TECO Power Customer Bills Rising 11% in January
The Florida Public Service Commission announced Tuesday that Tampa Electric Company’s residential customers will see rate hikes of 11% starting in January. According to the commission, the rate hike was approved to help the utility company pay for natural gas, as well as some infrastructure improvements and modernization.
While they approved an 11% price increase for every residential customer TECO serves, PSC said the company was “working hard to minimize” the impact on customers.
Starting in January, the average residential bill will go up $14.09 for every 1,000 kilowatt-hours of use, rising to $146.72 per month compared to the $132.66 customers are currently paying at that level.
After the January price increases, there will be a second increase, according to the commission. They said a second price increase will follow, aimed at “uncollected fuel costs for 2022.” TECO is reportedly “phasing in the increase to ease the transition and to reduce the impact” on their consumers’ budgets.