August 28, 2014 9:51 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. 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 700,000 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 sales to utilities and other resellers of electricity. This segment has 3 electric generating stations in or near Tampa, 1 electric generating station in southwestern Polk County, and 1 electr...

TECO Plaza

702 North Franklin Street

Tampa, FL 33602

United States

Founded in 1899

2,938 Employees

Phone:

813-228-1111

Key Executives for Tampa Electric Company

Chief Executive Officer
Age: 58
President
Age: 54
Executive Chairman and Executive Chairman of TECO Energy Inc.
Age: 71
Chief Financial Officer
Age: 61
President of TECO Coal Corporation
Age: 64
Compensation as of Fiscal Year 2014.

Tampa Electric Company Key Developments

Tampa Electric Reports Earnings Results for the Second Quarter of 2014

Tampa Electric reported earnings results for the second quarter of 2014. The company recorded higher net income in the quarter, reflecting the rate settlement that became effective November 1 of last year. This added about $15 million to pretax-based revenue on the quarter. The settlement also extended the amortization life for software, which reduced depreciation and amortization expense on those assets plus offsetting some of the depreciation associated with normal additions to facilities.

Tampa Electric Company Begins Expanding its Polk County Power Station

Tampa Electric Company has begun expanding its Polk County Power Station. The $700 million expansion project, which kicked off in April 2014, will convert four simple-cycle, gas-fired generators to combined-cycle units, adding about 460 megawatts (MW) of new generation to the 680 MW of existing gas-fired generation.

Tampa Electric Company Completes the Offering of $300 Million Aggregate Principal Amount of 4.35% Notes Due 2044

On May 15, 2014, Tampa Electric Company completed its previously reported offering of $300 million aggregate principal amount of 4.35% Notes due 2044. The Notes were sold at 99.933% of par. The offering resulted in net proceeds to the company (after deducting underwriting discounts and commissions and estimated offering expenses) of approximately $296.6 million. In connection with completing the issuance and sale of the Notes, the company entered into an eleventh supplemental indenture (the Eleventh Supplemental Indenture) with The Bank of New York Mellon, as trustee, supplementing the Indenture dated July 1, 1998. The Notes mature on May 15, 2044, and bear interest at a rate of 4.35% per annum, which is payable semi-annually on May 15 and November 15 of each year, beginning November 15, 2014. Interest is computed on the basis of a 360-day year comprised of twelve 30-day months. At any time prior to November 15, 2043, the company may redeem all or any part of the Notes at its option at a redemption price equal to the greater of (i) 100% of the principal amount of Notes to be redeemed or (ii) the sum of the present values of the remaining payments of principal and interest on the Notes to be redeemed, discounted to the redemption date on a semiannual basis at the applicable treasury rate (as defined in the Indenture), plus 15 basis points (0.15%); in either case, the redemption price would include accrued and unpaid interest thereon to, but excluding, the redemption date. At any time on or after November 15, 2043, the company may at its option redeem the Notes, in whole or in part, at 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the date of redemption. The Indenture provides that each of the following is an event of default: (i) the company fails to pay any interest on the Notes when due, and such failure has continued for 30 days; (ii) the company fails to pay the principal of or premium, if any, on the Notes when due; (iii) the company fails to perform any other covenant in the Indenture (other than a covenant in the Indenture solely for the benefit of a series of debt securities other than the Notes), and such failure has continued for 90 days after the company receives written notice as provided in the Indenture; or (iv) certain events of bankruptcy or insolvency of the company described in the Indenture. If any Event of Default occurs and is continuing, the trustee or the holders of at least 25% in principal amount of the then outstanding Notes may declare the principal amount of all the Notes to be immediately due and payable. Under some circumstances, the holders of a majority in principal amount of the outstanding Notes may rescind and Annual that declaration and its consequences. The Notes are unsecured and rank equally with the Company's other unsecured and unsubordinated debt.

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