Tampa Electric Company

03/05/2019 | Press release | Distributed by Public on 03/05/2019 11:53

Regulators Approve Bill Adjustment; Tampa Electric Bills Remain Among State's Lowest

Regulators Approve Bill Adjustment; Tampa Electric Bills Remain Among State's Lowest

Bills remain lower than 2018 - and significantly below national average

TAMPA, March 5, 2019

Due to changes in the prices of natural gas and expected power purchases, Tampa Electric bills will rise slightly, starting in April. Even with this increase, the average residential bill will be about 4 percent lower than last year and will remain among the lowest in Florida. Tampa Electric previously reduced bills by about 8 percent in January.

The Florida Public Service Commission (PSC) today unanimously approved the adjustment to bills. The average residential customer's monthly energy bill will be about $103.58 for 1,000 kilowatt-hours (kWh) of usage, an increase of about $4 per month.

That's about the same as bills were in 2013 and about 4 percent lower than 2018. Tampa Electric residential customers' bills will continue to be among the lowest in Florida and will be about 17 percent below the national average. According to December 2018 data from the Energy Information Administration, the national average of residential electric bills is $124.70 per month.

'Our commitment to a diverse fuel mix helps us keep costs down for our customers and helps us to deliver the reliable energy they count on every day,' said Nancy Tower, president and chief executive officer of Tampa Electric. 'Tampa Electric is proud to have some of the lowest rates in Florida, as we continue to provide value to our customers.'

Utilities adjust their fuel and capacity costs annually, typically in January. However, when costs are expected to change more than 10 percent, utilities can request an additional adjustment. Expected natural gas prices have increased since Tampa Electric submitted its projected 2019 costs in late August 2018. Capacity costs for purchased power are decreasing and will result in a small credit on the bill.

Tampa Electric's fuel mix includes natural gas, coal and solar. The cost of fuel is currently about one-fourth of a residential customer's bill. Fuel costs are passed through from fuel suppliers to our customers with no markup or profit to Tampa Electric. Tampa Electric maximizes the use of existing low-cost, well-performing plants and power purchased from other companies to lower costs and pass the savings to customers.

Tampa Electric, one of Florida's largest investor-owned electric utilities, serves about 765,000 customers in West Central Florida. Tampa Electric is a subsidiary of Emera Inc., a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, Canada.