Printer Friendly

PUBLIC COUNSEL PROTESTS ROE AGREEMENT

 TAMPA, Fla., Nov. 16 /PRNewswire/ -- TECO Energy, Inc. (NYSE: TE) reported today that the Florida Office of Public Counsel (Public Counsel) has protested the agreement approved last month by the Florida Public Service Commission (FPSC) between Tampa Electric Company and the FPSC staff. The agreement reset the company's authorized rate of return on common equity beginning Jan. 1., 1994. The effect of this protest is to set the issues raised in the FPSC's proposed agency action for hearing.
 On Oct. 27, 1993, the FPSC, in a proposed agency action, approved an agreement between its staff and Tampa Electric that would have lowered Tampa Electric's authorized rate of return on common equity from the present authorized midpoint of 12.0 percent to a midpoint of 11.35 percent and a range of 10.35 to 12.35 percent for all regulatory purposes beginning Jan. 1, 1994. This agreement did not change current rates or the price increase approved for January 1994. In addition, the FPSC also approved an unfunded storm reserve for Tampa Electric's transmission and distribution property.
 In its protest, Public Counsel claims that the rate of return of 11.35 percent is excessive and requests an expedited proceeding to determine a new allowed rate of return. Public Counsel also has asked the FPSC to rescind the 1994 rate increase and reduce rates prospectively, or alternatively, to require that the increase be held subject to refund pending the outcome of the requested proceeding. Tampa Electric will vigorously oppose the positions taken by Public Counsel.
 Tampa Electric, a subsidiary of TECO Energy, Inc., serves more than 470,000 customers and has a retail service area of 2,000 square miles in West Central Florida.
 -0- 11/16/93
 /CONTACT: Mike Mahoney of TECO Energy, 813-228-4271, or home, 813-961-9456/
 (TE)


CO: TECO Energy, Inc.; Florida Office of Public Counsel; Florida Public
 Service Commission ST: Florida IN: UTI SU:


AW-RK -- FL005 -- 4966 11/16/93 10:11 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 16, 1993
Words:325
Previous Article:GALERIA VANIDADES TO EXHIBIT A SELECTION OF ART WORKS BY LAURA LUNA
Next Article:CEP IS THE FIRST U.S. LAB TO SUCCESSFULLY EXTRACT AND IDENTIFY VOLATILES IN FISH -- IT'S TOUGH TO GET GAS FROM A GROUPER
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters