opinions

                                      -7-
<PAGE>

            furnished to the Guarantee Trustee and conforming to the
            requirements of this Guarantee Agreement; but, in the case of any
            such certificates or opinions that by any provision hereof are
            specifically required to be furnished to the Guarantee Trustee, the
            Guarantee Trustee shall be under a duty to examine the same to
            determine whether or not they conform to the requirements of this
            Guarantee Agreement.

            (e)     The Guarantee Trustee shall not be liable for any error of
     judgment made in good faith by a Responsible Officer or Officers of the
     Guarantee Trustee, unless it shall be proven that the Guarantee Trustee was
     negligent in ascertaining the pertinent facts.

            (f)     The Guarantee Trustee shall not be liable with respect to
     any action taken or omitted to be taken by it in good faith, in accordance
     with the direction of the Holders pursuant to Section 504(iii), relating to
     the time, method and place of conducting any proceeding for any remedy
     available to the Guarantee Trustee, or exercising any trust or power
     conferred upon the Guarantee Trustee, under this Guarantee Agreement.

            (g)     No provision of this Guarantee Agreement shall require the
     Guarantee Trustee to expend or risk its own funds or otherwise incur any
     financial liability in the performance of any of its duties hereunder, or
     in the exercise of any of its rights or powers, if it shall have reasonable
     grounds for believing that repayment of such funds or adequate indemnity,
     satisfactory to the Guarantee Trustee in its reasonable judgment, against
     such risk or liability is not reasonably assured to it.

            (h)     Notwithstanding anything contained in this Guarantee
     Agreement to the contrary, the duties and responsibilities of the Guarantee
     Trustee under this Guarantee Agreement shall be subject to the protections,
     exculpations and limitations on liability afforded to the Guarantee Trustee
     under the provisions of the Trust Indenture Act, including those provisions
     of such Act deemed by such Act to be included herein.

            (i)     Whether or not therein expressly so provided, every
     provision of this Guarantee Agreement relating to the conduct or affecting
     the liability of or affording protection to the Guarantee Trustee shall be
     subject to the provisions of this Section.

     Section 302.   Certain Rights of Guarantee Trustee.

            Subject to the provisions of Section 301 and to the applicable
provisions of the Trust Indenture Act:

            (a)     the Guarantee Trustee may rely and shall be protected in
     acting or refraining from acting upon any resolution, certificate,
     statement, instrument, opinion, report, notice, request, direction,
     consent, order, bond, debenture, note, other evidence of indebtedness or
     other paper or document believed by it to be genuine and to have been
     signed or presented by the proper party or parties;

                                      -8-
<PAGE>

            (b)     any request or direction of the Guarantor mentioned herein
     shall be sufficiently evidenced by an Officer's Certificate, or as
     otherwise expressly provided herein, and any resolution of the Board of
     Directors may be sufficiently evidenced by a Board Resolution;

            (c)     whenever in the administration of this Guarantee Agreement
     the Guarantee Trustee shall deem it desirable that a matter be proved or
     established prior to taking, suffering or omitting any action hereunder,
     the Guarantee Trustee (unless other evidence be herein specifically
     prescribed) may, in the absence of bad faith on its part, rely upon an
     Officer's Certificate,

            (d)     the Guarantee Trustee may consult with counsel and the
     advice or written opinion of such counsel with respect to legal matters
     shall be full and complete authorization and protection in respect of any
     action taken, suffered or omitted by it hereunder in good faith and in
     reliance thereon;

            (e)     the Guarantee Trustee shall be under no obligation to
     exercise any of the rights or powers vested in it by this Guarantee
     Agreement at the request or direction of any Holder pursuant to this
     Guarantee Agreement, unless such Holder shall have offered to the Guarantee
     Trustee reasonable security or indemnity against the costs, expenses and
     liabilities which might be incurred by it in compliance with such request
     or direction;

            (f)     the Guarantee Trustee shall not be bound to make any
     investigation into the facts or matters stated in any resolution,
     certificate, statement, instrument, opinion, report, notice, request,
     direction, consent, order, bond, debenture, note, other evidence of
     indebtedness or other paper or document, but the Guarantee Trustee, in its
     discretion, may make such further inquiry or investigation into such facts
     or matters as it may see fit, and, if the Guarantee Trustee shall determine
     to make such further inquiry or investigation, it shall (subject to
     applicable legal requirements) be entitled to examine, during normal
     business hours, the books, records and premises of the Guarantor,
     personally or by agent or attorney;

            (g)     the Guarantee Trustee may execute any of the trusts or
     powers hereunder or perform any duties hereunder either directly or by or
     through agents or attorneys and the Guarantee Trustee shall not be
     responsible for any misconduct or negligence on the part of any agent or
     attorney appointed with due care by it hereunder; and

            (h)     the Guarantee Trustee shall not be charged with knowledge of
     any default or Event of Default unless either (1) a Responsible Officer of
     the Guarantee Trustee shall have actual knowledge of the default or Event
     of Default or (2) written notice of such default or Event of Default (which
     shall state that such notice is a "Notice of Default" or a "Notice of an
     Event of Default" hereunder, as the case may be) shall have been given to
     the Guarantee Trustee by the Guarantor, any other obligor on Trust
     Preferred Securities or by any Holder of Trust Preferred Securities.

                                      -9-
<PAGE>

     Section 303.   Compensation; Indemnity.

            The Guarantor, shall

            (a)     pay to the Guarantee Trustee from time to time reasonable
     compensation for all services rendered by the Guarantee Trustee hereunder
     (which compensation shall not be limited by any provision of law in regard
     to the compensation of a trustee of an express trust);

            (b)     except as otherwise expressly provided herein, reimburse the
     Guarantee Trustee upon request for all reasonable expenses, disbursements
     and advances reasonably incurred or made by the Guarantee Trustee in
     accordance with any provision of this Guarantee Agreement, including the
     costs of collection (including the reasonable compensation and the expenses
     and disbursements of its agents and counsel), except to the extent that any
     such expense, disbursement or advance may be attributable to its
     negligence, willful misconduct or bad faith; and

            (c)     indemnify and hold harmless the Guarantee Trustee from and
     against any and all losses, demands, claims, liabilities, causes of action
     or expenses (including reasonable attorney's fees and expenses) incurred by
     it arising out of or in connection with the acceptance or administration of
     the trust or trusts hereunder or the performance of its duties hereunder
     (including the reasonable costs and expenses of defending itself against
     any claim or liability in connection with the exercise or performance of
     any of its powers or duties hereunder), except to the extent any such loss,
     demand, claim, liability, cause of action or expense may be attributable to
     its negligence, willful misconduct or bad faith, and assume the defense of
     Guarantee Trustee with counsel acceptable to the Guarantee Trustee, unless
     the Guarantee Trustee shall have been advised by counsel that there may be
     one or more legal defenses available to it which are different from or
     additional to those available to the Guarantor.

     The provisions of this Section shall survive termination of this Guarantee
Agreement.

                         ARTICLE IV. GUARANTEE TRUSTEE

     Section 401.   Guarantee Trustee; Eligibility.

            (a)     There shall at all times be a Guarantee Trustee which shall:

                    (i)   not be an Affiliate of the Guarantor;

                    (ii)  be a corporation

                          (1) organized and doing business under the laws of the
                    United States of America, any state or territory thereof or
                    the District of Columbia, authorized under such laws to
                    exercise corporate trust powers, having a combined capital
                    and surplus of at least $100,000,000 and subject to
                    supervision or examination by Federal or State authority, or
                                      -10-
<PAGE>

                         (2)  if and to the extent permitted by the Commission
                    by rule, regulation or order upon application, a corporation
                    or other Person organized and doing business under the laws
                    of a foreign government, authorized under such laws to
                    exercise corporate trust powers, having a combined capital
                    and surplus of at least $100,000,000 or the Dollar
                    equivalent of the applicable foreign currency and subject to
                    supervision or examination by authority of such foreign
                    government or a political subdivision thereof substantially
                    equivalent to supervision or examination applicable to
                    United States institutional trustees,

            and, in either case, qualified and eligible under this Article IV
            and the Trust Indenture Act. If such corporation publishes reports
            of condition at least annually, pursuant to law or to the
            requirements of such supervising or examining authority, then for
            the purposes of this Section, the combined capital and surplus of
            such corporation shall be deemed to be its combined capital and
            surplus as set forth in its most recent report of condition so
            published.

            (b)     If at any time the Guarantee Trustee shall cease to be
     eligible to so act under Section 401(a), the Guarantee Trustee shall
     immediately resign in the manner and with the effect set out in Section
     402.

            (c)     If the Guarantee Trustee has or shall acquire any
     "conflicting interest" within the meaning of Section 310(b) of the Trust
     Indenture Act, the Guarantee Trustee and Guarantor shall in all respects
     comply with the provisions of Section 310(b) of the Trust Indenture Act,
     subject to the penultimate paragraph thereof.

     Section 402.   Appointment, Removal and Resignation of the Guarantee
                    Trustee.

            (a)     No resignation or removal of the Guarantee Trustee and no
     appointment of a Successor Guarantee Trustee pursuant to this Article shall
     become effective until the acceptance of appointment by the Successor
     Guarantee Trustee by written instrument executed by the Successor Guarantee
     Trustee and delivered to the Holders and the Guarantee Trustee.

            (b)     Subject to the immediately preceding paragraph, a Guarantee
     Trustee may resign at any time by giving written notice thereof to the
     Guarantor and the Holders. If the instrument of acceptance by the Successor
     Guarantee Trustee shall not have been delivered to the Guarantee Trustee
     within 60 days after the giving of such notice of resignation, the
     Guarantee Trustee may petition, at the expense of the Guarantor, any court
     of competent jurisdiction for the appointment of a Successor Guarantee
     Trustee.

            (c)     The Guarantee Trustee may be removed at any time by Act
     (within the meaning of Section 608 of the Trust Agreement) of the Holders
     of at least a Majority in Liquidation Amount of the Trust Preferred
     Securities, delivered to the Guarantee Trustee.

            (d)     If at any time:

                                     -11-
<PAGE>

                    (i)    the Guarantee Trustee shall fail to comply with
            Section 401(c) after written request therefor by the Guarantor or by
            any Holder who has been a bona fide Holder for at least six months,
            or

                    (ii)   the Guarantee Trustee shall cease to be eligible
            under Section 401(a) and shall fail to resign after written request
            therefor by the Guarantor or by any such Holder, or

                    (iii)  the Guarantee Trustee shall become incapable of
            acting or shall be adjudged a bankrupt or insolvent or a receiver of
            the Guarantee Trustee or of its property shall be appointed or any
            public officer shall take charge or control of the Guarantee Trustee
            or of its property or affairs for the purpose of rehabilitation,
            conservation or liquidation

     then, in any such case, the Guarantor may remove the Guarantee Trustee

            (e)     If the Guarantee Trustee shall resign, be removed or become
     incapable of acting, or if a vacancy shall occur in the office of Guarantee
     Trustee for any cause, the Guarantor, by a Board Resolution, shall promptly
     appoint a successor Guarantee Trustee and shall comply with the applicable
     requirements of Section 403. If, within one year after such resignation,
     removal or incapability, or the occurrence of such vacancy, a Successor
     Guarantee Trustee shall be appointed by Act of the Holders of not less than
     a Majority in Liquidation Amount of the Trust Preferred Securities
     delivered to the Guarantor and the retiring Guarantee Trustee, the
     Successor Guarantee Trustee so appointed shall, forthwith upon its
     acceptance of such appointment in accordance with the applicable
     requirements of Section 403, become the Successor Guarantee Trustee and
     supersede the Successor Trustee appointed by the Guarantor. If no Successor
     Guarantor Trustee shall have been so appointed by the Guarantor or the
     Holders and accepted appointment in the manner required by Section 403, any
     Holder who has been a bona fide Holder of a Trust Preferred Security for at
     least six months may, on behalf of itself and all others similarly
     situated, petition any court of competent jurisdiction for the appointment
     of a Successor Guarantee Trustee.

            (f)     So long as no event which is, or after notice or lapse of
     time, or both, would become, an Event of Default shall have occurred and be
     continuing, and except with respect to a Guarantee Trustee appointed by Act
     of the Holders of a Majority in Liquidation Amount of the Outstanding Trust
     Preferred Securities pursuant to subsection (e) of this Section, if the
     Guarantor shall have delivered to the Guarantee Trustee (i) a Board
     Resolution appointing a Successor Guarantee Trustee, effective as of a date
     specified therein, and (ii) an instrument of acceptance of such
     appointment, effective as of such date, by such Successor Guarantee Trustee
     in accordance with Section 403, the Guarantee Trustee shall be deemed to
     have resigned as contemplated in subsection (b) of this Section, the
     Successor Guarantee Trustee shall be deemed to have been appointed by the
     Guarantor pursuant to subsection (e) of this Section and such appointment
     shall be deemed to have been accepted as contemplated in Section 403, all
     as of such date, and all other provisions of this Section and Section 403
     shall be applicable to such resignation, appointment and acceptance except
     to the extent inconsistent with this subsection (f).

                                     -12-
<PAGE>

            (g)     The Guarantor or, should the Guarantor fail so to act
     promptly, the Successor Guarantee Trustee, at the expense of the Guarantor,
     shall give notice of each resignation and each removal of the Guarantee
     Trustee and each appointment of a Successor Guarantee Trustee by mailing
     written notice of such event by first-class mail, postage prepaid, to all
     Holders as their names and addresses appear in the Securities Register.
     Each notice shall include the name of the Successor Guarantee Trustee and
     the address of its Corporate Trust Office.

     Section 403.  Acceptance of Appointment by Successor Guarantee Trustee.

            (a)     Every Successor Guarantee Trustee appointed hereunder shall
     execute, acknowledge and deliver to the Guarantor and to the retiring
     Guarantee Trustee an instrument accepting such appointment, and thereupon
     the resignation or removal of the retiring Guarantee Trustee shall become
     effective and such Successor Guarantee Trustee, without any further act,
     deed or conveyance, shall become vested with all the rights, powers, trusts
     and duties of the retiring Guarantee Trustee; but, on the request of the
     Guarantor or the Successor Guarantee Trustee, such retiring Guarantee
     Trustee shall, upon payment of all sums owed to it, execute and deliver an
     instrument transferring to such Successor Guarantee Trustee all the rights,
     powers and trusts of the retiring Guarantee Trustee and shall duly assign,
     transfer and deliver to such Successor Guarantee Trustee all property and
     money held by such retiring Guarantee Trustee hereunder.

            (b)     Upon request of any such Successor Guarantee Trustee, the
     Guarantor shall execute any instruments which fully vest in and confirm to
     such Successor Guarantee Trustee all such rights, powers and trusts
     referred to in subsection (a) of this Section.

            (c)     No Successor Guarantee Trustee shall accept its appointment
     unless at the time of such acceptance such Successor Guarantee Trustee
     shall be qualified and eligible under this Article.

                             ARTICLE V. GUARANTEE

     Section 501.   Guarantee.

            The Guarantor irrevocably and unconditionally agrees to pay in full
to the Holders the Guarantee Payments (without duplication of amounts
theretofore paid by or on behalf of the Trust), as and when due, regardless of
any defense, right of set-off or counterclaim which the Trust may have or
assert, except the defense of payment. The Guarantor's obligation to make a
Guarantee Payment may be satisfied by direct payment of the required amounts by
the Guarantor to the Holders or by causing the Trust to pay such amounts to the
Holders. The Guarantor shall give prompt written notice to the Guarantee Trustee
in the event it makes any direct payment hereunder.

                                     -13-
<PAGE>

     Section 502.   Waiver of Notice and Demand.

            The Guarantor hereby waives notice of acceptance of the Guarantee
Agreement and of any liability to which it applies or may apply, presentment,
demand for payment, any right to require a proceeding first against the
Guarantee Trustee, the Trust or any other Person before proceeding against the
Guarantor,  protest, notice of nonpayment, notice of dishonor, notice of
redemption and all other notices and demands.

     Section 503.   Obligations Not Affected.

            The obligations, covenants, agreements and duties of the Guarantor
under this Guarantee Agreement shall in no way be affected or impaired by reason
of the happening from time to time of any of the following:

            (a)     the release or waiver, by operation of law or otherwise, of
     the performance or observance by the Trust of any express or implied
     agreement, covenant, term or condition relating to the Trust Preferred
     Securities to be performed or observed by the Trust;

            (b)     the extension of time for the payment by the Trust of all or
     any portion of the Distributions (other than an extension of time for
     payment of Distributions that results from the extension of any interest
     payment period on the Junior Subordinated Debentures as so provided in the
     Indenture), Redemption Price, Liquidation Distribution or any other sums
     payable under the terms of the Trust Preferred Securities or the extension
     of time for the performance of any other obligation under, arising out of,
     or in connection with, the Trust Preferred Securities;

            (c)     any failure, omission, delay or lack of diligence on the
     part of the Holders to enforce, assert or exercise any right, privilege,
     power or remedy conferred on the Holders pursuant to the terms of the Trust
     Preferred Securities, or any action on the part of the Trust granting
     indulgence or extension of any kind;

            (d)     the voluntary or involuntary liquidation, dissolution, sale
     of any collateral, receivership, insolvency, bankruptcy, assignment for the
     benefit of creditors, reorganization, arrangement, composition or
     readjustment of debt of, or other similar proceedings affecting, the Trust
     or any of the assets of the Trust;

            (e)     any invalidity of, or defect or deficiency in, the Trust
     Preferred Securities;

            (f)     the settlement or compromise of any obligation guaranteed
     hereby or hereby incurred; or

            (g)     any other circumstance whatsoever that might otherwise
     constitute a legal or equitable discharge or defense of a guarantor (other
     than payment of the underlying obligation), it being the intent of this
     Section 503 that the obligations of the Guarantor hereunder shall be
     absolute and unconditional under any and all circumstances.

                                     -14-
<PAGE>

            There shall be no obligation of the Guarantee Trustee, the Property
Trustee or the Holders to give notice to, or obtain the consent of, the
Guarantor with respect to the happening of any of the foregoing.

     Section 504.   Rights of Holders.

            The Guarantor expressly acknowledges that: (i) this Guarantee
Agreement will be deposited with the Guarantee Trustee to be held for the
benefit of the Holders; (ii) the Guarantee Trustee has the right to enforce this
Guarantee Agreement on behalf of the Holders; (iii) the Holders of a Majority in
Liquidation Amount of the Trust Preferred Securities have the right to direct
the time, method and place of conducting any proceeding for any remedy available
to the Guarantee Trustee in respect of this Guarantee Agreement or exercising
any trust or power conferred upon the Guarantee Trustee under this Guarantee
Agreement, provided, however, that, subject to Section 301, the Guarantee
Trustee shall have the right to decline to follow any such direction if the
Guarantee Trustee being advised by counsel determines that the action so
directed may not lawfully be taken, or if the Guarantee Trustee in good faith
shall, by a Responsible Officer or Officers of the Guarantee Trustee, determine
that the proceedings so directed would be illegal or involve it in personal
liability or be unduly prejudicial to the rights of the Holders not party to
such direction, and provided further that nothing in this Guarantee Agreement
shall impair the right of the Guarantee Trustee to take any action deemed proper
by the Guarantee Trustee and which is not inconsistent with such direction; and
(iv) any Holder may institute a legal proceeding directly against the Guarantor
to enforce its rights under this Guarantee Agreement, without first instituting
a legal proceeding against the Guarantee Trustee, the Trust or any other Person.

     Section 505.   Guarantee of Payment.

            This Guarantee Agreement creates a guarantee of payment and not of
collection. This Guarantee Agreement will not be discharged except by payment of
the Guarantee Payments in full (without duplication of amounts theretofore paid
by the Trust) or upon the distribution of Junior Subordinated Debentures to
Holders as provided in the Trust Agreement.

     Section 506.   Subrogation.

            The Guarantor shall be subrogated to all rights (if any) of the
Holders against the Trust in respect of any amounts paid to the Holders by the
Guarantor under this Guarantee Agreement; provided, however, that the Guarantor
shall not (except to the extent required by mandatory provisions of law) be
entitled to enforce or exercise any rights which it may acquire by way of
subrogation or any indemnity, reimbursement or other agreement, in all cases as
a result of payment under this Guarantee Agreement, if at the time of any such
payment, any amounts are due and unpaid under this Guarantee Agreement. If any
amount shall be paid to the Guarantor in violation of the preceding sentence,
the Guarantor agrees to hold such amount in trust for the Holders and to pay
over such amount to the Holders.

                                     -15-
<PAGE>

     Section 507.   Independent Obligations.

            The Guarantor acknowledges that its obligations hereunder are
independent of the obligations of the Trust with respect to the Trust Preferred
Securities and that the Guarantor shall be liable as principal and as debtor
hereunder to make Guarantee Payments pursuant to the terms of this Guarantee
Agreement notwithstanding the occurrence of any event referred to in subsections
(a) through (g), inclusive, of Section 503 hereof.

                    ARTICLE VI. COVENANTS AND SUBORDINATION

     Section 601.   Subordination.

            This Guarantee Agreement will constitute an unsecured obligation of
the Guarantor and will rank subordinate and junior in right of payment to all
Senior Indebtedness of the Guarantor to the extent and in the manner set forth
in the Indenture with respect to the Junior Subordinated Debentures, and the
provisions of Article XV of the Indenture will apply, mutatis mutandis, to the
obligations of the Guarantor hereunder.  The obligations of the Guarantor
hereunder do not constitute Senior Indebtedness of the Guarantor.

     Section 602.   Pari Passu Guarantees.

            The obligations of the Guarantor under this Guarantee Agreement
shall rank pari passu with any similar guarantee agreements issued by the
Guarantor on behalf of the holders of preferred or Trust Preferred Securities
issued by any other trust similar to the Trust and with any other security,
guarantee or other obligation that is expressly stated to rank pari passu with
the obligations of the Guarantor under this Guarantee Agreement.

                           ARTICLE VII. TERMINATION

     Section 701.   Termination.

            This Guarantee Agreement shall terminate and be of no further force
and effect upon (i) full payment of the Redemption Price of all Trust Preferred
Securities, (ii) the distribution of Junior Subordinated Debentures to the
Holders in exchange for all of the Trust Preferred Securities or (iii) full
payment of the amounts payable in accordance with Article IX of the Trust
Agreement upon liquidation of the Trust.  Notwithstanding the foregoing, this
Guarantee Agreement will continue to be effective or will be reinstated, as the
case may be, if at any time any Holder is  required to restore payment of any
sums paid under the Trust Preferred Securities or this Guarantee Agreement.

                                     -16-
<PAGE>

                          ARTICLE VIII. MISCELLANEOUS

     Section 801.   Successors and Assigns.

            All guarantees and agreements contained in this Guarantee Agreement
shall bind the successors, assigns, receivers, trustees and representatives of
the Guarantor and shall inure to the benefit of the Holders of the Trust
Preferred Securities then outstanding.  Except in connection with a
consolidation, merger or sale involving the Guarantor that is permitted under
Article XI of the Indenture and pursuant to which the assignee agrees in writing
to perform the Guarantor's obligations hereunder, the Guarantor shall not assign
its obligations hereunder, and any purported assignment that is not in
accordance with these provisions shall be void.

     Section 802.   Amendments.

            Except with respect to any changes that do not materially adversely
affect the rights of the Holders (in which case no consent of the Holders will
be required), this Guarantee Agreement may only be amended with the prior
approval of the Holders of not less than a Majority in Liquidation Amount of the
Trust Preferred Securities. The provisions of Article VI of the Trust Agreement
concerning meetings or consents of the Holders shall apply to the giving of such
approval.

     Section 803.   Notices.

            Any notice, request or other communication required or permitted to
be given hereunder shall be in writing, duly signed by the party giving such
notice, and delivered, telecopied with receipt confirmed, or mailed by first
class mail as follows:

            (a)     if given to the Guarantor, to the address or telecopy number
     set forth below or such other address or telecopy number or to the
     attention of such other Person as the Guarantor may give notice to the
     Guarantee Trustee and the Holders:

            CP&L Energy, Inc.
            411 Fayetteville Street
            Raleigh, North Carolina 27601-1748
            Facsimile No.:  (919) 546-____
            Attention:  ___________, _______________

            (b)     if given to the Trust, at the Trust's (and the Guarantee
     Trustee's) address or telecopy number set forth below or such other address
     or telecopy number or to the attention of such other Person as the Trust or
     Guarantee Trustee may give notice to the Guarantee Trustee (if given by the
     Trust) and the Holders:

                                     -17-
<PAGE>

            CP&L Energy Capital Trust ___
            c/o CP&L Energy, Inc.
            411 Fayetteville Street
            Raleigh, North Carolina 27601-1748
            Facsimile No.:  (919) 546-____
            Attention:  ____________, Administrator

            with a copy to:

            _______________________
            _______________________
            _______________________
            Facsimile No.:  _______
            Attention:  Corporate Trustee Administration

            (c)     if given to the Guarantee Trustee, to the address or
     telecopy number set forth below or such other address or telecopy number or
     to the attention of such other Person as the Guarantee Trustee may give
     notice to the Guarantor and the Holders:

            _______________________
            _______________________
            _______________________
            Facsimile No.:  _______
            Attention:  Corporate Trustee Administration

            (d)     if given to any Holder, at the address set forth on the
     books and records of the Trust.

            All notices hereunder shall be deemed to have been given when
received in person, telecopied with receipt confirmed, or mailed by first class
mail, postage prepaid, except that if a notice or other document is refused
delivery or cannot be delivered because of a changed address of which no notice
was given, such notice or other document shall be deemed to have been delivered
on the date of such refusal or inability to deliver.

     Section 804.   Benefit.

            This Guarantee Agreement is solely for the benefit of the Holders
and is not separately transferable from the Trust Preferred Securities.

     Section 805.   Interpretation.

            In this Guarantee Agreement, unless the context otherwise requires:

            (a)     capitalized terms used in this Guarantee Agreement but not
     defined in the preamble hereto have the respective meanings assigned to
     them in Section 101;

                                     -18-
<PAGE>

            (b)     a term defined anywhere in this Guarantee Agreement has the
     same meaning throughout;

            (c)     all references to "the Guarantee Agreement" or "this
     Guarantee Agreement" are to this Guarantee Agreement as modified,
     supplemented or amended from time to time;

            (d)     all references in this Guarantee Agreement to Articles and
     Sections are to Articles and Sections of this Guarantee Agreement unless
     otherwise specified;

            (e)     a term defined in the Trust Indenture Act has the same
     meaning when used in this Guarantee Agreement unless otherwise defined in
     this Guarantee Agreement or unless the context otherwise requires;

            (f)     a reference to the singular includes the plural and vice
versa; and

            (g)     the masculine, feminine or neuter genders used herein shall
     include the masculine, feminine and neuter genders.

     Section 806.   Governing Law.

            THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF  NEW YORK WITHOUT REGARD
TO THE CONFLICT OF LAW PRINCIPLES THEREOF.

     Section 807.   Counterparts.

            This instrument may be executed in any number of counterparts, each
of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

                                     -19-
<PAGE>

            THIS GUARANTEE AGREEMENT is executed as of the day and year first
above written.

                                        CP&L ENERGY, INC.
                                        as Guarantor

                                        By:  _____________________________
                                             Name:
                                             Title:

                                        ____________________,
                                        as Guarantee Trustee, and not
                                        in its individual capacity

                                        By:  _____________________________
                                             Name:
                                             Title:

                                     -20-<PAGE>

                                                                    Exhibit 4(e)
                                                                    ------------
                            CERTIFICATE OF TRUST OF
                          CP&L ENERGY CAPITAL TRUST I

     THIS CERTIFICATE OF TRUST of CP&L Energy Capital Trust I (the "Trust"),
dated November 6, 2000, is being duly executed and filed by Bank One Delaware,
Inc., a Delaware banking corporation, as trustee, to form a business trust under
the Delaware Business Trust Act (12 Del. C. ss. 3801 et seq.).
                                                     -- ---

     1. Name. The name of the business trust formed hereby is "CP&L Energy
        ----
Capital Trust I."

     2. Delaware Trustee. The name and address of the trustee of the Trust with
        ----------------
a principal place of business in the State of Delaware is: Bank One Delaware,
Inc., Three Christiana Center, 201 North Walnut Street, Wilmington, Delaware
19801.

     3. Effective Date. This Certificate of Trust shall be effective upon its
        --------------
filing with the Secretary of State of the State of Delaware.

     IN WITNESS WHEREOF, the undersigned, being the sole trustee of the Trust,
has executed this Certificate of Trust as of the date first written above.

                                      BANK ONE DELAWARE, INC.,
                                      not in its individual capacity, but solely
                                      as trustee

                                      By:  /s/ Sandra L. Caruba
                                          --------------------------------------
                                          Sandra, L. Caruba, Vice President

                                      /s/ Thomas R. Sullivan
                                      ------------------------------------------
                                      Thomas R. Sullivan, Administrative Trustee

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