TECO has filed a request with the Florida Public Service Commission (PSC) to raise profits via an 11.5% return on equity and a rate increase of at least $1.1 billion over the next three years. The last time TECO requested a similar increase, the average residential energy bill increased by $60 per month from 2021 compared to 2023.

The move comes less than a month after the company withdrew a controversial proposal amidst significant public outcry. The proposal, if approved, could have made it easier for TECO to raise residential electricity rates. More than 400 residents wrote to the PSC in December, demanding the state reject TECO’s petition.

In response, Food & Water Watch Senior Florida Organizer Brooke Ward issued the following statement:

“Yet again, TECO is putting profit before people. Weeks after Floridians rebuffed the corporations’ efforts to raise rates, they are back at it again. This is yet another shameful move to gouge Florida families during uncertain economic times. We need to lower the energy burden on families struggling to make ends meet — not keep spiking bills.

“It is high time the Hillsborough County Commission, which represents 700,000 TECO customers, acts to protect its residents. County Chair Hagan needs to support a comprehensive plan that not only addresses these rate hikes but also sets our county on a path off costly, volatile fossil fuels. Hillsborough County needs an affordable energy and climate plan now.”