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Progress Energy, TECO Lower Fuel Cost Projections

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Published: October 14, 2008

TAMPA - Customers of Tampa Electric Co. and Progress Energy Florida, the biggest power providers in the Bay area, have been given a slight reprieve from rising electric bills next year.

Citing sharp declines in oil and natural gas prices, the utilities on Monday lowered fuel cost projections for next year by millions of dollars.

Under a revised plan, TECO customers using 1,000 kilowatt-hours a month would pay $128.44 a month beginning in January, up 12 percent from $114.38 now. The utility's original plan called for a 22 percent increase to $139.25 a month.

In August, TECO said it would also seek a 9 percent increase in its base electric rate, which would add another $10 to a resident's monthly bill in May. If the base rate increase and the fuel recovery plan are approved, TECO's residential customers will be paying 21 percent more for electricity by next summer.

Under Progress Energy's revised fuel recovery plan, residents using 1,000 kilowatt-hours a month would pay $137.88 a month beginning in January, down from $145.09 under its original proposal.

State regulators are expected to issue final rulings on the utilities' requests in November.

Reporter Russell Ray can be reached at (813) 259-7870.

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