This year, consumers saw prices rise dramatically from the gas pump to the grocery store. Tampa Electric also experienced cost increases – most notably in the price of natural gas, which is used to generate electricity. Despite these cost pressures, Tampa Electric is working hard to minimize their impact on electricity prices for customers.
The Public Service Commission today finalized its approval of TECO’s January bills, which includes costs for 2023 for fuel, capacity charges, new solar plants and the Big Bend modernization project. The typical residential customer’s monthly energy bill will increase by about 11 percent, or $14.09, to $146.72 for 1,000 kilowatt-hours (kWh) of use, from the $132.66 customers pay today. Commercial and industrial customers would see an increase between 8 percent and 12 percent, depending on usage.
This adjustment will begin in January. Even with the change, Tampa Electric’s bills will remain well below the national average – which is $163.20 for 1,000 kwh – and among the lowest in Florida.
"We recognize the economic challenges our customers are facing, and we know that an increase is not welcome news,” said Archie Collins, president and chief executive officer of Tampa Electric. “We are doing everything we can to reduce the effect of rising fuel costs, and we are working with customers to help manage their bills today.”
The January adjustment is the first of two steps. The company expects another increase in 2023, to reflect uncollected fuel costs for 2022. The company is phasing in the increase to ease the transition and to reduce the impact on customer budgets. The company will share specific details with customers as soon as they are available.
The price of natural gas has tripled since 2020 due to global and economic conditions. To ease the strain of higher energy bills, Tampa Electric is working directly with customers. To help customers during this time, the company has:
- Reduced this year’s fuel costs by about $90 million because of our investment in clean, renewable solar power.
- Created a dedicated Customer Assistance team to connect eligible customers with financial assistance to ensure they get the help they need.
- Committed $2 million to help qualified customers pay past-due bills.
- Streamlined the application for certain financial assistance programs and reduced paperwork.
- Worked with thousands of customers to provide payment arrangements and waive certain fees.
- For commercial customers, the company provides energy conservation programs and energy audits to help use energy more efficiently.
The company is exploring additional customer assistance solutions, and continues to focus on smart, meaningful investments that provide ongoing benefits to customers, such as making our existing plants more efficient. The company is committed to working closely with regulators and our community partners to find creative solutions that provide relief for our customers.
Tampa Electric provides more energy-saving programs than any other utility in the state to help customers manage energy costs. Customers can learn more and sign up at tampaelectric.com/save (residential) and tampaelectric.com/bizsave (business). A variety of appliance calculators also are available online to help customers pinpoint opportunities for savings.
Tampa Electric understands some customers are experiencing financial hardship and wants to help. The company partners with many community agencies to offer programs that support customers in need and offers flexible payment arrangements. More information on resources and programs can be found online at tampaelectric.com/updates.
If you need help paying your electric bill:
- Call us, we can help set up a payment plan and connect you to the Customer Assistance team for additional support, if eligible.
- Call 211, you can connect with other financial assistance programs available through our community partners, including the Share program.
Tampa Electric, one of Florida’s largest investor-owned electric utilities, serves about 800,000 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.