News Release

Florida PSC concludes review of Tampa Electric's audit and earnings issues

TAMPA, September 7, 1999

The Florida Public Service Commission (FPSC) today in Tallahassee took actions on certain issues relating to Tampa Electric Company's 1998 earnings.

The commission's decision involved a review of Tampa Electric Company's 1998 earnings and audit issues under the current regulatory agreement.

The commission voted to issue an order establishing Tampa Electric Company's equity ratio for 1998 for regulatory purposes at 58.7 percent, and requiring customer refunds of approximately $11.2 million as of Dec. 31, 1998.

Last week, the FPSC took similar action with respect to the company's 1997 earnings and voted to issue an order establishing the equity ratio at 58.7 percent for 1997 and deferring certain revenues to 1998 which are included in the $11.2 million.

Both orders will constitute Proposed Agency Actions, and all parties have 21 days from the issuance of the respective orders to file a protest.

Tampa Electric is a regulated utility with over one-half million customers in a 2,000-square-mile service area. That includes nearly all of Hillsborough County and parts of Polk, Pasco and Pinellas counties. Tampa Electric is the principal subsidiary of TECO Energy, Inc.

Tampa Electric is the principal subsidiary of TECO Energy, Inc. TECO Energy is a diversified, energy-related utility holding company also based in Tampa. In addition to Tampa Electric, its principal businesses include Peoples Gas, TECO Coal, TECO Transport, TECO Coalbed Methane, TECO Power Services, and Bosek Gibson and Associates.

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