The Florida Public Service Commission (PSC) today approved new base rates for Tampa Electric Company (TECO) that will add $1.45 to monthly bills for residential customers using 1,000 kWh. TECO was last granted a base rate increase in 1993. The new rates will take effect May 7, 2009.
A new tiered rate structure will provide customers with lower rates for the first 1,000 kWh used and higher rates for each kilowatt hour used above 1,000 kWh. The utility serves about 600,000 residential customers. Its West Central Florida service area covers 2,000 square miles, including all of HillsboroughCounty and parts of Polk, Pasco, and PinellasCounties.
The base rates for PSC-regulated investor-owned utilities in Florida include the cost of building and operating generating plants, transmission and distribution lines, and other facilities necessary to serve customers. By law, base rates also include an authorized rate of return but do not include fuel costs.
The PSC is committed to making sure that Florida's consumers receive their electric, natural gas, telephone, water, and wastewater services in a safe, affordable, and reliable manner. The PSC exercises regulatory authority over utilities in the areas of rate base/economic regulation; competitive market oversight; and monitoring of safety, reliability, and service.
For additional information, visit http://www.floridapsc.com/.