Company donating $1 million to help those still struggling
In this year’s extremely active hurricane season, Tampa Electric customers were hit by two back-to-back hurricanes and one tropical storm. Restoring power after those storms has more than exhausted the company’s storm reserve, which was established to pay for damage from named storms.
Tampa Electric today filed with the Florida Public Service Commission (PSC) to recover the costs of restoring power after Hurricanes Helene and Milton, along with Tropical Storm Debby. The request also includes costs of Tropical Storm Idalia from 2023 and replenishing the storm reserve.
The 2024 hurricane season was one of the deadliest and most destructive in more than a century. Hurricane Helene brought unprecedented flooding to West Central Florida, and just days later, Hurricane Milton caused significant devastation from downed trees. Over the course of the two hurricanes, the company brought in 9,500 lineworkers from out-of-state utilities, which allowed speedy restoration. With the help of those crews, Tampa Electric restored essentially all power after Hurricanes Helene and Milton in one and seven days, respectively.
The company is seeking $464 million, which it paid upfront to restore power. For the average residential customer, who uses 1,000 kilowatt-hours (kWh) a month, that would add $30.81 to their monthly bill, if approved as filed.
The PSC is expected to review and discuss the prudency of restoration costs in early 2025. The temporary “storm restoration surcharge” would begin in March and continue for 12 months.
In Florida, utility rates do not include the cost of restoring power after hurricanes and tropical storms. Insurance is neither cost-effective nor widely available. Instead, utilities can ask for a temporary charge after the storms to reflect the actual cost of restoration. Limiting this temporary surcharge to bills for 12 months, rather than spreading it out over a longer period, reduces the chance of overlapping fees if additional storms hit Florida in 2025.
"These storms have left an undeniable mark on our region,” said Archie Collins, president and chief executive officer of Tampa Electric. “We understand the hardship these storms have caused in our community and recognize that this cost increase will be challenging for some customers. We are ready to help where we can.”
To help those who need it most, Tampa Electric is contributing $1 million to the Share program to assist customers who are still struggling from Hurricanes Helene and Milton. This donation will provide direct relief to help people pay their utility bills. It comes from shareholder funds and will not affect customer bills.
Tampa Electric is committed to helping the community. The company offers nearly 30 energy- and money-saving programs, the most of any electric utility in Florida. The company also has a variety of programs and partners to assist customers who need help paying their bills. This includes the Share program, which provides utility-bill assistance for qualifying customers. Share is funded by the generosity of TECO employees, customers and community partners. TECO matches donations to the Share program dollar for dollar. If you or someone you know needs financial help, please visit TampaElectric.com/PayAssist.
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.
