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TECO Energy (NYSE: TE ) announced today that its regulated Tampa Electric subsidiary has filed a formal request to increase rates by 10% starting in 2014. TECO first announced its intentions in February, when the company stated that it would seek a total increase of approximately $135 million to cover rising costs.
According to the utility, this new rate hike would translate to approximately $10.41 in additional charges for individual customers, and a 6% bump for commercial and industrial clients.
Tampa Electric President Gordon Gillette said in a statement today:
It is important to remember that while the cost of nearly everything has gone up in recent years, Tampa Electric bills have gone down. We empathize with our customers who also are feeling the effects of a difficult economy. There is never a good time to raise rates, but even with this increase, Tampa Electric bills would remain among the lowest in Florida.
Tampa Electric last requested a rate increase in 2008. According to TECO, its new rate would translate to an overall charge 5% below the national average (and cheaper than six years ago). The Public Service Commission is expected to deliver its verdict by the end of 2013.