Tampa Electric to lower rates by 11 percent for its customers

Tampa Electric is looking to decrease its energy rates due to lower natural gas prices and to provide relief to customers during the coronavirus pandemic.

Tampa Electric applied this week with the Florida Public Service Commission (PSC) to reduce customer rates by an average of about 11 percent for residential customers. Commercial customers could see a reduction of between 14 to 20 percent, depending on usage.

“Unique times call for unique solutions to help our customers,” Nancy Tower, president and chief executive officer of Tampa Electric, said. “We look forward to working with the PSC, the Office of Public Counsel, and other stakeholders to provide economic relief to our customers at a time when they need it most.”

The company made a request to accelerate the refund, which PSC is expected to vote on May 5. If approved, refund would take effect June 1 through Dec. 31.

Bills for Tampa Electric residential customers would remain among the lowest in Florida – about 20 percent below the national average. Before the reduction, Tampa Electric’s residential customers pay around $102 for 1,000 kilowatt-hours of energy use while the national average is about $127 per month, according to the Energy Information Administration.

Utilities typically adjust their fuel costs in January, but Tampa Electric is requesting it now due to the unusual circumstances.

Tampa Electric’s fuel mix is 84 percent natural gas, 4 percent solar, 6 percent coal, and the remainder in purchased power. The company – a subsidiary of Emera — serves about 780,000 customers in West Central Florida.