TAMPA, Fla. (WFTS) — The cost to flip a switch is going up for TECO customers.
The Florida Public Service Commission approved new electric rates for TECO after the company asked for a three-year rate.
TECO filed a request in April for a significant rate increase to recover operating costs and infrastructure investments. Back in June, ABC Action News asked TECO what the extra money would go towards. Three customer service hearings were held where customers could voice concerns over the rate increases.
"From the get-go TECO's attempt to raise rates has been an issue of corporate greed more than corporate need," said Brooke Ward, one of the organizers in charge of a year's worth of protests.
Ward is skeptical of where the money is going.
"They're asking for massive amounts of money to move their headquarters from downtown to midtown so that they can avoid the impacts of the climate change that they're helping to cause," Ward said.
But TECO said the money will benefit customers in multiple ways:
- Shorter power outages and reduced costs to restore them
- Reduce fuel costs from existing power plants and increasing renewable energy
- Enhance community safety with reliable lighting and other innovative technologies
- Optimize low-cost energy
After reviewing the request and hearing from customers, the Commission adjusted TECO's request and approved the funds.
On Dec. 3, the Commission voted to reduce TECO's requested revenue increase. On Dec. 19, they announced that the rate increase would be reduced by over $100 million, from $287.9 million to $184.9 million. This would allow TECO to continue its investments while minimizing the financial burden on customers.
The approved rate will take effect in the first billing cycle of January 2025. The average TECO customer bill for 1,000 kWh usage would be around $145.48, an increase of $9.14 from the current bill.
The company says their residential rates would remain among the lowest in Florida and below the national average.
Small commercial rates will decrease by three percent. Medium and large commercial and industrial customers will see an increase of 9 to 14 percent, depending on usage.
"This has been a very lengthy process to adjust rates this year. The process began in January, and it's gone on all year, and so the new rates will begin in January 1," said Cherie Jacobs, TECO's spokesperson.
Jacobs says any customer struggling to pay their bill should call TECO for assistance.
"For some customers, any increase can be a challenge, and we encourage you, if that's your situation, please call us. We work with our customers every day to make affordable payment arrangements, and also, we have great programs to help folks," she said. "The Share Program helps people pay their power bills and their gas bills if they need it, and that is managed through the Salvation Army and the Catholic Diocese of St Petersburg. So we can also connect folks with other financial resources. So if you call our Customer Service Center, we have a dedicated team to make sure we can connect you with the resources you need."
The projected rates do not include storm restoration costs, which will be filed at a later date.
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