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May 03, 2015 10:29 AM ET

Electric Utilities

Company Overview of Tampa Electric Company

Company Overview

Tampa Electric Company operates as an electric and gas utility holding company in Florida. The company operates in two segments, Tampa Electric and Peoples Gas System. The Tampa Electric segment engages in the generation, purchase, transmission, distribution, and sale of electric energy. This segment provides retail electric service to approximately 706,000 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 4,668 megawatts. It is also involved in wholesale sale of electricity to utilities and other resellers of electricity. This segment has 3 electric generating stations in...

P.O. Box 111

Tampa, FL 33601-0111

United States

Founded in 1899

2,912 Employees

Key Executives for Tampa Electric Company

Chief Executive Officer, Director, Chief Executive Officer of Teco Energy Inc and President of Teco Energy Inc
Age: 58
President
Age: 54
Chief Financial Officer, Chief Accounting Officer and Vice President of Finance & Accounting
Age: 61
President of TECO Coal Corporation
Age: 64
Chief Ethics & Compliance Officer and General Counsel
Age: 54
Compensation as of Fiscal Year 2014.

Tampa Electric Company Key Developments

Gulf Power Co. and Tampa Electric to Build New Natural Gas-Fired Generation Turbines by 2023

Gulf Power Co. and Tampa Electric Co. both anticipate building new natural gas-fired generation over the next decade, according to recent filings with state regulators. Gulf Power intends to build new generating facilities or purchase additional generating capacity by June 2023. In its 10-year site plan, filed with state regulators April 1, the Southern Co. subsidiary noted it has a power purchase agreement with Shell Energy North America for 885 MW from a combined-cycle generator in Alabama, which is scheduled to expire May 24, 2023. In February, Gulf Power announced plans to retire the coal-fired 357-MW Lansing Smith power plant by March 31, 2016, along with its already-planned retirement of the 92-MW Scholz plant in April 2015. The utility attributed the retirement decisions to the cost of bringing the plants into compliance with stricter federal environmental regulations. Because Gulf Power forecasts lower peak demand and energy loads for the 2015-2024 planning cycle, its analysis shows it will need combustion turbine peaking capacity, which it plans to add following expiration of the Shell PPA. For the new combustion turbine, Gulf Power said it is considering existing Florida sites like Plant Crist in Escambia County, Plant Smith in Bay County and Plant Scholz in Jackson County, as well as other greenfield sites. The 10-year site plans were filed by all of Florida's utilities April 1. Duke Energy Florida Inc. unveiled plans to add up to 500-MW of utility-scale solar generation. The Duke Energy Corp. subsidiary has 35 MW slated for completion by 2018. Florida Power & Light Co. also included plans to triple its utility-scale solar capacity in its site plan, but removed from load forecasts its planned acquisition of Vero Beach, Fla., due to the city's inability to extract itself from power contract commitments. FPL is a subsidiary of NextEra Energy Inc.

Tampa Electric Announces Unaudited Earnings Results for the Fourth Quarter and Full Year of 2014; Provides Earnings Guidance for the Full Year of 2015

Tampa Electric announced unaudited earnings results for the fourth quarter and full year of 2014. The company's net income for the fourth quarter of 2014 was $37.4 million, compared with $39.8 million for the same period in 2013. Operating revenues were $460.671 million compared to $463.040 million a year ago. The company announced full-year net income was $224.5 million, compared with $190.9 million in 2013, driven primarily by the benefits from the 2013 rate case settlement, higher energy sales from 1.6% customer growth and a stronger economy, and lower operations and maintenance expense. Operating revenues were $1,956.053 million compared to $1,867.657 million a year ago. The company provided earnings guidance for the full year of 2015. The company expects to earn in the upper half of its allowed ROE range of 9.25% to 11.25%, driven by $7.5 million of higher base revenues that were effective Nov. 1, 2014 as a result of its September 2013 rate case settlement agreement, average customer growth trends in line with those experienced in 2014, and higher AFUDC.

Tampa Electric Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Financial Guidance for 2014

Tampa Electric reported earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net income of $79.7 million against $68.7 million a year ago. Total revenue was $581.8 million against $556.4 million a year ago. Results for the quarter reflected the benefits of the rate case settlement effective Nov. 1, 2013, a 1.6% higher average number of customers, and higher energy sales due to customer growth and favorable summer weather patterns. Income from continuing operations was $79.7 million against $68.7 million a year ago. For the nine months, the company reported net income of $187.1 million against $151.1 million a year ago. Total revenue was $51,546.9 million against $1,477.3 million a year ago. Income from continuing operations was $187.1 million against $151.1 million a year ago. The company expects to earn in the upper half of its authorized allowed ROE range of 9.25% to 11.25%, driven by approximately $50 million of higher base revenues in 2014 as a result of its September 2013 rate case settlement agreement. Based on year-to-date experience, it now expects slightly higher average customer growth of 1.6% and total retail energy sales growth about 0.5% lower than customer growth due to lower average customer usage. Full-year operations and maintenance expenses are expected to be lower than 2013 actual amounts due to lower employee-related costs, lower storm-damage expense accruals and lower pension expense driven by higher discount rate assumptions, partially offset by increased expenses to operate the system and reliably serve customers. Depreciation expense is expected to be higher due to normal additions to facilities to serve customers.

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