August 29, 2016 11:45 AM ET

Electric Utilities

Company Overview of Tampa Electric Company

Company Overview

Tampa Electric Company operates as a regulated electric and gas utility in Florida. Its Tampa Electric division is engaged in the generation, purchase, transmission, distribution, and sale of electric energy. This segment provides retail electric service to approximately 719,000 customers in West Central Florida, including Hillsborough county, as well as parts of Polk, Pasco, and Pinellas counties with a net winter system generating capability of 4,730 megawatts. It is also involved in wholesale sales to utilities and other resellers of electricity. This segment has 2 electric generating stations in or near Tampa and 1 electric generating station in southwestern Polk County; 180 substations ...

TECO Plaza

702 North Franklin Street

Tampa, FL 33602

United States

Founded in 1899

2,596 Employees

Phone:

813-228-1111

Key Executives for Tampa Electric Company

Chief Executive Officer, Director, Member of Finance Committee, President of Teco Energy Inc and Chief Executive Officer of Teco Energy Inc
Age: 60
President
Age: 56
Chief Financial Officer, Chief Accounting Officer and Vice President of Finance & Accounting
Age: 63
President of New Mexico Gas Company, Inc
Age: 50
Chief Human Resources Officer & Procurement Officer, Chief Human Resources Officer of TECO Energy Inc and Senior Vice President of Corporate Services of TECO Energy Inc
Age: 62
Compensation as of Fiscal Year 2016.

Tampa Electric Company Key Developments

Tampa Electric Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Earnings Guidance for the Full Year of 2016

Tampa Electric announced unaudited earnings results for the fourth quarter and full year ended December 31, 2015. The company's net income for the fourth quarter of 2015 was $43.0 million, compared with $37.4 million for the same period in 2014. Results for the quarter reflected a 1.8% higher average number of customers, and higher energy sales primarily due to record high temperatures in November and December. In the 2015 period, pretax base revenues were $15.7 million higher than in 2014, driven by customer growth and higher energy sales as warm weather produced significant air conditioning load. The quarter included almost $3 million of higher pretax base revenue from higher base rates, as a result of the 2013 rate case settlement. Full-year net income was $241.0 million, compared with $224.5 million in 2014, driven by 1.8% higher average number of customers and higher energy sales from customer growth, warmer than normal spring and early winter weather and a stronger economy. In the 2015 full-year period, total net energy for load was 4.1% higher than in 2014. Higher energy sales were driven by more favorable weather in 2015 than in 2014. The company provided earnings guidance for the full year of 2016. The company expects expected to continue to earn in the upper half of their allowed return on equity ranges of 9.25% to 11.25%. On a weather normalized basis, energy sales at Tampa Electric are expected to increase about 0.3% to 0.5% below the rate of customer growth.

Tampa Electric Company Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Depreciation Guidance for 2016

Tampa Electric Company reported unaudited earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported total revenues of $560.2 million compared with $581.8 million for the same period last year. Net income from continuing operations was $82.1 million compared with $79.7 million for the same period last year. Net income was $82.1 million compared with $79.7 million for the same period last year. Results for the quarter reflected a 1.8% higher average number of customers partially offset by slightly lower energy sales primarily due to rainy summer weather. Results reflected operations and maintenance expense virtually unchanged from 2014 and higher depreciation expense. For the nine months, the company reported total revenues of $1,543.2 million compared with $1,547.7 million for the same period last year. Net income from continuing operations was $198.0 million compared with $187.1 million for the same period last year. Net income was $198.0 million compared with $187.1 million for the same period last year. For 2016, the company is expected to continue to earn toward the upper end of their allowed return on equity ranges of 9.25% to 11.25%. The company expects higher AFUDC-equity earnings from the growing investment in the Polk Power Station conversion project. Depreciation expense is expected to increase from normal additions to facilities to safely and reliably serve customers.

Tampa Electric Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

Tampa Electric reported earnings results for the second quarter and six months ended June 30, 2015. The company reported second-quarter 2015 net income of $67.7 million against $62.2 million a year ago. For the six months, net income was $115.9 million against $107.4 million a year ago.

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