Tampa Electric (TECO) Wants To Raise Your Rates!
UPDATED: May 20, 2024
What’s new?
TECO is seeking approval for an $467.7 million increase from the Florida Public Service Commission (PSC). This rate hike will burden households already struggling with rising costs. Your household expenses are at stake, and we need you to take action and fight back.
What it means for you?
Residential customer bills can expect the following monthly base rate increases using 1,000 kWh per month (excludes billing adjustments and sales taxes) beginning January 1st of each year:
- 2025: increase of $19.21 ($107.01 from $87.80) per month compared to 2024, or 21.8%.
- 2026: increase of $6.66 ($113.67 from $107.01) per month compared to 2025, or 6.2%.
- 2027: increase of $4.48 ($118.15 from $113.67) per month compared to 2026, or 3.9%.
The rate increase proposal includes an additional $1.07 per day (up from $0.71) fixed customer charge per household, which is unrelated to electric usage. This equates to approximately a $10.95 monthly increase and reflects a 50.7% increase.
The request would also increase TECO's allowable profit (return on equity) up to 11.5%, which is above the national average of 9.71%.
The rate case does not consider other costs passed on to customers such fuel surcharge increases, nuclear cost recovery, environmental and energy charges, storm hardening and storm restoration recovery charges. The base rate increase is on top of all of these.
What you can do …
Send a Public Comment to the Public Service Commission
In The News
Tampa Electric proposes residents pay millions more so big companies save, Tampa Bay Times, May 10, 2024
Here's how Duke, Tampa Electric customers can weigh in on rate hike requests, Tampa Bay Times, June 3, 2024
TECO customers protest company's request to raise rates next year: 'I'm already struggling', Fox News 13, Tampa, June 13, 2024
Public weighs in on TECO's proposed rate hikes, News Channel 10 Tampa, June 13, 2024
Hillsborough County citizens call on Florida PSC to reject TECO rate increase proposal, Florida Phoenix, June 13, 2024
