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Tampa Electric Company, or TECO, is seeking to accelerate savings for customers to help mitigate financial hardship associated with the coronavirus pandemic.

The company is leveraging lower natural gas prices to pass significant savings to customers’s bills beginning in June.

Residents can expect to save nearly $90, or about 11%, on their energy bills for the rest of the year, depending on household consumptions. Commercial customers could see 14-20% savings.

“Unique times call for unique solutions to help our customers,” said Nancy Tower, president and CEO of Tampa Electric. “We look forward to working with the PSC, the Office of Public Counsel and other stakeholders to provide economic relief to our customers at a time when they need it most.”

The company filed updated projected fuel costs with the Florida Public Service Commission Thursday and made a request to accelerate the refund. Specific impact to customers’ bills won’t be determined until the PSC votes on the proposal on May 5. It would take effect June 1 and run through Dec. 31, if approved.

TECO claims customers’ bills are already among some of the lowest in Florida and more than 20% below the national average.

Currently, customers are paying $102.19 for 1,000 kilowatt-hours of energy use, an average bill.

Nationally the average is $126.90, according to Energy Information Administration data.

Utilities adjust fuel costs annually, but typically don’t do so until January. TECO is accelerating that process to try to help customers lower bills as many Floridians face lost jobs or reduced pay due to business closures related to the COVID-19 crisis.

Utilities can request a speed-up of fuel cost adjustments early when prices are expected to change significantly mid-cycle.

Natural gas prices are expected to drop significantly, prompting the company to seek an early filing. They expect to pass on a total of $130 million in savings to customers.

TECO’s 2019 fuel mix included 84% natural gas with 4% solar, 6% coal and the remaining 6% from purchased power.

Residents currently spend about a fifth of their bill on fuel costs.

TECO COMPANIES DONATE $1 MILLION TO CHARITIES TO HELP DURING PANDEMIC

Share program will be able to help thousands of customers

Tampa, Fla. (March 26, 2020) – To help the community during this unprecedented time of uncertainty, Tampa Electric and TECO Peoples Gas are donating $1 million to local charities that will benefit people financially affected by the pandemic.

• The utilities are donating $500,000 to the Share program, which supports customers who cannot pay their utility bills. The program, administered by the Salvation Army, was also simplified to provide assistance to more people during the pandemic.
• The utilities are donating $500,000 to other charitable partner organizations working on the front lines of the pandemic, providing critical support to our community through meals, housing and other assistance.

“We understand many customers may be experiencing financial hardship during this difficult time,” said Nancy Tower, president and chief executive officer. “These community partners can help ease that burden for thousands of people.”

In response to this pandemic, Tampa Electric and Peoples Gas have suspended disconnections for residential and commercial customers. They encourage customers to stay as current as possible on their utility bills to avoid accumulating a large balance. The utilities are also working with customers to help connect them with utility bill-payment resources and other assistance, as appropriate.

“Our goal is to provide assistance and peace of mind so customers can stay focused on what’s most important – keeping themselves and their family safe and healthy,” said T.J. Szelistowski, president of Peoples Gas. “It is important for our customers to know that we’re here for them.”

The utilities’ charitable contributions are part of their ongoing efforts to help customers during the pandemic. All TECO employees who are able to work from home are doing so. Employees are reducing direct contact with customers and suspending non-essential services, such as Home Energy Audits. For both utilities, employees stand ready to serve customers by phone and online.

Essential work will continue, and you may continue to see TECO employees working in the community, with a focus on safety and social distancing. They are working hard to keep your electricity and natural gas flowing safely as hurricane season approaches.

TECO’s charitable contributions are paid by shareholders and do not affect customer bills.