Tampa Electric seeks to replenish storm reserve
The company has spent about $88 million to restore power after five tropical events
TAMPA, December 28, 2017
In the past three years, Tampa Electric customers have been affected by two tropical storms and three hurricanes. Restoring power after those storms has exhausted the company's storm reserve, which was established to pay for damage from named storms.
Tampa Electric today filed with the Florida Public Service Commission (PSC) to seek recovery of costs to restore power after Hurricane Irma and several previous storms; tropical storms Erika and Colin, and hurricanes Hermine and Matthew. The company is seeking about $88 million. For the average customer, who uses 1,000 kilowatt-hours (kwh) a month, that would add $4 to their monthly bill.
The temporary "storm surcharge" would take effect in March and continue throughout 2018, when it would likely be reduced. It would cover the company's storm expenses for the past three years and replenish the storm reserve for future events. Even with the temporary surcharge, Tampa Electric's bills will remain among the lowest in Florida.
The PSC and consumer groups are expected to review and discuss the prudency of the costs in early 2018.
Tampa Electric, one of Florida's largest investor-owned electric utilities, serves about 750,000 customers in West Central Florida. Tampa Electric is a subsidiary of Emera Inc., a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, Canada.