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 June 30, 1999
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 (July 31, 1999):
Common Stock, Without Par Value 10
The registrant 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.
FORM 10-Q
PART I. FINANCIAL INFORMATION
Item 1. Condensed Financial Statements
In the opinion of management, the unaudited condensed
financial statements include all adjustments necessary to
present fairly the results for the three- and six-month
periods ended June 30, 1999 and 1998. 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, 1998
and to the notes on pages 7 through 8 of this report.
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FORM 10-Q
BALANCE SHEETS
unaudited
(in millions)
June 30, Dec. 31,
1999 1998
Assets
Property, plant and equipment,
at original cost
Utility plant in service
Electric $3,780.6 $3,742.6
Gas 555.9 518.5
Construction work in progress 103.8 71.5
4,440.3 4,332.6
Accumulated depreciation (1,777.8) (1,722.2)
2,662.5 2,610.4
Other property 8.5 8.1
2,671.0 2,618.5
Current assets
Cash and cash equivalents 1.6 .8
Receivables, less allowance
for uncollectibles 143.1 142.8
Inventories, at average cost
Fuel 99.4 87.3
Materials and supplies 47.8 45.5
Prepayments 10.9 8.4
302.8 284.8
Deferred debits
Unamortized debt expense 15.2 16.1
Deferred income taxes 119.1 116.1
Regulatory asset - tax related 37.7 39.0
Other 71.1 72.0
243.1 243.2
$3,216.9 $3,146.5
Liabilities and Capital
Capital
Common stock $1,038.1 $1,026.1
Retained earnings 298.8 288.5
1,336.9 1,314.6
Long-term debt, less amount due
within one year 774.1 774.5
2,111.0 2,089.1
Current liabilities
Long-term debt due within one year 4.6 4.6
Notes payable 116.4 79.7
Accounts payable 146.6 189.1
Customer deposits 78.5 77.5
Interest accrued 14.0 8.8
Taxes accrued 60.7 8.8
420.8 368.5
Deferred credits
Deferred income taxes 452.8 447.6
Investment tax credits 42.8 45.1
Regulatory liability - tax related 71.0 73.0
Other 118.5 123.2
685.1 688.9
$3,216.9 $3,146.5
The accompanying notes are an integral part of the financial statements.
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FORM 10-Q
STATEMENTS OF INCOME
unaudited
(in millions)
For the three months ended June 30, 1999 1998
Operating revenues
Electric $304.2 $320.9
Gas 56.7 58.0
360.9 378.9
Operating expenses
Operation
Fuel - electric generation 70.1 94.7
Purchased power 41.2 22.9
Natural gas sold 23.4 26.4
Other 52.6 54.1
Maintenance 24.5 24.6
Depreciation 41.7 41.7
Taxes, federal and state income 22.3 25.2
Taxes, other than income 30.8 29.5
306.6 319.1
Operating income 54.3 59.8
Other income (expense) (.2) (.8)
Income before interest charges 54.1 59.0
Interest charges
Interest on long-term debt 12.9 12.5
Other interest 3.0 3.6
15.9 16.1
Net Income-balance applicable to
common stock $ 38.2 $ 42.9
The accompanying notes are an integral part of the financial statements.
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FORM 10-Q
STATEMENTS OF INCOME
unaudited
(in millions)
For the six months ended June 30, 1999 1998
Operating revenues
Electric $565.0 $594.3
Gas 127.9 138.6
692.9 732.9
Operating expenses
Operation
Fuel - electric generation 137.6 183.8
Purchased power 61.6 34.2
Natural gas sold 52.7 64.4
Other 105.5 105.3
Maintenance 44.0 46.4
Non-recurring charge -- 9.6
Depreciation 84.4 83.0
Taxes, federal and state income 42.8 41.2
Taxes, other than income 60.5 59.3
589.1 627.2
Operating income 103.8 105.7
Other income (expense) .5 (2.7)
Income before interest charges 104.3 103.0
Interest charges
Interest on long-term debt 25.7 24.7
Other interest 5.8 8.2
31.5 32.9
Net Income-balance applicable to
common stock $ 72.8 $ 70.1
The accompanying notes are an integral part of the financial statements.
5
FORM 10-Q
STATEMENTS OF CASH FLOWS
unaudited
(in millions)
For the six months ended June 30, 1999 1998
Cash flows from operating activities
Net income $ 72.8 $ 70.1
Adjustments to reconcile net income
to net cash:
Depreciation 84.4 83.0
Deferred income taxes 1.6 11.2
Investment tax credits, net (2.3) (2.3)
Allowance for funds used
during construction (.2) (.1)
Deferred recovery clause (13.8) 9.0
Deferred revenue 3.9 (19.8)
Non-recurring charge, pretax -- 9.6
Receivables, less allowance
for uncollectibles (.3) 5.8
Inventories (14.4) (14.0)
Taxes accrued 51.9 33.8
Accounts payable (42.5) .2
Other 11.0 15.2
152.1 201.7
Cash flows from investing activities
Capital expenditures (137.4) (90.6)
Allowance for funds used
during construction .2 .1
(137.2) (90.5)
Cash flows from financing activities
Proceeds from contributed capital
from parent 12.0 44.0
Repayment of long-term debt (.3) (.3)
Net increase (decrease) in short-term debt 36.7 (92.7)
Dividends (62.5) (63.0)
(14.1) (112.0)
Net increase (decrease) in cash
and cash equivalents .8 (.8)
Cash and cash equivalents at
beginning of period .8 2.8
Cash and cash equivalents at end of period $ 1.6 $ 2.0
The accompanying notes are an integral part of the financial statements.
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FORM 10-Q
NOTES TO FINANCIAL STATEMENTS
A. Tampa 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 during 1999 are estimated to be $224 million for its
electric division (referred to as Tampa Electric) and $75 million
for its gas division (referred to as Peoples Gas System).
C. Revenues in the three- and six-month periods ended June 30,
1999 reflected the deferral for refund to customers of $2.5
million and $3.9 million, respectively, of revenues at Tampa
Electric under its current regulatory agreement. Revenues for
the three- and six-month periods ended June 30, 1998 included
recognition of $11.1 million and $19.8 million, respectively, of
previously deferred revenues, which were partially offset by a
stipulated temporary base rate reduction totaling $5.1 million
and $9.5 million, in the same three-and six-month periods ended
in 1998. In accordance with the agreement, the temporary base
rate reduction and recognition of previously deferred revenues
ended in December 1998.
D. As discussed in its Annual Report on Form 10-K for the year
ended Dec. 31, 1998, the company recognized, in the first quarter
of 1998, a $5.9-million after-tax charge at the electric division
associated with ongoing actions to mitigate the effects of a 1997
Florida Public Service Commission (FPSC) ruling.
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FORM 10-Q
E. Contributions by operating division
(millions)
Operating Net
Revenues Income Income
Three months ended June 30, 1999
Electric division(1)(2) $304.2 $ 48.1 $ 34.8
Peoples Gas System(3) 56.7 6.2 3.4
Tampa Electric Company $360.9 $ 54.3 $ 38.2
Three months ended June 30, 1998
Electric division(1)(2) $320.9 $ 55.9 $ 41.1
Peoples Gas System(3) 58.0 3.9 1.8
Tampa Electric Company $378.9 $ 59.8 $ 42.9
Six months ended June 30, 1999
Electric division(1)(2) $565.0 $ 87.6 $ 62.1
Peoples Gas System(3) 127.9 16.2 10.7
Tampa Electric Company $692.9 $103.8 $ 72.8
Six months ended June 30, 1998
Electric division(1)(2)(4) $594.3 $ 97.3 $ 67.1
Peoples Gas System(3) 138.6 14.3 8.9
732.9 111.6 76.0
Non-recurring charge, after tax -- (5.9) (5.9)
Tampa Electric Company $732.9 $105.7 $ 70.1
(1) Operating income is net of income tax expense of $20.0 million
and $35.7 million, respectively, for the three- and six-months
ended June 30, 1999, and $24.3 million and $39.1 million,
respectively, for the three- and six-months ended June 30,
1998.
(2) The electric division deferred revenues of $2.5 million and
$3.9 million, respectively, for the three and six months ended
June 30, 1999, for refund to customers and recognized revenues
previously deferred of $11.1 million and $19.8 million,
respectively, for the three and six-months ended June 30,
1998. See Note C on page 7.
(3) Operating income is net of income tax expense of $2.3 million
and $7.1 million, respectively, for the three- and six-months
ended June 30, 1999, and $.9 million and $5.8 million,
respectively, for the three- and six-months ended June 30,
1998.
(4) 1998 operating income and net income exclude the $5.9-million
after-tax non-recurring charge discussed in Note D on page 7.
8
FORM 10-Q
Item 2. Management's Narrative Analysis of Results of Operations
This Quarterly Report on Form 10-Q contains forward-looking
statements which are subject to the inherent uncertainties in
predicting future results and conditions. Certain factors that
could cause actual results to differ materially from those
p r o j ected in these forward-looking statements include the
following: general economic conditions, particularly those in Tampa
Electric's service area affecting energy sales; weather variations
affecting energy sales and operating costs; potential competitive
changes in the electric and gas industries, particularly in the
area of retail competition; regulatory actions affecting Tampa
Electric and Peoples Gas System; commodity price changes affecting
the competitive positions of Tampa Electric and Peoples Gas System;
and changes in and compliance with environmental regulations that
may impose additional costs or curtail some activities. These
factors are discussed more fully under "Investment Considerations"
in TECO Energy's Annual Report on Form 10-K for the year ended Dec.
31, 1998, and reference is made thereto.
Three months ended June 30, 1999:
Tampa Electric Company's second quarter net income of $38.2
million was 11 percent lower than in 1998's second quarter due to
lower revenues at the electric division partially offset by
better results at Peoples Gas System.
Operating income of $54.3 million was down 9 percent from
that of the same period in 1998 as no deferred revenues were
recognized at the electric division in 1999.
Electric division operating results
Tampa Electric reported second quarter operating income of
$48.1 million and revenues of $304.2 million compared with $55.9
million and $320.9 million, respectively, for the same period
last year. Lower retail sales in the quarter were a result of
milder-than-normal weather, which was in contrast to 1998 s
e x c eptionally hot spring when record demand levels were
experienced. In addition, as discussed in Note C on page 7,
quarterly revenue comparisons reflect recognition of $11.1
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FORM 10-Q
million of previously deferred revenues in 1998 (partially offset
by a temporary base rate reduction of $5.1 million) that were not
available in 1999 under the current regulatory agreement. The
current year period included $2.5 million of revenue deferral for
refund to customers. Customer growth remained strong at 2.5
percent for the quarter.
On April 8, 1999, an explosion at Tampa Electric's Gannon
Station Unit Six, a 375-megawatt generator that was off line for
scheduled spring maintenance, resulted in damage to Unit Six, the
shut down of the other five units at the Station and injuries to
45 employees and contractors, including three fatalities. The
units at Gannon Station that were affected by the accident have
returned to service.
Replacement power purchased from neighboring utilities, at a
cost estimated at $2 million, is expected to be recovered through
Tampa Electric's fuel and purchased power clause, with little
impact on customer rates. Although the financial impact to Tampa
Electric has not been fully determined, the costs resulting from
the accident are expected to be substantially covered by
insurance. The impact on current year operation and maintenance
expenses is estimated to be $1 to 2 million.
Peoples Gas System operating results
Peoples Gas System reported operating income of $6.2 million
and revenues of $56.7 million for the quarter compared with
operating income of $3.9 million and revenues of $58.0 million
last year. Commercial therm sales were 2 percent over last year,
reflecting customer growth of nearly 3.5 percent. Residential
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FORM 10-Q
customer growth also was strong at 2.7 percent, but residential
therm sales were below last year, due to milder-than-normal
weather in 1999 s second quarter. Operations and maintenance
expenses were lower in 1999 due to cost reductions from last
year s restructuring.
Six months ended June 30, 1999:
Tampa Electric Company's year-to-date net income of $72.8
million was 4 percent higher than in 1998 primarily due to
improved results at Peoples Gas System partially offset by lower
electric revenues. Lower interest charges in 1999, the result of
lower short-term debt rates and balances, had a favorable effect
on net income. Current period net income, excluding the non-
recurring charge in 1998, was down 4 percent.
Operating income of $103.8 million was down 7 percent from
that of the same period in 1998 excluding the non-recurring
charge at the electric division, as the growth in retail electric
energy sales was more than offset by weather-related lower demand
at both the electric and natural gas divisions in 1999.
Electric division operating results
Tampa Electric s year-to-date operating income was $87.6
million compared with $97.3 million last year, excluding a one-
time after-tax charge of $5.9 million last year. Revenues were
$565.0 million compared with $594.3 million last year, which
included recognition in 1998 of previously deferred revenues of
$19.8 million, partially offset by a temporary base rate
reduction of $9.5 million. The effects of mild weather were
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FORM 10-Q
offset by customer growth of 2.5 percent with retail sales levels
increasing overall. Wholesale sales levels were down due to
wether and lower gas prices compared to 1998. The company
expects to offset the impact of the unfavorable weather during
the first half of the year through continued strong customer
growth and expense control in the second half of the year.
Peoples Gas System
Year-to-date results at Peoples Gas System were 13 percent
higher with operating income of $16.2 million compared with $14.3
million last year. Mild winter weather led to lower year-to-date
revenues of $127.9 million in 1999 compared with $138.6 million
last year, customer growth was 2.9 percent. Operating expenses
were lower in 1999, the result of last year s restructuring.
Other Income (Expense)
During 1998, Tampa Electric recorded $1.1 million of after-
tax charges in Other Income (Expense). These charges related to
its 1996 earnings, the result of an FPSC audit of that year which
involved several adjustments. No such charges were recognized in
the 1999 period.
Interest Charges
Year-to-date interest charges for 1999 were 4 percent lower
than the same period in 1998 due to lower short-term debt
balances and rates, and lower interest accrued on deferred
revenues.
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FORM 10-Q
Recent Developments
The United States Environmental Protection Agency (EPA) has
commenced an investigation under the Clean Air Act of coal-fired
e l e c t ric power generators to determine compliance with
environmental permitting requirements associated with repairs,
m a intenance, modifications and operations changes made to
facilities that were in commercial operation prior to 1977 and
were "grandfathered" with respect to such requirements. The
EPA's focus is on whether new source performance standards should
be applied to the changes and further, whether the best available
control technology was or should have been used. Tampa Electric
is one of several electric utilities that have been visited by
E P A personnel and received a comprehensive request for
information pursuant to Section 114 of the Clean Air Act. Tampa
Electric has provided its response in compliance with the
information request. It believes that it has constructed,
repaired, maintained, modified and operated its facilities in
compliance with relevant environmental permitting requirements.
T h e timing of completion and the outcome of the EPA's
investigation are uncertain.
Year 2000 Computer Systems Readiness:
Background
There is a global awareness that many computer programs use
only two digits to refer to a year and, therefore, may not
correctly recognize and process date information beyond the year
1999. This is referred to as the "Year 2000" issue.
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FORM 10-Q
The Year 2000 issue exists in two primary areas of Tampa
Electrics s operations: the critical business systems (such as
the financial reporting, procurement, payroll and customer
information and billing systems) and the control systems (such as
t h o se used in the operation of electric generation and
transmission facilities, and gas and electric distribution
facilities).
Readiness
The company began work on Year 2000 readiness in August
1995. Prior to June 30, 1999, the company completed the necessary
inventory, assessment, renovation and testing of its mission
c r itical systems, including critical business, generation,
transmission and distribution systems. Thus, Tampa Electric
Company and Peoples Gas System believe the mission critical
systems used in the production of electricity and the delivery of
electricity and natural gas to its customers are now ready for
reliable operation through the Year 2000.
Critical Business Systems
Critical business systems, including mainframe hardware
which was replaced in 1998, have been renovated and tested and
are believed to be ready for the Year 2000. To assist in assuring
readiness, the renovation work and the integrated system testing
were handled by separate outside consulting firms.
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FORM 10-Q
Control Systems
Tampa Electric believes that its mission critical electric
generation, and electric and gas transmission and distribution
systems, including energy management and control and related
embedded systems, are now ready for the Year 2000. Tampa Electric
retained industry specialty firms to assist in identifying areas
where renovations were needed in the embedded systems associated
with generator unit controls and with making these renovations.
A number of tests have been successfully completed on these
systems, including future date scenarios.
Coordination with Others
Tampa Electric has surveyed its largest suppliers and
customers with respect to their Year 2000 readiness, including
all providers of technology supplies and services. As part of its
Year 2000 project, the company is coordinating with its suppliers
and customers based on their responses to these surveys. At the
request of the U. S. Department of Energy (DOE), the North
American Electric Reliability Council (NERC) is coordinating
monthly readiness monitoring and reporting, information sharing
and contingency planning for the industry. The latest quarterly
report was published in early August of 1999. The NERC activity
addresses all aspects of the interconnected electric grid. The
aggregated results are being reported to the DOE and other
regulatory bodies in the U.S., Canada and Mexico. The Natural Gas
Council, through the American Gas Association, is coordinating
similar processes within the gas industry, reporting to the
Federal Energy Regulatory Commission (FERC). Tampa Electric and
15
FORM 10-Q
Peoples Gas System are active participants in these industry
groups.
Costs
The total cost of Year 2000 remediation is expected to
remain under $9 million, which includes contracted resources,
purchases and internal labor. An estimated breakdown of project
costs is as follows: Tampa Electric - $6 million and Peoples Gas
System - $2.5 million. Approximately 40 percent of the these
costs are attributable to testing expenses, and the remainder
consists primarily of renovation or replacement costs. Through
June 30, 1999, approximately $8 million had been spent.
Risks
Tampa Electric believes the most reasonably likely worst
case scenario would be the occurrence of isolated outages of
limited duration for electric utility customers, similar to those
occurring during the utilities' storm season. The utilities have
assessed the risk of this scenario, and believe that their
contingency efforts, primarily the ability to bypass automated
controls, would mitigate the effect of such a scenario.
Contingency Plans
Tampa Electric has prepared contingency plans for critical
functions. The Tampa Electric and Peoples Gas System plans have
been filed with by the Florida Public Service Commission and are
being coordinated with local emergency planning organizations.
The plans provide for an incident management center; designated
16
FORM 10-Q
on-site and on-call response teams for critical systems and
c u stomer communication functions; appropriate inventory of
critical materials and supplies; verification of computer-
generated utility service orders; adjusted maintenance schedules;
and alternate means of communications, both internally and with
other industry participants. Tampa Electric will continue to test
less critical systems and refine contingency plans throughout the
remainder of this year.
Forward-Looking Statements
The costs of Tampa Electric's Year 2000 efforts and the
dates on which the company believes it will complete such efforts
are based upon management's best estimates, which were derived
using numerous assumptions regarding future events, including the
c o n t inued availability of certain resources, third-party
remediation plans and other factors. There can be no assurance
that these estimates will prove to be accurate, and actual
results could differ materially from those currently projected.
Specific factors that could cause such differences include, but
are not limited to, the availability and cost of personnel
trained in Year 2000 issues, the ability to identify, assess,
remediate and test all relevant computer codes and embedded
technology and similar uncertainties.
Accounting Standards
Accounting for Derivative Instruments and Hedging
In 1998, the Financial Accounting Standards Board (FASB)
issued Financial Accounting Standard (FAS) 133, Accounting for
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FORM 10-Q
Derivative Instruments and Hedging. This standard was initially
to be effective for fiscal years beginning after June 15, 1999.
In July 1999, the FASB delayed the effective date of this
pronouncement until fiscal years beginning after June 15, 2000.
The company does not use derivatives or other financial products
for speculative purposes. The company has not yet determined to
what extent the standard will impact its financial statements.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Interest Rate Risk
Tampa Electric Company is exposed to changes in interest
rates primarily as a result of its borrowing activities. A
hypothetical increase in interest rates of 10 percent of the
company's weighted average interest rate on its variable rate
debt would not have a significant impact on the company's pretax
earnings over the next fiscal year.
A hypothetical 10-percent decrease in interest rates would
not have a significant impact on the estimated fair value of the
company's long-term debt at June 30, 1999.
From time to time, the company enters into futures, swaps
and option contracts to moderate its exposure to interest rate
changes. The benefits of these arrangements are at risk only in
the event of non-performance by the other party to the agreement,
which the company does not anticipate. The company does not use
derivatives or other financial products for speculative purposes.
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FORM 10-Q
Commodity Price Risk
Currently, at the company s electric division and at Peoples
Gas System, the commodity price increases due to changes in
market conditions for fuel, purchased power and natural gas are
recovered through cost recovery clauses, with no effect on
earnings.
From time to time, Peoples Gas System enters into futures,
swaps and options contracts to limit the effects of natural gas
price increases on the prices it charges customers. The benefits
of these financial arrangements are at risk only in the event of
non-performance by the other party to the agreement, which the
company does not anticipate.
The company does not use derivatives or other financial
products for speculative purposes.
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FORM 10-Q
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
10.1 Supplemental Executive Retirement Plan for R. D. Fagan,
dated as of May 24, 1999.
10.2 Terms of R. D. Fagan s employment, dated as of May 24,
1999.
10.3 Nonstatutory Stock Option granted to R. D. Fagan, dated as
of May 24, 1999.
10.4 Restricted Stock Agreement between TECO Energy, Inc. and
R. D. Fagan, dated as of May 24, 1999.
10.5 Form of Nonstatutory Stock Option under the TECO Energy,
Inc. 1996 Equity Incentive Plan.
10.6 Form of Performance Shares Agreement between TECO Energy,
Inc. and certain senior executives under the TECO Energy,
Inc. 1996 Equity Incentive Plan.
12 Ratio of earnings to fixed charges.
27 Financial data schedule - six months ended June 30, 1999.
(EDGAR filing only)
(b) Reports on Form 8-K
The registrant filed a Current Report on Form 8-K dated
April 27, 1999 reporting under "Item 5. Other Events" the
election of Robert D. Fagan as Chief Executive Officer of
Tampa Electric Company effective June 1, 1999.
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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: August 13, 1999 By: /s/G. L. Gillette
G. L. Gillette
Vice President - Finance
and Chief Financial Officer
(Principal Financial Officer)
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FORM 10-Q
INDEX TO EXHIBITS
Exhibit No. Description of Exhibits Page No.
10.1 Supplemental Executive Retirement Plan for 22
R. D. Fagan, dated as of May 24, 1999.
10.2 Terms of R. D. Fagan's employment, dated as of 27
May 24, 1999.
10.3 Nonstatutory Stock Option granted to R. D. Fagan, 31
dated as of May 24, 1999.
10.4 Restricted Stock Agreement between TECO Energy, 35
Inc. and R. D. Fagan, dated as of May 24, 1999.
10.5 Form of Nonstatutory Stock Option under the TECO 39
Energy, Inc. 1996 Equity Incentive Plan.
10.6 Form of Performance Shares Agreement between 43
TECO Energy, Inc. and certain senior executives
under the TECO Energy, Inc. 1996 Equity Incentive
Plan.
12 Ratio of earnings to fixed charges 48
27 Financial data schedule - six months ended
June 30, 1999 (EDGAR filing only) --
22