Tampa Electric to file new rate plan in the spring
Tampa Electric will file with Florida Public Service Commission (PSC) in the spring for new rates in 2022.
The company is seeking an initial increase of $280 million to $295 million in 2022, with smaller, incremental additions in subsequent years. There would be an additional adjustment of $100 million in 2023 as the company builds new solar plants and completes the Big Bend modernization project and a subsequent adjustment of about $30 million in 2024 as the company builds new solar plants.
These increases would be partially offset by related fuel savings from ongoing and planned projects. If approved, the new 2022 rates would be 4 percent higher than they were more than a decade ago. Residential bills would remain among the lowest in Florida and well below the national average.
These increases would allow Tampa Electric to continue making investments necessary to help the company meet the needs of the growing population in the region it serves.
“We are proud of the cleaner, greener company we’re becoming, and we know that the investments we are planning are necessary to deliver additional benefits over time,” Tampa Electric President and CEO Nancy Tower said. “By modernizing our power plants and making them more efficient, as well as expanding solar generation, we are improving air quality in the region, reducing carbon emissions, and keeping customer bills low and more predictable.”
The new rate agreement would have numerous long-term benefits for customers and the region, including the generation of more clean energy, continued modernization of our plants and grid, and digital enhancements that give more convenience and control to residential and business customers.
“We have focused on operational and financial improvements, as we believe this is what positions us best for long-term success, and there are other important benefits as well. Through enhancements to our power plants and investments in solar, we reduced carbon emissions by 50 percent since 2000 and have reduced coal use by more than 90 percent since 2013, with plans for continued reductions,” Tower said.
The company plans to reduce carbon emissions and generate more renewable energy. Within two years, nearly 14 percent of Tampa Electric’s energy will be generated with solar power. This is the highest percentage of any utility in the state. As the company continues to shift power generation to solar, these investments will produce fuel savings for customers.
“To continue delivering the value our customers deserve, we must plan for the long term, making investments now that create a better energy future,” Tower said. “It is important to remember that rates would not change until 2022, and when new rates go into effect, our bills would remain among the lowest in Florida.”
Tampa Electric — a subsidiary of Emera — serves about 800,000 customers in West Central Florida.
