TECO Officials Seek Rate Increase for 2014

Citing “increased costs” and “sluggish growth,” officials at Tampa Electric Co. (TECO) informed the Florida Public Service commission of their plans to file a request to raise residential rates by about 10 percent.

The rate increase will be filed by Tampa Electric in April, and the PSC will have hearings and vote by year's end. If approved, the increase would occur in January 2014, according to a TECO release. TECO is seeking about $135 million—about $11 per month or 35 cents per day—for the average residential customer, the release said.

Even with the increase, officials said in the release, customers would be paying less than they were six years ago.

“There is never a good time to raise rates, and we empathize with our customers who are also feeling the effects of a difficult economy,” said Gordon Gillette, president of Tampa Electric, in the release. “The pace of the economic recovery has not been what anyone predicted. We have worked diligently to keep costs low, but costs continue to outpace growth.”