FORM 10-Q



                         SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C.  20549

                                 FORM 10-Q

(Mark One)

 X   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

For the quarterly period ended             March 31,June 30, 1995            

                                     OR

     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File Number 1-5007


                       TAMPA ELECTRIC COMPANY                
           (Exact name of registrant as specified in its charter)


            FLORIDA                                59-0475140     
(State or other jurisdiction of                  (IRS Employer
 incorporation or organization)                Identification No.)

702 North Franklin Street, Tampa, Florida            33602   
(Address of principal executive offices)           (Zip Code)

Registrant's telephone number, including area code:  (813) 228-4111

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.

Yes    X     No           

Number of shares outstanding  of each of the issuer's classes of common
stock, as of the latest practicable date (April 30,(July 31, 1995):

                  Common Stock, Without Par Value       10


                                                                   FORM 10-Q 

PART I.  FINANCIAL INFORMATION



Item 1.   Financial Statements

               In  the  opinion  of  management,  the  unaudited  financial

               statements include all adjustments (none of which were other

               than  normal  or  recurring) necessary to present fairly the

               results  for  the  three-month  and  six-month periods ended

               March

               31,June  30,  1995  and  1994.  Reference should be made to the

               explanatory  notes  affecting  the  income and balance sheet

               accounts contained in Tampa Electric Company's Annual Report

               on  Form  10-K  for  the year ended Dec. 31, 1994 and to the

               notes on page 67 of this report.



































                                      - 2 -
                                                                   FORM 10-Q 

                                  BALANCE SHEETS
                              (thousands of dollars)
                                                   March 31,June 30,        Dec. 31, 
                                                     1995           1994    
                                      Assets
     Property, plant and equipment,
       at original cost
     Utility plant in service                    $2,866,045$2,890,794      $2,854,240 
     Construction work in progress                  299,984373,511         246,089 
                                                  3,166,0293,264,305       3,100,329 
     Accumulated depreciation                    (1,139,055)(1,165,234)     (1,115,167)
                                                  2,026,9742,099,071       1,985,162 
     Other property                                     193192             194 
                                                  2,027,1672,099,263       1,985,356 
     Current assets                                      
     Cash and cash equivalents                          177257           7,071 
     Receivables, less allowance
       for uncollectibles                           87,883112,415         103,508 
     Inventories, at average cost
       Fuel                                          98,11276,891          95,831 
       Materials and supplies                        38,84437,476          38,465 
     Prepayments                                      1,7822,605           2,675 
                                                    226,798229,644         247,550 
     Deferred debits
     Unamortized debt expense                        19,43819,060          19,782 
     Deferred income taxes                           87,71289,469          86,514 
     Regulatory asset - tax related                  31,33632,500          30,791 
     Other                                           48,19253,729          47,828 
                                                    186,678194,758         184,915 
                                                 $2,440,643$2,523,665      $2,417,821 

                              Liabilities and Capital
     Capital
     Common stock                                $  800,956826,956      $  775,956 
     Retained earnings                              173,508188,275         173,299 
                                                  974,4641,015,231         949,255 
     Preferred stock, redemption not required        54,956          54,956 
     Long-term debt, less amount due
       within one year                              607,669582,978         607,270 
                                                  1,637,0891,653,165       1,611,481 
     Current liabilities
     Long-term debt due within one year              1,28026,030           1,260 
     Notes payable                                  95,300113,000          91,800 
     Accounts payable                                79,87581,641         113,759 
     Customer deposits                               50,43150,687          49,457 
     Interest accrued                                 13,7618,788          11,166 
     Taxes accrued                                   25,58839,003           2,152 
                                                    266,235319,149         269,594 
     Deferred credits
     Deferred income taxes                          326,262327,287         327,646 
     Investment tax credits                          62,07360,882          63,265 
     Regulatory liability - tax related              87,60386,565          88,291 
     Other                                           61,38176,617          57,544 
                                                    537,319551,351         536,746 
                                                 $2,440,643$2,523,665      $2,417,821 

     The accompanying notes are an integral part of the financial statements.



                                       - 3 -


                                                                   FORM 10-Q 

                               STATEMENTS OF INCOME
                              (thousands of dollars) 

     For the three months ended March 31,June 30,             1995             1994   

     Operating revenues                            $253,796        $244,629$279,094        $293,324 
      
     Operating expenses
     Operation
       Fuel                                          90,376          84,67796,042         105,699 
       Purchased power                               9,520           7,98311,669          10,002 
       Other                                         39,331          42,12140,811          48,337 
     Maintenance                                     16,830          16,83618,130          18,962 
     Depreciation                                    29,345          28,61329,539          28,819 
     Taxes, federal and state income                 11,617          11,10816,876          17,902 
     Taxes, other than income                        22,514          21,977 
                                                    219,533         213,31522,464          22,770 
                                                    235,531         252,491 

     Operating income                                34,263          31,31443,563          40,833 

     Other income
     Allowance for other funds used
       during construction                            1,799             2732,521             371 
     Other income (expense), net                     (658)            (14)
                                                      1,141             259(1,095)           (181)
                                                      1,426             190 

     Income before interest charges                  35,404          31,57344,989          41,023 

     Interest charges
     Interest on long-term debt                       9,382           8,9449,651           9,182 
     Other interest                                   2,227           1,5922,506           1,244 
     Allowance for borrowed funds
       used during construction                      (1,084)           (636)
                                                     10,525           9,900(1,519)           (820)
                                                     10,638           9,606 

     Net income                                      24,879          21,67334,351          31,417 
     Preferred dividend requirements                    892             892 
     Balance applicable to
       common stock                                $ 23,98733,459        $ 20,78130,525 


     The accompanying notes are an integral part of the financial statements.
















                                       - 4 -


                                                                   FORM 10-Q 

                               STATEMENTS OF INCOME
                              (thousands of dollars) 

     For the six months ended June 30,               1995             1994   

     Operating revenues                            $532,890        $537,953 
      
     Operating expenses
     Operation
       Fuel                                         186,418         190,376 
       Purchased power                               21,189          17,985 
       Other                                         80,143          90,458 
     Maintenance                                     34,960          35,798 
     Depreciation                                    58,883          57,432 
     Taxes, federal and state income                 28,493          29,010 
     Taxes, other than income                        44,978          44,747 
                                                    455,064         465,806 

     Operating income                                77,826          72,147 

     Other income
     Allowance for other funds used
       during construction                            4,320             644 
     Other income (expense), net                     (1,752)           (195)
                                                      2,568             449 

     Income before interest charges                  80,394          72,596 

     Interest charges
     Interest on long-term debt                      19,033          18,126 
     Other interest                                   4,733           2,836 
     Allowance for borrowed funds
       used during construction                      (2,603)         (1,456)
                                                     21,163          19,506 

     Net income                                      59,231          53,090 
     Preferred dividend requirements                  1,784           1,784 
     Balance applicable to
       common stock                                $ 57,447        $ 51,306 


     The accompanying notes are an integral part of the financial statements.
















                                       - 5 -


                                                                   FORM 10-Q 

                             STATEMENTS OF CASH FLOWS
                              (thousands of dollars)


     For the threesix months ended March 31,June 30,               1995            1994   

     Cash flows from operating activities
       Net income                                 $  24,87959,231       $  21,67353,090 
       Adjustments to reconcile net income
           to net cash
         Depreciation                                29,345          28,61358,883          57,432 
         Deferred income taxes                       (3,815)         (4,040)(6,749)         (9,893)
         Investment tax credits, net                 (1,191)         (1,216)(2,383)         (2,431)
         Allowance for funds used
           during construction                       (2,883)           (909)
       Deferred revenue                               7,421              --(6,923)         (2,100)
         Deferred recovery clause                   (5,857)          5,272(13,205)         15,874 
         Deferred revenue                            16,822              -- 
       Amortization of coal contract buyout             676              -- 
       Refund to customers                               --          (2,306)(2,428)
       Receivables, less allowance
         for uncollectibles                          15,625           9,135(8,907)        (16,392)
       Inventories                                   (2,660)         (4,683)19,929          (7,257)
       Taxes accrued                                 23,436          21,62436,851          25,538 
       Accounts payable                             (33,884)        (15,757)(32,118)        (14,721)
       Other                                         7,346          10,618 
                                                     57,762          68,02411,223          17,092 
                                                    133,330         113,804 
     Cash flows from investing activities
       Capital expenditures                        (71,729)        (39,560)(175,372)        (91,775)
       Allowance for funds used
         during construction                          2,883             909 
       Short-term investments                            --             (29)
                                                    (68,846)        (38,680)6,923           2,100 
                                                   (168,449)        (89,675)
     Cash flows from financing activities
       Proceeds from contributed capital
         from parent                                 25,000          40,00051,000          80,000 
       Proceeds from long-term debt                     620             --521 
       Repayment of long-term debt                     (260)           (245)
       Net increase (decrease)increase(decrease) in short-term debt     3,500         (40,300)21,200         (56,321)
       Dividends                                    (24,670)        (30,114)
                                                      4,190         (30,659)(44,255)        (50,889)
                                                     28,305         (26,934)

     Net decrease in cash and cash equivalents       (6,894)         (1,315)(6,814)         (2,805)
     Cash and cash equivalents
       at beginning of period                         7,071           4,499 
     Cash and cash equivalents at end of period   $     177257       $   3,1841,694 


     The accompanying notes are an integral part of the financial statements.











                                       - 56 -


                                                                   FORM 10-Q 

                       NOTES TO FINANCIAL STATEMENTS


A.        T a m paTampa  Electric  Company  is  a  wholly  owned  subsidiary  of

     TECO Energy, Inc.

B.        The  company  has made certain commitments in connection with its

     continuing  construction program.  Total construction expenditures are

     estimated  to  be $320 million for 1995, excluding allowance for funds

     used during construction.construction (AFUDC).

C.        On  May 2, 1995, theThe  Florida  Public  Service  Commission  (FPSC), issued an order

     effective  June 1, 1995 which approved a deferred revenue plan for the

     company.    The  plan  provides  for  an  increase  in  a  proposed  agency  action,  voted to approve a plan submitted by the  company  to  increase  thecompany's

     authorized  rate  of  return on average common equity (ROE) for all regulatory

     purposes  to  a  new  midpoint  of  11.75  percent  with  a  range  of

     10.75 percent to 12.75 percent, andretroactive to Jan. 1, 1995.  For 1995

     the  company will defer until 1997 $15 million of revenues, for 1995 and additional

     amounts  related to levelsas well as

     50  percent  of  earned ROE. The company would be limitedactual  revenues  contributing to a maximumreturn on average

     common  equity  exceeding  11.75  percent  and  100  percent of actual

     revenues  contributing  to a return on average common equity exceeding

     12.75  percent regulatory ROE for 1995.  Also as part

     of  its  proposed  agency  action,  thepercent.   The FPSC voted  toorder also will eliminate the company'scompany s oil

     backout  tariff effective Jan. 1, 1996.  This tariff currently results

     in  approximately  $12  million  of  annual  revenues.  See additional

     discussion on page 9.11.

D.        Certain  1994  amounts  on the statements of cash flows have been

     restated to comply with the current year presentation.












                                   - 67 -


                                                                   FORM 10-Q 

Item 2.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations

     Results of Operations
     Three months ended March 31,June 30, 1995:

          Net  income  of  $24.9  million  for  1995's  firstsecond  quarter  was  $3$34.4  million,

     $2.9 million higher than the  year-earlier1994's second quarter primarily due to increased energy

     sales,  higher  AFUDC  and lower operating expenses.  Increased energy

     sales.sales  and  lower  operating  expenses also contributed to a 7 percent

     increase  in  operating  income  over 1994.  These results were net of

     $7.4$9.4  million  of  revenues  deferred  revenues, asunder  the  FPSC-approved  plan

     discussed on page 9. Operating income for 1995's

     first  quarter  was  9 percent higher than in 1994, as higherpages 7 and 11.

          Total  revenues and    l ower  operations-other  expense  more  than  offset  higher

     depreciation expense, and property and payroll taxes. 

          Revenues  increased  $9decreased $14.2 million in the firstsecond quarter due

     primarily  to  the  deferred  revenue  plan  and  lower fuel revenues,

     partially  offset  by  the  effect  of  1995,

     reflecting  an  almost  3-percent  increase  in  retailincreased  energy sales.  Fuel

     revenues  declined  as  a  result  of the company s ongoing efforts to

     lower  fuel  charges to the customer.  Retail energy sales because of more normal weatherincreased 4

     percent  due  to  continued  strength  in the current quarter and a continuing

     strong  local economy. Customereconomy, including

     customer growth of 1.8 percent.

          Combined   operation-other  and  maintenance  expenses  decreased

     $8.4 million, or 12 percent, slightly higher

     than  in  1994's  first  quarter, also contributed to higher revenues.

     Energy  sales  to  other utilities more than doubled from 1994's firstsecond quarter as a result of

     normal  weatherreduced  costs  associated with the corporate restructuring program in

     late  1994,  additional  cost  control  activities  and  more competitive coal

     prices.  Non-fuel  revenues  from energy sales to other utilities were

     $8.4 million, $.7 million higher than in 1994's period.the timing of

     certain  expenses. Combined fuel and purchased power expense increased $7.2decreased

     $8.0 million fromfor the prior  year's  firstsecond quarter reflecting higher total energy

     sales which more than offset the effects of 1995 due to lower per-unit fuel

     costs  per unit.and  the  timing  of  the recognition of fuel expense under the

     FPSC-approved fuel adjustment clause.





                                   - 78 -


                                                                   FORM 10-Q 

          Operation-other  expense  decreased  $2.8  million, or 7 percent,

     mainly  because  of  self-insurance liability accruals required in the

     first  quarter  of  1994  and the impact in 1995 of reduced costs as a

     result of the 1994 corporate restructuring program.

          The  increase  in  depreciation expense of $.7 million was due to

     normal plant additions.

          Income  tax  expense  increased $.5 million or 5 percent from the

     prior year's first quarter, reflecting higher pretax income.  

          Interest  expense  excludingbefore  the  allowance for borrowed funds used

     during  construction  was  10$1.7  million  or  17 percent higher in the

     current quarter due to higher interest rates on floating rate debt and

     an increase in short-term debt balances.

          Total AFUDC increased in 1995 because of additional investment in

     the Polk Power Station which is under construction.

          The  effective  income  tax  rate  for  the  second  quarter  was

     34.1  percent  compared to 36.4 percent for the same period last year.

     The  decrease  was  primarily  due to higher allowance for other funds

     used during construction in 1995.




































                                   - 9 -


                                                                   FORM 10-Q 

     Six months ended June 30, 1995:

          Net  income for 1995's first half was $59.2 million, $6.1 million

     higher  than 1994's period due to increased energy sales, higher AFUDC

     and  lower operating expenses. These results were net of $16.8 million

     of revenues deferred under the plan discussed on pages 7 and 11.

          Revenues  decreased  $5.1  million  in the first half of 1995 due

     primarily to the $16.8 million revenue deferral which more than offset

     the  effect  of increased energy sales.  Retail energy sales were up 3

     percent  from  continued  economic  growth which resulted in increased

     energy  usage in the residential, industrial-phosphate, and commercial

     sectors.

          Operation-other  and maintenance expenses decreased $11.2 million

     or  9  percent  from  1994's  first  half as a result of the corporate

     restructuring program in late 1994, additional cost control activities

     and the timing of certain expenses.

          Interest  expense  before  the  allowance for borrowed funds used

     during  construction was $2.8 million or 13 percent higher than in 1994'sthe

     first  quarter,half of 1994 due to higher interest rates on floating rate debt

     and an increase in short-term debt balances.

          Total AFUDC increased in 1995 because of additional investment in

     the Polk Power Station which is under construction.

          The  effective  income  tax rate for the first six months of 1995

     was  33.7  percent  compared  to 35.5 percent for the same period last

     year.    The  decrease was primarily due to higher rates on short-term and variable-rate

     debt.allowance for other

     funds used during construction in 1995.






                                   - 810 -


                                                                   FORM 10-Q 

     Liquidity, Capital Resources and Changes in Financial Condition

          On  May  2,The  FPSC issued an order effective June 1, 1995 the  FPSC in a proposed agency action voted to

     approveapproving a plan

     submitted byfor  the  company  to increase its allowed ROE to 11.75 percent with a

     range  of  10.75  percent to 12.75 percent and to defer revenues under

     certain  financial  circumstances  related to these returns.  For 1995

     a  minimumthe  company will defer until 1997 $15 million of $15-million of revenues, will  be

     deferred as well as

     50  percent  of  any actual  revenues  contributing to an  ROE  in  excess  ofa return on average

     common  equity  exceeding  11.75  percent  up to a net earned ROEand  100  percent of 12.75

     percent and all actual

     revenues  contributing  to an ROEa return on average common equity exceeding

     12.75  percent.   The disposition of the deferred revenues, which wouldwill

     accrue  interest  at the 30-

     day30-day commercial paper rate specified in the

     Florida  Administrative  Code, wouldwill be subject to a FPSC determination

     in  a  regulatory  proceeding.  The  company expects that the deferred

     revenues  will  be credited against the company's revenue requirements

     to

     be determinedbeginning in a future regulatory proceeding.1997. As of March 31,June 30, 1995, the company had deferred $7.4$16.8

     million  in  revenues.    Also  as  part  of  its proposed agency action,The  FPSC  also eliminated the FPSC voted to

     eliminate  the  company'scompany s oil

     backout  tariff effective Jan. 1, 1996.  This tariff currently results

     in aboutapproximately $12 million of revenues

     annually. 

          The  FPSC issued its order on May 10, 1995. The order will become

     effective  on June 1, 1995, 21 days after issuance, unless an affected

     party intervenes.

          As  described  in the company's Current Report on Form 8-K, dated

     April  25,  1995,  Moody's  Investor's  Service lowered the senior and

     subordinate  debt ratings of the company one level to Aa2 and Aa3 from

     Aa1 and Aa2, respectively. Moody's also changed its ratings outlook to

     "stable" from "negative."annual revenues.




















                                   - 9 -


                                                                   FORM 10-Q 

          Moody's  P-1  short-term  debt  rating  for  the commercial paper

     program of the company was unchanged.

          In  March  1995,  Duff  &  Phelps  Credit Rating Co. upgraded the

     company's   first  mortgage  bond  rating  to  AA+  from  AA  and  the

     subordinate debt rating to AA from AA-.

















































                                   - 1011 -


                                                                   FORM 10-Q 

                        PART II.  OTHER INFORMATION

Item 4.   Submission of Matters to a Vote of Security Holders

               Pursuant to a written consent in lieu of annual meeting of

          shareholders dated April 19, 1995, TECO Energy, Inc., the holder

          of all of the outstanding common stock of the registrant, elected

          the following directors:


           Girard F. Anderson                     
           DuBose Ausley
           Sara L. Baldwin
           Hugh L. Culbreath
           James L. Ferman, Jr.
           Edward L. Flom
           Henry R. Guild, Jr.
           Timothy L. Guzzle                      
           Robert L. Ryan
           J. Thomas Touchton                     
           John A. Urquhart                       
           James O. Welch, Jr.


Item 6.     Exhibits and Reports on Form 8-K


       (a)  Exhibits


       3.   Bylaws, as amended, effective July 18, 1995.

      10.1  Amendment  to  TECO  Energy,  Inc.  Directors  Retirement Plan,
            effective July 1, 1995.

      10.2  Amendment to TECO Energy Group Supplemental Retirement Benefits
            Trust Agreement, effective July 17, 1995.

      10.3  Supplemental Executive Retirement Plan for R. A. Dunn, dated as
            of July 17, 1995.

      12.   Ratio of earnings to fixed charges.

      27.   Financial data scheduleschedule. (EDGAR filing only)



       (b)  Reports on Form 8-K

               No reports on Form 8-K were filed during the quarter
               to which this report relates.

            The  registrant  filed  a  Current  Report  on  Form  8-K dated
            April  20,  1995  reporting  under  "Item  5.  Other Events" on
            recommendations  by  the  Staff  of  the Florida Public Service
            Commission.

            The  registrant  filed  a  Current  Report  on  Form  8-K dated
            April  25,  1995  reporting  under  "Item  5.  Other Events" on
            changes in debt ratings. 



















                                   - 1112 -


                                                                   FORM 10-Q 

                                 SIGNATURES



          Pursuant  to  the  requirements  of the Securities Exchange Act of
     1934,  the  registrant  has duly caused this report to be signed on its
     behalf by the undersigned thereunto duly authorized.










                                                TAMPA ELECTRIC COMPANY   
                                                      (Registrant)







     Dated: May 12,August 14, 1995                  By:   /s/ L. L. Lefler    
                                                       L. L. Lefler 

                                             Vice President --- Controller
                                             (Chief Accounting Officer)























                                    - 1213 -


                                                                   FORM 10-Q 

                                                                  Exhibit 12 

                                INDEX TO EXHIBITS


Exhibit No.   Description of Exhibits                               Page No.

    3.        Bylaws, as amended, effective July 18, 1995              15

   10.1       Amendment to TECO Energy, Inc. Directors  Retirement
              Plan, effective July 1, 1995                             22

   10.2       Amendment to TECO Energy Group Supplemental Retirement
              Benefits Trust Agreement, effective July 17, 1995        23

   10.3       Supplemental Executive Retirement Plan for R. A.
              Dunn, dated as of July 17, 1995                          26  

   12.        Ratio of earnings to fixed charges.                         14charges                       32

   27.        Financial data schedule (EDGAR filing only)              --




































                                      - 1314 -