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 March 31, 1996
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 (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 (April 30, 1996):
Common Stock, Without Par Value 10<PAGE>
FORM 10-Q
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
In the opinion of management, the unaudited financial statements
include all adjustments necessary to present fairly the results
for the three-month periods ended March 31, 1996 and 1995.
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,
1995 and to the notes on page 6 of this report.
- 2 -<PAGE>
FORM 10-Q
BALANCE SHEETS
(in thousands)
March 31, Dec. 31,
1996 1995
Assets
Property, plant and equipment,
at original cost
Utility plant in service $2,959,503 $2,930,178
Construction work in progress 492,079 475,260
3,451,582 3,405,438
Accumulated depreciation (1,225,306) (1,203,284)
2,226,276 2,202,154
Other property 909 859
2,227,185 2,203,013
Current assets
Cash and cash equivalents 3,838 3,832
Receivables, less allowance
for uncollectibles 107,737 120,273
Inventories, at average cost
Fuel 53,148 69,977
Materials and supplies 39,977 38,657
Prepayments 3,149 3,547
207,849 236,286
Deferred debits
Unamortized debt expense 17,915 18,297
Deferred income taxes 97,620 94,553
Regulatory asset - tax related 39,517 36,931
Other 48,475 50,135
203,527 199,916
$2,638,561 $2,639,215
Liabilities and Capital
Capital
Common stock $ 886,956 $ 851,957
Retained earnings 179,201 188,191
1,066,157 1,040,148
Preferred stock, redemption not required 54,956 54,956
Long-term debt, less amount due
within one year 585,920 583,097
1,707,033 1,678,201
Current liabilities
Long-term debt due within one year 26,045 26,030
Notes payable 98,900 144,500
Accounts payable 76,558 117,430
Customer deposits 52,147 51,273
Interest accrued 16,479 8,921
Taxes accrued 44,888 16,487
315,017 364,641
Deferred credits
Deferred income taxes 328,016 331,754
Investment tax credits 57,314 58,499
Regulatory liability - tax related 83,501 84,489
Other 147,680 121,631
616,511 596,373
$2,638,561 $2,639,215
The accompanying notes are an integral part of the financial statements.
- 3 -<PAGE>
FORM 10-Q
STATEMENTS OF INCOME
(in thousands)
For the three months ended March 31, 1996 1995
Operating revenues $254,746 $253,796
Operating expenses
Operation
Fuel 96,292 90,376
Purchased power 9,556 9,520
Other 39,414 39,331
Maintenance 14,513 16,830
Depreciation 28,918 29,345
Taxes, federal and state income 11,263 11,617
Taxes, other than income 22,585 22,514
222,541 219,533
Operating income 32,205 34,263
Other income
Allowance for other funds used
during construction 5,019 1,799
Other income (expense), net (114) (658)
4,905 1,141
Income before interest charges 37,110 35,404
Interest charges
Interest on long-term debt 9,872 9,382
Other interest 3,314 2,227
Allowance for borrowed funds
used during construction (2,051) (1,084)
11,135 10,525
Net income 25,975 24,879
Preferred dividend requirements 892 892
Balance applicable to common stock $ 25,083 $ 23,987
The accompanying notes are an integral part of the financial statements.
- 4 -<PAGE>
FORM 10-Q
STATEMENTS OF CASH FLOWS
(in thousands)
For the three months ended March 31, 1996 1995
Cash flows from operating activities
Net income $ 25,975 $ 24,879
Adjustments to reconcile net income
to net cash:
Depreciation 28,918 29,345
Deferred income taxes (10,379) (3,815)
Investment tax credits, net (1,185) (1,191)
Allowance for funds used
during construction (7,070) (2,883)
Deferred recovery clause 1,364 (5,857)
Revenue reduction 20,869 7,421
Amortization of coal contract buyout 676 --
Receivables, less allowance
for uncollectibles 12,536 15,625
Fuel inventories 16,829 (2,281)
Taxes accrued 28,401 23,436
Accounts payable (40,872) (33,884)
Other 13,289 6,967
89,351 57,762
Cash flows from investing activities
Capital expenditures (53,628) (71,729)
Allowance for funds used
during construction 7,070 2,883
(46,558) (68,846)
Cash flows from financing activities
Proceeds from contributed capital
from parent 35,000 25,000
Proceeds from long-term debt 3,058 620
Repayment of long-term debt (280) (260)
Net increase/(decrease) in short-term debt (45,600) 3,500
Dividends (34,965) (24,670)
(42,787) 4,190
Net increase (decrease) in cash
and cash equivalents 6 (6,894)
Cash and cash equivalents
at beginning of period 3,832 7,071
Cash and cash equivalents at end of period $ 3,838 $ 177
The accompanying notes are an integral part of the financial statements.
- 5 -<PAGE>
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 are
estimated to be $178 million for 1996, excluding allowance for funds
used during contruction.
C. During the first quarter of 1996, the company recognized a
$21 million revenue reduction pursuant to a multi-year base rate freeze,
revenue deferral and refund plan which the Florida Public Service
Commission (FPSC) voted to approve in April 1996. The company deferred
$7 million during the first quarter of last year in accordance with a
plan approved by the FPSC for 1995. The revenue reductions totaling
$70 million recorded under the plans in 1995 and 1996 are included in
other deferred credits on the balance sheet. See additional discussion
on page 9.
D. On April 29, 1996, Tampa Electric retired $35 million aggregate
par value of 8.00% Series E and 7.44% Series F preferred stock at
redemption prices of $102.00 and $101.00 per share, respectively.
- 6 -<PAGE>
FORM 10-Q
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Results of Operations
Three months ended March 31, 1996:
Net income of $26.0 million in the first quarter was $1.1 million
or 4 percent higher than 1995's first quarter primarily due to increased
energy sales and higher AFUDC. Operating income was 6 percent lower
than 1995 reflecting a $21-million revenue reduction which included $15-
million of a $25-million refund and a $6-million revenue deferral. This
reduction was in accordance with a FPSC-approved plan described on page
9. Operating income last year was net of a $7-million revenue deferral
in accordance with 1995's FPSC-approved regulatory plan.
Revenues for the quarter increased slightly due to higher energy
sales. Retail energy sales increased 10 percent reflecting cooler than
normal temperatures, customer growth of more than 2 percent and a strong
local economy. Energy sales to other utilities were 13 percent higher
than in 1995, driven by lower coal prices at Gannon Station and weather.
Fuel expense increased $5.9 million or 7 percent for the first
quarter reflecting higher energy sales.
Operation-other and maintenance expenses decreased $2.2 million or
4 percent primarily reflecting aggressive cost management efforts
throughout the company.
Depreciation expense decreased 2 percent reflecting a change made
in the third quarter of 1995 from an accelerated to a straight-line
method of depreciation for the energy management system facility.
The effective income tax rate for the first quarter was
30.1 percent compared to 33.1 percent for the same period last year.
- 7 -<PAGE>
FORM 10-Q
The decrease was primarily due to higher allowance for other funds used
during construction in 1996.
Total AFUDC increased because of additional investment in the
company s Polk Power Station, which is scheduled for commercial
operation in the fourth quarter of 1996.
Interest expense before the allowance for borrowed funds used
during construction was 14 percent higher in the current quarter
reflecting the expiration of an interest rate swap agreement and higher
balances for short-term debt, partially offset by lower short-term
rates.
- 8 -<PAGE>
FORM 10-Q
Liquidity, Capital Resources and Changes in Financial Condition
The company recognized a $21-million revenue reduction during the
first quarter of 1996 pursuant to a multi-year base rate freeze, revenue
deferral and refund plan. The plan is an agreement between the company,
the Office of Public Counsel and the Florida Industrial Power Users
Group which covers the years 1996 through 1998. A more complete
description of the plan, which the FPSC voted to approve on April 30,
1996, is contained in the company s Annual Report on Form 10-K for the
year ended Dec. 31, 1995.
Fuel inventory declined because of increased energy sales and as a
result of winter weather conditions which affected the transport of coal
to the company s facilities.
The increase in other deferred credits reflects the refund accrual
and revenue deferral related to the FPSC-approved regulatory plan.
Taxes accrued increased primarily because of the timing of federal
income tax and property tax payments.
- 9 -<PAGE>
FORM 10-Q
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
Pursuant to a written consent in lieu of annual meeting of
shareholders dated April 17, 1996, TECO Energy, Inc., the holder
of all of the outstanding common stock of the registrant, elected
the following directors:
Girard F. Anderson
DuBose Ausley
Sara L. Baldwin
Hugh L. Culbreath
James L. Ferman, Jr.
Edward L. Flom
Henry R. Guild, Jr.
Timothy L. Guzzle
Dennis R. Hendrix
Robert L. Ryan
William P. Sovey
J. Thomas Touchton
John A. Urquhart
James O. Welch, Jr.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
10.1 TECO Energy, Inc. 1996 Equity Incentive Plan.
12. Ratio of earnings to fixed charges.
27. Financial data schedule. (EDGAR filing only)
(b) Reports on Form 8-K
The registrant filed a Current Report on Form 8-K dated
January 4, 1996 reporting under Item 5. Other Events on a
proposed agency action by the Florida Public Service
Commission.
The registrant filed a Current Report on Form 8-K dated
February 13, 1996 reporting under Item 5. Other Events on
the protest of Florida Public Service Commission s proposed
agency action by the Office of Public Counsel and the
Florida Industrial Power Users Group.
The registrant filed a Current Report on Form 8-K dated
March 25, 1996 reporting under Item 5. Other Events on the
agreement between Tampa Electric, the Office of Public
Counsel and the Florida Industrial Power Users Group on a
- 10 -<PAGE>
FORM 10-Q
multi-year base rate freeze, revenue deferral and refund
plan for Tampa Electric.
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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)
Date: May 14, 1996 By: /s/ W. L. Griffin
W. L. Griffin
Vice President - Controller
(Principal Accounting Officer)
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FORM 10-Q
INDEX TO EXHIBITS
Exhibit No. Description of Exhibits Page No.
10.1 TECO Energy, Inc. 1996 Equity Incentive Plan 14
12. Ratio of earnings to fixed charges 20
27. Financial data schedule (EDGAR filing only) --
- 13 -<PAGE>
Exhibit 10.1
TECO ENERGY, INC.
1996 EQUITY INCENTIVE PLAN
1. Purpose.
The purpose of the TECO Energy, Inc. 1996 Equity Incentive Plan (the
"Plan") is to attract and retain key employees of TECO Energy, Inc. (the
"Company") and its affiliates, to provide an incentive for them to achieve
long-range performance goals, and to enable them to participate in the long-
term growth of the Company by the granting of awards ("Awards") of, or based
on, the Company's common stock, $1.00 par value (the "Common Stock"). The
Plan is an amendment and restatement of the Company's 1990 Equity Incentive
Plan (the "1990 Plan"). No provision of the Plan will affect the rights and
privileges of holders of outstanding options under the 1990 Plan.
2. Administration.
The Plan will be administered by a committee of not less than three
members of the Board of Directors of the Company appointed by the Board to
administer the Plan (the "Committee"). Each member of the Committee will be a
"disinterested person" or the equivalent within the meaning of Rule 16b-3
under the Securities Exchange Act of 1934, as amended from time to time (the
"Exchange Act"), and an "outside director" within the meaning of Section 162
of the Internal Revenue Code of 1986, as amended from time to time (the
"Code"). The Committee will select those persons to receive Awards under the
Plan ("Participants") and will determine the terms and conditions of all
Awards. The Committee will have authority to adopt, alter and repeal such
administrative rules, guidelines and practices governing the operation of the
Plan as it from time to time considers advisable, and to interpret the
provisions of the Plan. The Committee's decisions will be final and binding.
To the extent permitted by applicable law, the Committee may delegate to one
or more executive officers of the Company the power to make Awards to
Participants who are not subject to Section 16 of the Exchange Act and all
determinations under the Plan with respect thereto, provided that the
Committee will fix the maximum amount of such Awards for all such Participants
and a maximum for any one Participant.
3. Eligibility.
All employees of the Company (or any business entity in which the
Company owns directly or indirectly 50% or more of the total voting power or
has a significant financial interest as determined by the Committee) capable
of contributing significantly to the successful performance of the Company,
other than an employee who has irrevocably elected not to be eligible, are
eligible to be Participants in the Plan.
4. Stock Available for Awards.
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Exhibit 10.1
(a) Amount. Subject to adjustment under subsection (b), Awards may be
made under the Plan for up to 3,750,000 shares of Common Stock, together with
all shares of Common Stock available for issue under the 1990 Plan on the
effective date of the Plan. If any Award (including any Award under the 1990
Plan) expires or is terminated unexercised or is forfeited or settled in a
manner that results in fewer shares outstanding than were awarded, the shares
subject to such Award, to the extent of such expiration, termination,
forfeiture or decrease, will again be available for award under the Plan.
Common Stock issued through the assumption or substitution of outstanding
grants from an acquired company will not reduce the shares available for
Awards under the Plan. Shares issued under the Plan may consist in whole or
in part of authorized but unissued shares or treasury shares.
(b) Adjustment. In the event that the Committee determines that any
stock dividend, extraordinary cash dividend, recapitalization, reorganization,
merger, consolidation, split-up, spin-off, combination, exchange of shares or
other change affects the Common Stock such that an adjustment is required in
order to preserve the benefits intended to be provided by the Plan, then the
Committee (subject in the case of incentive stock options to any limitation
required under the Code) will equitably adjust any or all of (i) the number
and kind of shares for which Awards may be made under the Plan, (ii) the
number and kind of shares subject to outstanding Awards and (iii) the exercise
price with respect to any of the foregoing. In making such adjustments, the
Committee may ignore fractional shares so that the number of shares subject to
any Award will be a whole number. If considered appropriate, the Committee
may make provision for a cash payment with respect to all or part of an
outstanding Award instead of or in addition to any such adjustment.
(c) Limit on Individual Grants. The maximum number of shares of
Common Stock subject to Stock Options and SARs that may be granted to any
Participant in the aggregate in any calendar year will not exceed 1,000,000
shares, subject to adjustment under subsection (b).
5. Types of Awards.
(a) Stock Grants. The Committee may make awards of shares of Common
Stock ("Stock Grants") upon such terms and conditions as the Committee
determines. Stock Grants may include without limitation restricted stock,
performance shares, performance-accelerated restricted stock and bonus stock.
Stock Grants may be issued for no cash consideration, such minimum
consideration as may be required by applicable law or such other consideration
as the Committee may determine.
(b) Stock Options. The Committee may grant options ("Stock Options")
to purchase shares of Common Stock at an exercise price determined by the
Committee of not less than 100% of the fair market value of the Common Stock
on the date of grant and upon such terms and conditions as the Committee
determines. Stock Options may include without limitation incentive stock
options, nonstatutory stock options, indexed stock options, performance-vested
stock options, performance-accelerated stock options and reload options. No
- 15 - <PAGE>
Exhibit 10.1
incentive stock option may be granted under the Plan more than ten years after
the effective date of this restatement of the Plan. Payment of the exercise
price may be made in cash or, to the extent permitted by the Committee at or
after the grant of the Stock Option, in whole or in part by delivery of a
promissory note or shares of Common Stock owned by the optionee, including
Stock Grants, or by retaining shares otherwise issuable pursuant to the Stock
Option, in each case valued at fair market value on the date of delivery or
retention, or such other lawful consideration as the Committee may determine.
(c) Stock Equivalents. The Committee may grant rights to receive
payment from the Company based in whole or in part on the value of the Common
Stock ("Stock Equivalents") upon such terms and conditions as the Committee
determines. Stock Equivalents may include without limitation phantom stock,
performance units, dividend equivalents and stock appreciation rights
("SARs"). SARs granted in tandem with a Stock Option will terminate to the
extent that the related Stock Option is exercised, and the related Stock
Option will terminate to the extent that the tandem SARs are exercised. An
SAR will have an exercise price determined by the Committee of not less than
100% of the fair market value of the Common Stock on the date of grant, or of
not less than the exercise price of the related Stock Option in the case of an
SAR granted in tandem with a Stock Option. The Committee will determine at
the time of grant or thereafter whether Stock Equivalents are to be settled in
cash, Common Stock or other securities of the Company, other Awards or other
property.
6. General Provisions Applicable to Awards.
(a) Fair Market Value. The fair market value of the Common Stock or
any other property will be the fair market value of such property as
determined by the Committee in good faith or in the manner established by the
Committee from time to time.
(b) Reporting Person Limitations. Notwithstanding any other provision
of the Plan, to the extent required to qualify for the exemption provided by
Rule 16b-3 under the Exchange Act, Awards made to a person subject to
Section 16 of the Exchange Act will not be transferable by such person other
than by will or the laws of descent and distribution and are exercisable
during such person's lifetime only by such person or by such person's guardian
or legal representative. If then permitted by Rule 16b-3, such Awards will
also be transferable pursuant to a qualified domestic relations order as
defined in the Code or Title I of the Employee Retirement Income Security Act
or the rules thereunder.
(c) Documentation. Each Award under the Plan will be evidenced by a
writing delivered to the Participant specifying the terms and conditions
thereof and containing such other terms and conditions not inconsistent with
the provisions of the Plan as the Committee considers necessary or advisable
to achieve the purposes of the Plan. These terms and conditions may include
without limitation performance criteria, vesting requirements, restrictions on
transfer and payment rules. The Committee may establish the terms and
- 16 -<PAGE>
Exhibit 10.1
conditions at the time the Award is granted or may provide that such terms and
conditions will be determined at any time thereafter.
(d) Committee Discretion. Each type of Award may be made alone, in
addition to or in relation to any other Award. The terms of each type of
Award need not be identical, and the Committee need not treat Participants
uniformly. Except as otherwise provided by the Plan or a particular Award,
any determination with respect to an Award may be made by the Committee at the
time of grant or at any time thereafter.
(e) Dividends and Cash Awards. In the discretion of the Committee,
any Award under the Plan may provide the Participant with (i) dividends or
dividend equivalents payable currently or deferred with or without interest
and (ii) cash payments in lieu of or in addition to an Award.
(f) Termination of Employment. The Committee will determine the
effect on an Award of the disability, death, retirement or other termination
of employment of a Participant and the extent to which, and the period during
which, the Participant's legal representative, guardian or beneficiary may
receive payment of an Award or exercise rights thereunder. A Participant may
designate a beneficiary in a manner determined by the Committee. In the
absence of an effective designation, a Participant's beneficiary will be the
Participant's estate.
(g) Change in Control. In order to preserve a Participant's rights
under an Award in the event of a change in control of the Company, the
Committee in its discretion may, at the time an Award is made or at any time
thereafter, take one or more of the following actions: (i) provide for the
acceleration of any time period relating to the exercise or payment of the
Award, (ii) provide for payment to the Participant of cash or other property
with a fair market value equal to the amount that would have been received
upon the exercise or payment of the Award had the Award been exercised or paid
upon the change in control, (iii) adjust the terms of the Award in a manner
determined by the Committee to reflect the change in control, (iv) cause the
Award to be assumed, or new rights substituted therefor, by another entity, or
(v) make such other provision as the Committee may consider equitable to the
Participant and in the best interests of the Company.
(h) Loans. The Committee may authorize the making of loans or cash
payments to Participants in connection with the grant or exercise of any Award
under the Plan, which loans may be secured by any security, including Common
Stock, underlying such Award, and which may be forgiven upon such terms and
conditions as the Committee may establish at the time of such loan or at any
time thereafter.
(i) Withholding Taxes. The Participant will pay to the Company, or
make provision satisfactory to the Committee for payment of, any taxes
required by law to be withheld in respect of Awards under the Plan no later
than the date of the event creating the tax liability. In the Committee's
discretion, such tax obligations may be paid in whole or in part in shares of
- 17 -<PAGE>
Exhibit 10.1
Common Stock, including shares retained from the Award creating the tax
obligation, valued at fair market value on the date of delivery or retention.
The Company and its affiliates may, to the extent permitted by law, deduct any
such tax obligations from any payment of any kind otherwise due to the
Participant.
(j) Foreign Nationals. Awards may be made to Participants who are
foreign nationals or employed outside the United States on such terms and
conditions different from those specified in the Plan as the Committee
considers necessary or advisable to achieve the purposes of the Plan or to
comply with applicable laws.
(k) Amendment of Award. The Committee may amend, modify or terminate
any outstanding Award, including substituting therefor another Award of the
same or a different type and changing the date of exercise or realization,
provided that the Participant's consent to such action will be required unless
the action, taking into account any related action, would not adversely affect
the Participant.
7. Miscellaneous.
(a) No Right To Employment. No person will have any claim or right to
be granted an Award. Neither the Plan nor any Award hereunder will be deemed
to give any employee the right to continued employment or to limit the right
of the Company to discharge any employee at any time.
(b) No Rights As Shareholder. Subject to the provisions of the
applicable Award, no Participant or beneficiary will have any rights as a
shareholder with respect to any shares of Common Stock to be distributed under
the Plan until he or she becomes the holder thereof. A Participant to whom
Common Stock is awarded will be considered the holder of such Common Stock at
the time of the Award except as otherwise provided in the applicable Award.
(c) Effective Date. The Plan will be effective on April 17, 1996.
(d) Amendment of Plan. The Board of Directors of the Company may
amend, suspend or terminate the Plan or any portion thereof at any time,
subject to any shareholder approval that the Board determines to be necessary
or advisable, provided that the Participant's consent will be required for any
amendment, suspension or termination that would adversely affect the rights of
the Participant under any outstanding Award.
(e) Governing Law. The provisions of the Plan will be governed by and
interpreted in accordance with the laws of Florida.
- 18 -<PAGE>
FORM 10-Q
Exhibit 12
TAMPA ELECTRIC COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth the company's ratio of earnings to fixed
charges for the periods indicated.
Three Months Twelve Months
Ended Ended Year Ended December 31,
March 31, 1996 March 31, 1996 1995 1994(1) 1993(2) 1992 1991
3.56x 4.54x 4.50x 4.11x 3.98x 4.16x 3.66x
For the purposes of calculating this ratio, earnings consist of income
before income taxes and fixed charges. Fixed charges consist of interest on
indebtedness, amortization of debt premium, the interest component of rentals
and preferred stock dividend requirements.
(1) Includes the effect of restructuring charge of $21.3 million pretax.
The effect of this charge was to reduce the ratio of earnings to fixed
charges. Had this non-recurring charge been excluded from the
calculation, the ratio of earnings to fixed charges would have been
4.52x for the period ended Dec. 31, 1994.
(2) Includes the effect of the non-recurring $10 million pretax charge
associated with a coal pricing settlement. The effect of this charge was
to reduce the ratio of earnings to fixed charges. Had this non-
recurring charge been excluded from the calculation, the ratio of
earnings to fixed charges would have been 4.17x for the year ended
Dec. 31, 1993.
- 20 -<PAGE>
<TABLE> <S> <C>
<ARTICLE> UT
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
TAMPA ELECTRIC COMPANY BALANCE SHEETS, STATEMENTS OF INCOME AND STATEMENTS
OF CASH FLOWS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000096271
<NAME> Tampa Electric Company
<MULTIPLIER> 1000
<S> <C>
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-1-1996
<PERIOD-END> MAR-30-1996
<PERIOD-TYPE> 3-MOS
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 2,226,276
<OTHER-PROPERTY-AND-INVEST> 909
<TOTAL-CURRENT-ASSETS> 207,849
<TOTAL-DEFERRED-CHARGES> 203,527
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 2,638,561
<COMMON> 118,358
<CAPITAL-SURPLUS-PAID-IN> 768,598
<RETAINED-EARNINGS> 179,201
<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,066,157
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54,956
<LONG-TERM-DEBT-NET> 585,920
<SHORT-TERM-NOTES> 0
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<COMMERCIAL-PAPER-OBLIGATIONS> 98,900
<LONG-TERM-DEBT-CURRENT-PORT> 26,045
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<CAPITAL-LEASE-OBLIGATIONS> 0
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<OTHER-ITEMS-CAPITAL-AND-LIAB> 806,583
<TOT-CAPITALIZATION-AND-LIAB> 2,638,561
<GROSS-OPERATING-REVENUE> 254,746
<INCOME-TAX-EXPENSE> 11,263
<OTHER-OPERATING-EXPENSES> 211,278
<TOTAL-OPERATING-EXPENSES> 222,541
<OPERATING-INCOME-LOSS> 32,205
<OTHER-INCOME-NET> 4,905
<INCOME-BEFORE-INTEREST-EXPEN> 37,110
<TOTAL-INTEREST-EXPENSE> 11,135
<NET-INCOME> 25,975
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<EARNINGS-AVAILABLE-FOR-COMM> 25,083
<COMMON-STOCK-DIVIDENDS> 34,073
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<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<PAGE>
</TABLE>
