Tampa Electric 10-Q 2022 Q1 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2022

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 No	Exact name of each registrant as specified in its charter, state of incorporation, address of principal executive offices, telephone number	I.R.S. Employer Identification Number
1-5007	TAMPA ELECTRIC COMPANY	59-0475140
	(a Florida corporation) TECO Plaza 702 N. Franklin Street Tampa, Florida 33602 (813) 228-1111

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
None.

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 ☒ NO ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ NO ☐

Indicate by check mark whether Tampa Electric Company is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark whether Tampa Electric Company has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether Tampa Electric Company is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒

As of May 11, 2022, there were 10 shares of Tampa Electric Company’s common stock issued and outstanding, all of which were held, beneficially and of record, by TECO Energy, Inc.

Tampa Electric Company meets the conditions set forth in General Instruction (H)(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format specified in General Instruction H(2) of Form 10-Q.

ACRONYMS

Acronyms used in this and other filings with the U.S. Securities and Exchange Commission in 2022 and 2021 include the following:

Term	Meaning
AFUDC	allowance for funds used during construction
AFUDC-debt	debt component of allowance for funds used during construction
AFUDC-equity	equity component of allowance for funds used during construction
APBO	accumulated postretirement benefit obligation
ARO	asset retirement obligation
ASC	Accounting Standards Codification
ASU	Accounting Standards Update
BCF	billion cubic feet
CCRs	coal combustion residuals
CMO	collateralized mortgage obligation
CNG	compressed natural gas
CO2	carbon dioxide
COVID-19	coronavirus disease 2019
CPI	consumer price index
CT	combustion turbine
D.C. Circuit Court	D.C. Circuit Court of Appeals
ECRC	environmental cost recovery clause
Emera	Emera Inc., a geographically diverse energy and services company headquartered in Nova Scotia, Canada and the indirect parent company of Tampa Electric Company
EPA	U.S. Environmental Protection Agency
ERISA	Employee Retirement Income Security Act
EROA	expected return on plan assets
EUSHI	Emera US Holdings Inc., a wholly owned subsidiary of Emera, which is the sole shareholder of TECO Energy’s common stock
FASB	Financial Accounting Standards Board
FDEP	Florida Department of Environmental Protection
FERC	Federal Energy Regulatory Commission
FPSC	Florida Public Service Commission
GHG	greenhouse gas
IGCC	integrated gasification combined-cycle
IRS	Internal Revenue Service
ITCs	investment tax credits
kWac	kilowatt on an alternating current basis
LNG	liquefied natural gas
MBS	mortgage-backed securities
MD&A	the section of this report entitled Management’s Discussion and Analysis of Financial Condition and Results of Operations
MGP	manufactured gas plant
MMBTU	one million British Thermal Units
MRV	market-related value
MW	megawatt(s)
MWH	megawatt-hour(s)
NAV	net asset value
Note	Note to consolidated financial statements
NPNS	normal purchase normal sale
O&M expenses	operations and maintenance expenses
OCI	other comprehensive income
OPC	Office of Public Counsel
OPEB	other postemployment benefits
Parent	TECO Energy, Inc., the direct parent company of Tampa Electric Company
PBGC	Pension Benefit Guarantee Corporation
PBO	projected benefit obligation
PGA	purchased gas adjustment
PGS	Peoples Gas System, the gas division of Tampa Electric Company

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PPA	power purchase agreement
PRP	potentially responsible party
R&D	research and development
REIT	real estate investment trust
RFP	request for proposal
ROE	return on common equity
Regulatory ROE	return on common equity as determined for regulatory purposes
S&P	Standard and Poor’s
SCR	selective catalytic reduction
SEC	U.S. Securities and Exchange Commission
SERP	Supplemental Executive Retirement Plan
SoBRAs	solar base rate adjustments
SPP	storm protection plan
STIF	short-term investment fund
Tampa Electric	Tampa Electric, the electric division of Tampa Electric Company
TEC	Tampa Electric Company
TECO Energy	TECO Energy, Inc., the direct parent company of Tampa Electric Company
TSI	TECO Services, Inc.
U.S. GAAP	generally accepted accounting principles in the United States

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION

This Form 10-Q contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from the forward-looking statements made by TEC include those factors discussed herein, including those factors discussed with respect to TEC in (1) TEC’s 2021 Annual Report on Form 10-K in (a) Part I, Item 1A. Risk Factors, (b) Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) Part II, Item 8. Financial Statements: Note 8, Commitments and Contingencies; (2) this Quarterly Report on Form 10-Q in (a) Part 1, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (b) Part 1, Item 1. Financial Statements: Note 8, Commitments and Contingencies, and (3) other factors discussed in filings with the SEC by TEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this Report. TEC does not undertake any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this Form 10-Q.

All references to “dollars” and “$” in this and other filings with the U.S. Securities and Exchange Commission are references to U.S. dollars, unless specifically indicated otherwise.

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TAMPA ELECTRIC COMPANY

Consolidated Condensed Balance Sheets

Unaudited

Assets	March 31,			December 31,
(millions)	2022			2021
Property, plant and equipment
Utility plant
Electric	$	11,739		$	11,563
Gas		2,698			2,626
Utility plant, at original costs		14,437			14,189
Accumulated depreciation		(3,663	)		(3,601	)
Utility plant, net		10,774			10,588
Other property		14			14
Total property, plant and equipment, net		10,788			10,602
Current assets
Cash and cash equivalents		20			18
Receivables, less allowance for credit losses of $7 and $7 at March 31, 2022 and December 31, 2021, respectively		258			254
Due from affiliates		11			8
Inventories, at average cost
Fuel		16			20
Materials and supplies		133			121
Regulatory assets		209			136
Prepayments and other current assets		23			22
Total current assets		670			579
Deferred debits
Regulatory assets		839			866
Other		151			149
Total deferred debits		990			1,015
Total assets	$	12,448		$	12,196

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

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TAMPA ELECTRIC COMPANY

Consolidated Condensed Balance Sheets - continued

Unaudited

Liabilities and Capitalization	March 31,			December 31,
(millions)	2022			2021
Capitalization
Common stock	$	4,645		$	4,470
Accumulated other comprehensive loss		(1	)		(1	)
Retained earnings		356			323
Total capital		5,000			4,792
Long-term debt		3,137			3,136
Total capitalization		8,137			7,928
Current liabilities
Long-term debt due within one year		250			250
Notes payable		813			745
Accounts payable		285			390
Due to affiliates		33			44
Customer deposits		134			132
Regulatory liabilities		49			78
Accrued interest		39			18
Accrued taxes		40			19
Other		53			51
Total current liabilities		1,696			1,727
Long-term liabilities
Deferred income taxes		864			858
Regulatory liabilities		1,132			1,092
Investment tax credits		280			249
Deferred credits and other liabilities		339			342
Total long-term liabilities		2,615			2,541
Commitments and Contingencies (see Note 8)
Total liabilities and capitalization	$	12,448		$	12,196

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

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TAMPA ELECTRIC COMPANY

Consolidated Condensed Statements of Income and Comprehensive Income

Unaudited

	Three months ended March 31,
(millions)	2022			2021
Revenues
Electric	$	509		$	446
Gas		182			153
Total revenues		691			599
Expenses
Fuel		128			109
Purchased power		7			18
Cost of natural gas sold		72			50
Operations and maintenance		147			128
Depreciation and amortization		105			106
Taxes, other than income		61			54
Total expenses		520			465
Income from operations		171			134
Other income
Allowance for equity funds used during construction		8			10
Other income, net		3			1
Total other income		11			11
Interest charges
Interest expense		38			38
Allowance for borrowed funds used during construction		(3	)		(5	)
Total interest charges		35			33
Income before provision for income taxes		147			112
Provision for income taxes		29			20
Net income	$	118		$	92
Comprehensive income	$	118		$	92

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

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TAMPA ELECTRIC COMPANY

Consolidated Condensed Statements of Cash Flows

Unaudited

	Three months ended March 31,
(millions)	2022			2021
Cash flows from operating activities
Net income	$	118		$	92
Adjustments to reconcile net income to cash from operating activities:
Depreciation and amortization		105			106
Deferred income taxes and investment tax credits		39			22
Allowance for equity funds used during construction		(8	)		(10	)
Deferred recovery clauses		(49	)		(3	)
Receivables, less allowance for credit losses		(5	)		(3	)
Inventories		(8	)		3
Taxes accrued		11			15
Interest accrued		21			32
Accounts payable		(84	)		(62	)
Regulatory assets and liabilities		5			0
Other		(3	)		(12	)
Cash flows from operating activities		142			180
Cash flows used in investing activities
Capital expenditures		(301	)		(270	)
Net proceeds from sale of assets		3			0
Cash flows used in investing activities		(298	)		(270	)
Cash flows from financing activities
Equity contributions from Parent		175			155
Proceeds from long-term debt issuance		0			792
Net increase (decrease) in short-term debt (maturities of 90 days or less)		68			(465	)
Repayment of other short-term debt (maturities over 90 days)		0			(300	)
Dividends to Parent		(85	)		(88	)
Cash flows from financing activities		158			94
Net increase in cash and cash equivalents		2			4
Cash and cash equivalents at beginning of period		18			10
Cash and cash equivalents at end of period	$	20		$	14
Supplemental disclosure of non-cash activities
Change in accrued capital expenditures	$	(20	)	$	(12	)

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

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TAMPA ELECTRIC COMPANY

Consolidated Condensed Statements of Capital

Unaudited

								Accumulated
								Other
			Common		Retained			Comprehensive			Total
(millions, except share amounts)	Shares		Stock		Earnings			Loss			Capital
Three months ended March 31, 2022
Balance, December 31, 2021		10		4,470	$	323		$	(1	)	$	4,792
Net income						118						118
Equity contributions from Parent				175								175
Dividends to Parent						(85	)					(85	)
Balance, March 31, 2022		10	$	4,645	$	356		$	(1	)	$	5,000
Three months ended March 31, 2021
Balance, December 31, 2020		10		3,890	$	327		$	(1	)	$	4,216
Net income						92						92
Equity contributions from Parent				155								155
Dividends to Parent						(88	)					(88	)
Balance, March 31, 2021		10	$	4,045	$	331		$	(1	)	$	4,375

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

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TAMPA ELECTRIC COMPANY

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

UNAUDITED

1. Summary of Significant Accounting Policies

See TEC’s Annual Report on Form 10-K for the year ended December 31, 2021 for a complete discussion of accounting policies. The significant accounting policies for TEC include:

Principles of Consolidation and Basis of Presentation

TEC is a wholly owned subsidiary of TECO Energy, which is an indirect, wholly owned subsidiary of Emera. TEC is comprised of the electric division, referred to as Tampa Electric, and the natural gas division, referred to as PGS.

Intercompany balances and transactions within the divisions have been eliminated in consolidation. In the opinion of management, the unaudited consolidated condensed financial statements include all adjustments that are of a recurring nature and necessary to state fairly the financial position of TEC as of March 31, 2022 and December 31, 2021, and the results of operations and cash flows for the periods ended March 31, 2022 and 2021. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results that can be expected for the entire fiscal year ending December 31, 2022.

The use of estimates is inherent in the preparation of financial statements in accordance with U.S. GAAP. Actual results could differ from these estimates. The year-end Consolidated Condensed Balance Sheet was derived from audited financial statements; however, this quarterly report on Form 10-Q does not include all year-end disclosures required for an annual report on Form 10-K by U.S. GAAP.

Receivables and Allowance for Credit Losses

Receivables from contracts with customers, which consist of services to residential, commercial, industrial and other customers, were $257 million and $252 million as of March 31, 2022 and December 31, 2021, respectively. An allowance for credit losses is established based on TEC’s collection experience and reasonable and supportable forecasts that affect the collectibility of the reported amount. Circumstances that could affect Tampa Electric’s and PGS’s estimates of credit losses include, but are not limited to, customer credit issues, generating fuel prices, customer deposits and general economic conditions. Accounts are reserved in the allowance or written off once they are deemed to be uncollectible.

As of March 31, 2022 and December 31, 2021, unbilled revenues of $80 million and $74 million, respectively, are included in the “Receivables” line item on the Consolidated Condensed Balance Sheets.

Accounting for Franchise Fees and Gross Receipts

Tampa Electric and PGS are allowed to recover certain costs from customers on a dollar-for-dollar basis through rates approved by the FPSC. The amounts included in customers’ bills for franchise fees and gross receipt taxes are included as revenues on the Consolidated Condensed Statements of Income. Franchise fees and gross receipt taxes payable by Tampa Electric and PGS are included as an expense on the Consolidated Condensed Statements of Income in “Taxes, other than income”. These amounts totaled $33 million and $29 million for the three months ended March 31, 2022 and 2021, respectively.

2. New Accounting Pronouncements

TEC considers the applicability and impact of all ASUs issued by the FASB. The ASUs that have been issued, but that are not yet effective, were assessed and determined to be either not applicable to TEC or have an insignificant impact on the condensed consolidated financial statements.

3. Regulatory

Tampa Electric Base Rates

On August 6, 2021, Tampa Electric filed with the FPSC a joint motion for approval of a settlement agreement dated as of August 6, 2021 (the Settlement Agreement) by and among Tampa Electric and the intervenors in Tampa Electric’s rate case filed with the FPSC in April 2021. The Settlement Agreement agrees to an increase in base rates annually effective with January 2022 bills, to generate a $191 million increase in revenue consisting of $123 million of traditional base rate charges and $68 million in a new charge to recover the costs of retiring assets. The Settlement Agreement further includes two subsequent year adjustments of $90 million and $21 million, effective January 2023 and January 2024, respectively. Under the agreement, the allowed equity in the capital structure will continue to be 54% from investor sources of capital. The Settlement Agreement includes an allowed regulatory ROE range of 9.0% to 11.0% with a 9.95% midpoint. The Settlement Agreement allows a 25 basis point increase in the allowed ROE range and

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mid-point, and $10 million of additional revenue, if the average 30-year United States Treasury Bond yield rate for any period of six consecutive months is at least 50 basis points greater than the yield rate on the date the FPSC votes to approve the agreement. Under the agreement, base rates will 0t change from January 1, 2022 through December 31, 2024, unless Tampa Electric’s earned ROE were to fall below the bottom of the range during that time. The Settlement Agreement contains a provision whereby Tampa Electric agrees to quantify the future impact of a decrease or increase in corporate income tax rates on net operating income through a reduction or increase in base revenues within 180 days of when such tax change becomes law or its effective date. The Settlement Agreement further creates a mechanism to recover the costs of retiring coal generation units and meter assets over a period of 15 years which survives the term of that agreement. The Settlement Agreement sets new depreciation and dismantlement rates effective January 1, 2022 and contains the provisions that Tampa Electric will not have to file another depreciation study during the term of the agreement but will file a new depreciation study no more than one year, nor less than 90 days, before the filing of its next general base rate proceeding. Additionally, Tampa Electric agreed to a financial hedging moratorium for natural gas ending on December 31, 2024. On October 21, 2021, the FPSC approved the Settlement Agreement and the final order, reflecting such approval, was issued on November 10, 2021.

Tampa Electric’s Settlement Agreement provides recovery for the Big Bend modernization project in two phases. The first phase is a revenue increase to cover the costs of the assets in service during 2022, among other items. The remainder of the project costs will be recovered as part of the 2023 subsequent year adjustment. The Settlement Agreement also includes a new charge to recover the remaining costs of the retiring Big Bend coal generation assets, Units 1 through 3, which will be spread over 15 years and will survive the term of the Settlement Agreement. The special capital recovery schedule for all three units was applied beginning January 1, 2022.

Tampa Electric Mid-Course Adjustment to Fuel Recovery

In January 2022, Tampa Electric requested a mid-course adjustment to its fuel and capacity charges to recover an additional $169 million beginning April 1, 2022 through December 2022 due to an increase in fuel commodity and capacity costs. On March 1, 2022, the FPSC voted to approve the mid-course adjustment, and the order reflecting such approval was issued on March 18, 2022.

Tampa Electric Storm Protection Cost Recovery Clause and Settlement Agreement

On October 3, 2019, the FPSC issued a rule to implement a Storm Protection Plan (SPP) Cost Recovery Clause. This clause provides a process for Florida investor-owned utilities, including Tampa Electric, to recover transmission and distribution storm hardening costs for incremental activities not already included in base rates. On June 9, 2020, the FPSC approved a settlement agreement submitted by Tampa Electric which specified a $15 million base rate reduction for SPP program costs previously recovered in base rates beginning January 1, 2021. On August 3, 2020, Tampa Electric submitted another settlement agreement to the FPSC for approval, including cost recovery of approximately $39 million in proposed storm protection project costs for 2020 and 2021. This cost recovery includes the $15 million of costs removed from base rates. This settlement agreement was approved on August 10, 2020 and Tampa Electric’s cost recovery began in January 2021. The current approved plan addresses the years 2020, 2021 and 2022, and in April 2022 Tampa Electric submitted a new plan to determine cost recovery in 2023, 2024, and 2025.

PGS Base Rates

On June 8, 2020, PGS filed a petition for an increase in rates and service charges effective January 2021. On November 19, 2020, the FPSC approved a settlement agreement filed by PGS and OPC. The settlement agreement provides for an increase in base rates by $58 million annually effective January 2021, which is a $34 million increase in revenue and $24 million increase of revenues previously recovered through the cast iron and bare steel replacement rider. This settlement agreement includes an allowed regulatory ROE range of 8.90% to 11.00% with a 9.90% midpoint, including the ability to reverse a total of $34 million of accumulated depreciation through 2023. PGS has reversed $5 million of the $34 million accumulated depreciation during the period ended March 31, 2022, and no amounts were reversed in prior periods. In addition, the agreement set new depreciation rates effective January 1, 2021 that are consistent with PGS’s current overall average depreciation rate. Under the agreement, base rates are frozen from January 1, 2021 to December 31, 2023, unless its earned ROE were to fall below 8.90% before that time with an allowed equity in the capital structure of 54.7% from investor sources of capital.

Regulatory Assets and Liabilities

Details of the regulatory assets and liabilities are presented in the following table:

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Regulatory Assets and Liabilities
(millions)	March 31, 2022		December 31, 2021
Regulatory assets:
Regulatory tax asset (1)	$	119	$	117
Cost-recovery clauses (2)		142		89
Capital cost recovery for early retired assets (3)		512		518
Environmental remediation (4)		22		22
Postretirement benefits (5)		225		230
Asset retirement obligation (6)		11		11
Other		17		15
Total regulatory assets		1,048		1,002
Less: Current portion		209		136
Long-term regulatory assets	$	839	$	866
Regulatory liabilities:
Regulatory tax liability (7)	$	641	$	638
Cost-recovery clauses - deferred balances (2)		22		16
Accumulated reserve - cost of removal (8)		470		468
Storm reserve (9)		46		46
Other		2		2
Total regulatory liabilities		1,181		1,170
Less: Current portion		49		78
Long-term regulatory liabilities	$	1,132	$	1,092

(1)

The regulatory tax asset is primarily associated with the depreciation and recovery of AFUDC-equity. This asset does not earn a return but rather is included in the capital structure, which is used in the calculation of the weighted cost of capital used to determine revenue requirements. It will be recovered over the expected life of the related assets. The regulatory tax asset balance reflects the impact of the federal corporate income tax rate reduction.

(2)

These assets and liabilities are related to FPSC clauses and riders. They are recovered or refunded through cost-recovery mechanisms approved by the FPSC on a dollar-for-dollar basis in a subsequent period.

(3)

This regulatory asset is related to the remaining net book value of Big Bend Units 1 through 3 and smart meter assets that were retired. The balance earns a rate of return as permitted by the FPSC and will be recovered as a separate line item on customer bills for a period of 15 years. See “Tampa Electric Base Rates” above for further information.

(4)

This asset is related to costs associated with environmental remediation primarily at MGP sites. The balance is included in rate base, partially offsetting the related liability, and earns a rate of return as permitted by the FPSC. The timing of recovery is based on a settlement agreement approved by the FPSC.

(5)

This asset is related to the deferred costs of postretirement benefits and it is amortized over the remaining service life of plan participants. Deferred costs of postretirement benefits that are included in expense are recognized as cost of service for rate-making purposes as permitted by the FPSC.

(6)

This asset is related to costs associated with an asset retirement obligation, which is a legal obligation for the future retirement of certain tangible, long-lived assets. This regulatory asset does not earn a return because it is offset with related assets and liabilities within rate base. It is recovered and removed as the obligation is settled and removed as the activities for the retirement of the related assets have been completed.

(7)

The regulatory tax liability is primarily related to the revaluation of TEC’s deferred income tax balances recorded on December 31, 2017 at the lower corporate income tax rate due to U.S. tax reform. The liability related to the revaluation of the deferred income tax balances is amortized and returned to customers through rate reductions or other revenue offsets based on IRS regulations and the settlement agreement for tax reform benefits approved by the FPSC.

(8)

This item represents the non-ARO cost of removal in the accumulated reserve for depreciation. AROs are costs for legally required removal of property, plant and equipment. Non-ARO cost of removal represents estimated funds received from customers through depreciation rates to cover future non-legally required cost of removal of property, plant and equipment, net of salvage value upon retirement, which reduces rate base for ratemaking purposes. This liability is reduced as costs of removal are incurred.

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(9)

As a result of Tampa Electric’s 2013 rate case settlement, in the event of a named storm that results in damage to its system, Tampa Electric can petition the FPSC to seek recovery of those costs over a 12-month period or longer as determined by the FPSC, as well as replenish its reserve to $56 million, the level of the reserve as of October 31, 2013. This provision was also included in Tampa Electric’s subsequent 2017 amended and restated settlement agreement and in Tampa Electric’s 2021 rate case settlement agreement.

4. Income Taxes

Income Tax Expense

TEC is included in a consolidated U.S. federal income tax return with EUSHI and its subsidiaries. TEC’s income tax expense is based upon a separate return method, modified for the benefits-for-loss allocation in accordance with respective tax sharing agreements with TECO Energy and EUSHI. To the extent that TEC’s cash tax positions are settled differently than the amount reported as realized under the tax sharing agreement, the difference is reflected in common stock.

TEC’s effective tax rates for the three months ended March 31, 2022 and 2021 were 19.7% and 17.9%, respectively. The March 31, 2022 and 2021 effective tax rates are an estimate of the annual effective income tax rate. TEC’s effective tax rate for the three months ended March 31, 2022 and 2021 differed from the statutory rate principally due to the amortization of the regulatory tax liability resulting from tax reform. See Note 3 for further information regarding the regulatory tax liability.

Unrecognized Tax Benefits

As of March 31, 2022 and December 31, 2021, the amount of unrecognized tax benefits was $6 million, all of which was recorded as a reduction of deferred income tax assets for tax credit carryforwards. TEC had $6 million of unrecognized tax benefits at March 31, 2022 and December 31, 2021, that, if recognized, would reduce TEC’s effective tax rate.

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5. Employee Postretirement Benefits

TEC is a participant in the comprehensive retirement plans of TECO Energy. The following table presents detail related to TECO Energy’s periodic benefit cost for pension and other postretirement benefits. Amounts disclosed for TECO Energy’s pension benefits include the amounts related to its qualified pension plan and non-qualified, non-contributory SERP and Restoration Plan.

TECO Energy Benefit Cost
(millions)	Pension Benefits						Other Postretirement Benefits
Three months ended March 31,	2022			2021			2022		2021
Components of net periodic benefit cost
Service cost	$	4		$	5		$	0	$	0
Interest cost		6			5			1		1
Expected return on assets		(13	)		(13	)		0		0
Amortization of:
Actuarial loss (gain)		4			6			1		1
Net periodic benefit cost	$	1		$	3		$	2	$	2

TEC’s portion of the net periodic benefit cost for the three months ended March 31, 2022 and 2021, respectively, was $1 million and $3 million for pension benefits, and $2 million and $2 million for other postretirement benefits. TEC’s portion of net periodic benefit costs for pension and other benefits is included as an expense on the Consolidated Condensed Statements of Income in “Operations & maintenance”.

TECO Energy assumed a long-term EROA of 6.50% and a discount rate of 2.78% for pension benefits under its qualified pension plan for 2022. For TECO Energy’s other postretirement benefits, TECO Energy used a discount rate of 2.84% for 2022.

TECO Energy made contributions of $5 million and $5 million to its qualified pension plan in the three months ended March 31, 2022 and 2021, respectively. TEC’s portion of these contributions was $4 million and $4 million, respectively. TECO Energy expects to make contributions to the pension plan of $14 million for the remainder of 2022. TEC estimates its portion of the remaining 2022 contribution to be $11 million.

Included in the benefit cost discussed above, for the three months ended March 31, 2022, $4 million of unamortized prior service benefits and costs and actuarial gains and losses were reclassified by TEC from regulatory assets to the Consolidated Condensed Statement of Income, compared with $6 million for the three months ended March 31, 2021, respectively.

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6. Short-Term Debt

Details of TEC’s short-term borrowings are presented in the following table:

	March 31, 2022								December 31, 2021
			Borrowings		Borrowings		Letters				Borrowings		Borrowings		Letters
	Credit		Outstanding -		Outstanding -		of Credit		Credit		Outstanding -		Outstanding -		of Credit
(millions)	Facilities		Credit Facilities (1)		Commercial Paper (1)		Outstanding		Facilities		Credit Facilities (1)		Commercial Paper (1)		Outstanding
5-year facility (2)	$	800	$	0	$	313	$	1	$	800	$	0	$	245	$	1
1-year term facility (3)		500		500		0		0		500		500		0		0
Total	$	1,300	$	500	$	313	$	1	$	1,300	$	500	$	245	$	1

(1)

Borrowings outstanding are reported as notes payable.

(2)

This 5-year facility matures on December 17, 2026. TEC also has an active commercial paper program for up to $800 million, of which the full amount outstanding is backed by TEC’s credit facility. The amount of commercial paper issued results in an equal amount of its credit facility being considered drawn and unavailable.

(3)

On December 17, 2021, TEC entered into a 1-year term facility that matures on December 16, 2022.

At March 31, 2022, these credit facilities required a commitment fee of 12.5 basis points. The weighted-average interest rate on borrowings outstanding under the credit facilities and commercial paper at March 31, 2022 and December 31, 2021 was 1.04% and 0.58%, respectively.

7. Long-Term Debt

Fair Value of Long-Term Debt

At March 31, 2022, TEC’s long-term debt, including the current portion, had a carrying amount of $3,387 million and an estimated fair market value of $3,551 million. At December 31, 2021, TEC’s total long-term debt, including the current portion, had a carrying amount of $3,386 million and an estimated fair market value of $4,036 million. The fair value of the debt securities is determined using Level 2 measurements (see Note 11 for information regarding the fair value hierarchy).

8. Commitments and Contingencies

Legal Contingencies

From time to time, TEC and its subsidiaries are involved in various legal, tax and regulatory proceedings before various courts, regulatory commissions and governmental agencies in the ordinary course of business. Where appropriate, accruals are made in accordance with accounting standards for contingencies to provide for matters that are probable of resulting in an estimable loss.

Superfund and Former Manufactured Gas Plant Sites

TEC, through its Tampa Electric and PGS divisions, is a PRP for certain superfund sites and, through its PGS division, for certain former MGP sites. While the joint and several liability associated with these sites presents the potential for significant response costs, as of March 31, 2022 and December 31, 2021, TEC has estimated its ultimate financial liability to be $14 million, primarily at PGS. This amount has been accrued and is primarily reflected in the long-term liability section under “Deferred credits and other liabilities” on the Consolidated Condensed Balance Sheets. The environmental remediation costs associated with these sites are expected to be paid over many years.

The estimated amounts represent only the portion of the cleanup costs attributable to TEC. The estimates to perform the work are based on TEC’s experience with similar work, adjusted for site-specific conditions and agreements with the respective governmental agencies. The estimates are made in current dollars, are not discounted and do not assume any insurance recoveries.

In instances where other PRPs are involved, most of those PRPs are creditworthy and are likely to continue to be creditworthy for the duration of the remediation work. However, in those instances that they are not, TEC could be liable for more than TEC’s currently assessed percentage of the remediation costs.

Factors that could impact these estimates include the ability of other PRPs to pay their pro-rata portion of the cleanup costs, additional testing and investigation which could expand the scope of the cleanup activities, additional liability that might arise from

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the cleanup activities themselves or changes in laws or regulations that could require additional remediation. Under current regulations, these costs are recoverable through customer rates established in subsequent base rate proceedings. See Note 3 for information regarding the related regulatory asset.

Long-Term Commitments

TEC has commitments for various purchases as disclosed below, including payment obligations under contractual agreements for fuel, fuel transportation and power purchases that are recovered from customers under regulatory clauses. The following is a schedule of future payments under PPAs, minimum lease payments with non-cancelable lease terms in excess of one year, and other net purchase obligations/commitments at March 31, 2022:

					Fuel		Long-term				Demand
			Capital		and		Service		Operating		Side
(millions)	Transportation		Projects		Gas Supply		Agreements		Leases		Management		Total
2022	$	182	$	224	$	393	$	24	$	2	$	4	$	829
2023		224		63		38		29		3		1		358
2024		215		2		0		27		3		1		248
2025		200		1		0		19		2		1		223
2026		197		0		0		19		1		0		217
Thereafter		1,868		0		0		52		48		0		1,968
Total future minimum payments	$	2,886	$	290	$	431	$	170	$	59	$	7	$	3,843

Debt Covenants

TEC must meet certain financial tests, including a debt to capital ratio, as defined in the applicable debt agreements and has certain restrictive covenants in specific agreements and debt instruments. At March 31, 2022, TEC was in compliance with all required covenants.

9. Segment Information

(millions)	Tampa								Tampa Electric
Three months ended March 31,	Electric		PGS		Eliminations				Company
2022
Revenues - external	$	509	$	182	$	0			$	691
Intracompany sales		1		1		(2	)			0
Total revenues		510		183		(2	)			691
Total interest charges		30		5		0				35
Net income	$	88	$	30	$	0			$	118
2021
Revenues - external	$	446	$	153	$	0			$	599
Intracompany sales		1		2		(3	)			0
Total revenues		447		155		(3	)			599
Total interest charges		28		5		0				33
Net income	$	65	$	27	$	0			$	92
Total assets at March 31, 2022	$	10,873	$	2,263	$	(688	)	(1)	$	12,448
Total assets at December 31, 2021	$	10,650	$	2,209	$	(663	)	(1)	$	12,196

(1)

Amounts primarily relate to consolidated deferred tax reclassifications. Deferred tax assets are reclassified and netted with deferred tax liabilities upon consolidation.

10. Revenue
 

The following disaggregates TEC’s revenue by major source:

(millions)	Tampa			Tampa Electric
Three months ended March 31, 2022	Electric	PGS	Eliminations	Company

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Electric revenue
Residential	$	270		$	0	$	0		$	270
Commercial		137			0		0			137
Industrial		37			0		0			37
Regulatory deferrals and unbilled revenue		3			0		0			3
Other (1)		63			0		(1	)		62
Total electric revenue		510			0		(1	)		509
Gas revenue
Residential		0			75		0			75
Commercial		0			56		0			56
Industrial (2)		0			7		0			7
Other (3)		0			45		(1	)		44
Total gas revenue		0			183		(1	)		182
Total revenue	$	510		$	183	$	(2	)	$	691
Three months ended March 31, 2021
Electric revenue
Residential	$	232		$	0	$	0		$	232
Commercial		126			0		0			126
Industrial		37			0		0			37
Regulatory deferrals and unbilled revenue		(2	)		0		0			(2	)
Other (1)		54			0		(1	)		53
Total electric revenue		447			0		(1	)		446
Gas revenue
Residential		0			67		0			67
Commercial		0			53		0			53
Industrial (2)		0			6		0			6
Other (3)		0			29		(2	)		27
Total gas revenue		0			155		(2	)		153
Total revenue	$	447		$	155	$	(3	)	$	599

(1)

Other electric revenue includes sales to public authorities, off-system sales to other utilities and various other items.

(2)

Industrial gas revenue includes sales to power generation customers.

(3)

Other gas revenue includes off-system sales to other utilities and various other items.

Remaining Performance Obligations

Remaining performance obligations primarily represent lighting contracts and gas transportation contracts with fixed contract terms. As of March 31, 2022 and December 31, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $135 million. As allowed under ASC 606, these amounts exclude contracts with an original expected length of one year or less and variable amounts for which TEC recognizes revenue at the amount to which it has the right to invoice for services performed. TEC expects to recognize revenue for the remaining performance obligations through 2041.

11. Fair Value Measurements

Items Measured at Fair Value on a Recurring Basis

Accounting guidance governing fair value measurements and disclosures provides that fair value represents the amount that would be received in selling an asset or the amount that would be paid in transferring a liability in an orderly transaction between market participants. As a basis for considering assumptions that market participants would use in pricing an asset or liability, accounting guidance also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1:	Observable inputs, such as quoted prices in active markets;
Level 2:	Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
Level 3:	Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.

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There were no Level 3 assets or liabilities for the periods presented.

As of March 31, 2022 and December 31, 2021, the carrying value of TEC’s short-term debt was not materially different from the fair value due to the short-term nature of the instruments and because the stated rates approximate market rates. The fair value of TEC’s short-term debt is determined using Level 2 measurements. See Note 7 for information regarding the fair value of long-term debt.

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Item 2. MANAGEMENT’S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION & RESULTS OF OPERATIONS

Earnings Summary - Unaudited

		Three months ended March 31,
(millions)		2022			2021
Revenues
	Tampa Electric	$	510		$	447
	PGS		183			155
	Eliminations		(2	)		(3	)
	TEC	$	691		$	599
Net income
	Tampa Electric	$	88		$	65
	PGS		30			27
	TEC	$	118		$	92

Operating Results

First quarter 2022 net income was $118 million, compared to $92 million in the first quarter of 2021. First quarter 2022 results were impacted by higher base revenues at Tampa Electric and PGS, partially offset by higher O&M and depreciation and amortization expenses at Tampa Electric. See Operating Company Results below for further detail.

Operating Company Results

Amounts included in the operating company discussions below are pre-tax, except net income and income taxes.

Electric Division

Tampa Electric’s net income for the first quarter of 2022 was $88 million, compared with $65 million for the same period in 2021. Results primarily reflected higher base revenues resulting from the 2021 rate case settlement agreement, returns related to capital cost recovery for early retired assets and favorable weather, partially offset by higher depreciation expense and higher O&M expense. Base revenues are energy sales excluding revenues from clauses, gross receipts taxes and franchise fees. Clauses, gross receipts taxes and franchise fees do not have a material effect on net income as these revenues substantially represent a dollar-for-dollar recovery of clause and other pass-through costs.

Revenues were $63 million higher than in the same period in 2021, primarily driven by higher base revenue due to new base rates as a result of the 2021 rate case agreement, returns related to capital cost recovery for early retired assets, favorable weather compared to the same period in 2021 and customer growth. Total degree days (a measure of heating and cooling demand) in Tampa Electric's service area in the first quarter of 2022 were 14% above normal (a 20-year statistical degree day average) and 12% above the 2021 period, reflecting favorable weather in the first quarter of 2022 compared to 2021. Total net energy for load, which is a calendar measurement of energy output, in the first quarter of 2022 was 3% higher than the same period in 2021.

O&M expense, excluding all FPSC-approved cost-recovery clauses, was $7 million higher than in the same period in 2021, due to higher transmission and distribution, insurance and benefit costs. Depreciation and amortization expense, excluding all FPSC-approved cost-recovery clauses, increased $7 million in the first quarter of 2022 compared to the same period in 2021, primarily due to additions to facilities to reliably serve customers and the in-service of generation projects.

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Tampa Electric’s regulated operating statistics for the three months ended March 31, 2022 and 2021 were as follows:

(millions, except customers and total degree days)	Operating Revenues								Kilowatt-Hours Billed
Three months ended March 31,	2022		2021			% Change			2022		2021		% Change
By Customer Type
Residential (1)	$	270	$	232			16			2,082		2,053		1
Commercial (1)		137		126			9			1,375		1,325		4
Industrial (1)		37		37			0			484		474		2
Other (1)		47		43			9			448		434		3
Regulatory deferrals and unbilled revenue (2)		3		(2	)		(250	)
Total retail sales of electricity		494		436			13			4,389		4,286		2
Off system sales of electricity		4		0		-				84		11		664
Other operating revenue		12		11			9
Total revenues	$	510	$	447			14			4,473		4,297		4
Customers at March 31, (thousands)		814		796			2
Retail net energy for load (kilowatt-hours)		4,575		4,436			3
Total degree days		688		614			12

(1)

Reflects a billing cycle measurement.

(2)

Primarily reflects unbilled revenue, which incorporates a calendar measurement, and postings for clause recovery deferrals.

Natural Gas Division

PGS had net income of $30 million for the first quarter of 2022 compared with $27 million in the first quarter of 2021. Results reflect a 4.6% higher number of customers in the first quarter of 2022 compared to the first quarter of 2021. Revenues were $28 million higher than in the first quarter of 2021 primarily due to higher PGA clause-related revenues and higher off-system sales. The base revenue increase of $2 million was primarily due to customer growth. Operations and maintenance expense, excluding all FPSC-approved cost-recovery clauses, was $1 million higher than the 2021 quarter. Depreciation and amortization decreased $3 million in the 2022 quarter due to the $5 million reversal of accumulated depreciation as provided for in PGS’s 2020 settlement agreement (see Note 3 to the TEC Consolidated Financial Statements for further information), partially offset by increases due to asset growth.

PGS’s regulated operating statistics for the three months ended March 31, 2022 and 2021 were as follows:

(millions, except customers)	Operating Revenues						Therms
Three months ended March 31,	2022		2021		% Change		2022		2021		% Change
By Customer Type
Residential	$	75	$	67		12		39		38		3
Commercial		56		53		6		147		140		5
Industrial		5		4		25		120		112		7
Power generation		2		2		0		189		218		(13	)
Off system sales		15		6		150		25		15		67
Other operating revenues		26		19		37
Total	$	179	$	151		19		520		523		(1	)
By Sales Type
System supply	$	108	$	88		23		73		62		18
Transportation		45		44		2		447		461		(3	)
Other operating revenues		26		19		37
Total	$	179	$	151		19		520		523		(1	)
Customers at March 31, (thousands)		452		432		5

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Other Income

For the first quarter of 2022 and 2021, TEC’s other income was $11 million and included AFUDC-equity of $8 million and $10 million, respectively. The decrease in AFUDC-equity was primarily due to the timing of Tampa Electric’s modernization of its Big Bend Power Station and the construction of solar projects.

Interest Expense

For the first quarter of 2022 and 2021, TEC’s interest expense, excluding AFUDC-debt, was $38 million.

Income Taxes

The provisions for income taxes were $29 million and $20 million for the three months ended March 31, 2022 and 2021, respectively. Compared to the 2021 period, the increase in the provision for income taxes for the three months ended March 31, 2022 was primarily the result of higher pre-tax income.

Liquidity and Capital Resources

The table below sets forth the March 31, 2022 liquidity, cash balances and amounts available under the TEC credit facilities.

(millions)
Credit facilities	$	1,300
Drawn amounts/letters of credit		(814	)
Available credit facilities		486
Cash and short-term investments		20
Total liquidity	$	506

Cash Impacts Related to Operating Activities

Cash flows from operating activities for the three months ended March 31, 2022 were $142 million, a decrease of $38 million compared to the same period in 2021. Decreases to cash from operations were primarily the result of higher fuel under-recoveries due to rising natural gas prices and higher materials and supplies inventory, partially offset by the timing of deferred taxes and higher base revenues resulting from new base rates as a result of the 2021 rate case agreement and favorable weather.

Cash Impacts Related to Financing Activities

Cash flows from financing activities for the three months ended March 31, 2022 resulted in net cash inflows of $158 million. TEC received $175 million of equity contributions from Parent and $68 million of net proceeds from short-term debt with maturities with 90 days or less. These increases in cash flows were partially offset by dividend payments to Parent of $85 million.

Covenants in Financing Agreements

In order to utilize its bank credit facilities, TEC must meet certain financial tests as defined in the applicable agreements. In addition, TEC has certain restrictive covenants in specific agreements and debt instruments. At March 31, 2022, TEC was in compliance with all applicable financial covenants. The following table contains the significant financial covenant and the performance relative to it at March 31, 2022.

Significant Financial Covenants

			Calculation at
Instrument (1)	Financial Covenant (2)	Requirement/Restriction	March 31, 2022
Credit facility - $800 million	Debt/capital	Cannot exceed 65%	45.6%
Term facility- $500 million	Debt/capital	Cannot exceed 65%	45.6%

(1)

See Note 6 to the TEC Consolidated Condensed Financial Statements for details of the credit facility.

(2)

As defined in the instrument.

Credit Ratings of Senior Unsecured Debt at March 31, 2022

	S&P	Moody’s	Fitch
Credit ratings of senior unsecured debt	BBB+	A3	A
Credit ratings outlook	Stable	Positive	Stable

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Certain of TEC’s derivative instruments contain provisions that require TEC’s debt to maintain investment grade credit ratings.

Commitments and Contingencies

See Note 8 to the TEC Consolidated Condensed Financial Statements for information regarding TEC’s commitments and contingencies as of March 31, 2022.

Regulatory Matters

See Note 3 to the TEC Consolidated Condensed Financial Statements for information regarding TEC’s regulatory matters as of March 31, 2022.

Fair Value Measurements

TEC's fair value measurements are described in Notes 7 and 11 to the TEC Consolidated Condensed Financial Statements. In addition, TEC considered the impact of nonperformance risk in determining the fair value of derivatives. TEC considered the net position with each counterparty, past performance of both parties and the intent of the parties, indications of credit deterioration and whether the markets in which TEC transacts have experienced dislocation. At March 31, 2022, the fair value of derivatives was not materially affected by nonperformance risk.

Critical Accounting Policies and Estimates

Critical accounting policies and estimates have not materially changed in 2022. For further discussion of critical accounting policies and estimates, see TEC’s Annual Report on Form 10-K for the year ended December 31, 2021.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Information required by Item 3 is omitted pursuant to General Instruction H(2) of Form 10-Q.

Item 4. CONTROLS AND PROCEDURES

(a)

Evaluation of Disclosure Controls and Procedures. TEC’s management, with the participation of its principal executive officer and principal financial officer, has evaluated the effectiveness of TEC’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of March 31, 2022. Based on such evaluation, TEC’s principal financial officer and principal executive officer have concluded that, as of March 31, 2022, TEC’s disclosure controls and procedures are effective.

(b)

Changes in Internal Controls. There was no change in TEC’s internal controls over financial reporting (as defined in Rules 13a–15(f) and 15d-15(f) under the Exchange Act) identified in connection with the evaluation of TEC’s internal control over financial reporting that occurred during TEC’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, such controls.

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PART II. OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

From time to time, TEC is involved in various legal, tax and regulatory proceedings before various courts, regulatory commissions and governmental agencies in the ordinary course of business. Where appropriate, accruals are made in accordance with accounting standards for contingencies to provide for matters that are probable of resulting in an estimable loss. For a discussion of legal proceedings and environmental matters, see Note 8 of the TEC Consolidated Condensed Financial Statements.

Item 6. EXHIBITS

Exhibit
No.	Description
3.1	Restated Articles of Incorporation of Tampa Electric Company, as amended on November 30, 1982 (Exhibit 3 to Registration Statement No. 2-70653 of Tampa Electric Company). (P)	*
3.2	Bylaws of Tampa Electric Company, as amended effective February 2, 2011 (Exhibit 3.4, Form 10-K for 2010 of Tampa Electric Company).	*
31.1	Certification of the Chief Executive Officer of Tampa Electric Company pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of the Chief Financial Officer of Tampa Electric Company pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32	Certification of the Chief Executive Officer and Chief Financial Officer of Tampa Electric Company pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (1)
101.INS**	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.
101.SCH**	Inline XBRL Taxonomy Extension Schema Document.
101.CAL**	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF**	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB**	Inline XBRL Taxonomy Label Linkbase Document.
101.PRE**	Inline XBRL Taxonomy Presentation Linkbase Document.
104	The cover page from TEC’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 has been formatted in Inline XBRL.

(1)

This certification accompanies the Quarterly Report on Form 10-Q and is not filed as part of it.

* Indicates exhibit previously filed with the Securities and Exchange Commission and incorporated herein by reference. Exhibits filed with periodic reports of TECO Energy, Inc. and TEC were filed under Commission File Nos. 1-8180 and 1-5007, respectively.

** The XBRL related information in Exhibit 101 to this quarterly report on Form 10-Q shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section and shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

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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)
Date: May 13, 2022	By:	/s/ Gregory W. Blunden
		Gregory W. Blunden
		Treasurer and Chief Financial Officer
		(Principal Financial and Accounting Officer)

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