Tampa Electric Expects Rate Adjustment for 2025

As part of the company's requested base-rate adjustment, Tampa Electric today filed projected bill impacts for 2025 with the Florida Public Service Commission (PSC).

If approved, a residential customer who uses 1,000 kilowatt-hours in a month would see their bill increase by $9.14, or 6.7 percent, to $145.58. Tampa Electric's residential rates would remain among the lowest in Florida and below the national average. Small commercial rates will decrease by 3 percent. Medium and large commercial and industrial customers will see an increase of 9 to 14 percent, depending on usage.

The final step in the yearlong process will come Dec. 19, when the PSC confirms the rates, which will take effect Jan. 1.

"After this lengthy process, we are pleased to offer customers some certainty," said Archie Collins, president and chief executive officer of Tampa Electric. "With one of the lowest rates in Florida, Tampa Electric is proud to serve you every day with rates that are also consistently below the national average - while providing outstanding value to our customers."

Tampa Electric serves about 840,000 customers in West Central Florida and is planning for more growth as the population expands and customers use energy in new ways. This increase will enable Tampa Electric to continue to make significant investments that help meet the needs of customers and ensure reliable energy now and in the future.

The new rates will have numerous long-term benefits for customers:

• Shorter power outages - and reduced costs to restore them. The company is investing in technology and enhancements to communication systems that enable automatic and remote power restoration.
• Reduced fuel costs from:
  • Improving existing power plants. By improving the efficiency of existing power plants, Tampa Electric can reduce fuel costs and improve overall system efficiency.
  • Increasing renewable energy, such as solar. Since 2017, Tampa Electric's investment in solar energy has saved customers more than $310 million in fuel costs. The company will add another 490 megawatts (MW) of solar capacity by the end of 2026.
• Enhanced community safety with reliable lighting and other innovative
• Optimized low-cost energy. The company is adding more than 115 MW of energy-storage capacity - enough to power about 18,000 homes. The storage will extend the use of low-cost electricity and can delay the need to invest in new power plants.

The projected rates do not include storm restoration costs, which will be filed at a later date.

Tampa Electric, one of Florida's largest investor-owned electric utilities, serves more than 840,000 customers in West Central Florida. Tampa Electric is a subsidiary of Emera Inc., a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, Canada.