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TECO earnings drop for second straight quarter

TECO Energy reported a decline in earnings for the second consecutive quarter largely attributed to mild early summer weather.

The utility, the parent company of Tampa Electric, reported second-quarter 2013 net income of $51.4 million, or $0.24 per share, compared with $73.1 million, or $0.34 per share, in the second quarter of 2012.

Year-to-date net income was $92.9 million, or $0.43 per share, compared with $123.6 million, or $0.58 per share, in the same period in 2012.

"Our Florida utilities are growing as the state and local economies continue to recover, unemployment is decreasing, home sales are increasing and consumers are spending," John Ramil, TECO Energy president and chief executive officer, said in a prepared statement.

The utility is seeking a rate increase that, if approved by the state Public Service Commission, would raise residential rates for the average customer $10.41 a month.

The average residential customer's bill would rise from $102.58 per 1,000 kilowatt hours of usage a month to about $113.

In addition, Tampa Electric wants to bump up what its commercial and industrial customers pay by 6 percent.

"Tampa Electric filed its full base rate increase request with the Florida Public Service Commission in April, and we are in the middle of the discovery and testimony processes with no significant surprises," Ramil said. "We are working with the commission, its staff and the intervenors to reach a reasonable and constructive outcome."

Ivan Penn can be reached at ipenn@tampabay.com or (727) 892-2332.

TECO earnings drop for second straight quarter 08/01/13 [Last modified: Thursday, August 1, 2013 8:59pm]
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