|
TECO Energy Reports Fourth-Quarter Results
TECO Energy, Inc. (NYSE:TE) today reported fourth-quarter non-GAAP
results from continuing operations, which exclude $1.5 million of
acquisition-related costs, of $52.5 million, or $0.23 on a per-share
basis, compared with $45.0 million, or $0.19 on a per-share basis in
2014.
Fourth-quarter 2015 net income was $50.5 million, or $0.21 per share,
compared with $10.8 million, or $0.04 per share, in the fourth quarter
of 2014. Net income from continuing operations was $51.0 million, or
$0.22 per share, in the 2015 fourth quarter, compared with $27.4
million, or $0.11 per share, for the same period in 2014. The fourth
quarter losses in discontinued operations of $0.5 million and $16.6
million in 2015 and 2014, respectively, reflect the operating results
and charges associated with TECO Coal, which was sold on Sept. 21.
Full-year 2015 non-GAAP results from continuing operations, which
exclude $15.0 million of acquisition-related costs, were $256.2 million,
or $1.10 on a per-share basis, compared with $229.7 million, or $1.03 on
a per-share basis in 2014.
Full-year net income was $173.5 million, or $0.74 per share, compared
with net income of $130.4 million, or $0.58 per share in 2014. Net
income from continuing operations was $241.2 million, or $1.03 per
share, compared with $206.4 million or $0.92 per share in 2014. The
full-year losses from discontinued operations were $67.7 million and
$76.0 million in 2015 and 2014, respectively.
TECO Energy President and Chief Executive Officer John Ramil said, “Our
operating companies recorded strong earnings in 2015, delivering
per-share results almost 7% higher than last year. We continue to see
robust customer growth in Florida, with the number of electric and gas
customers up 1.8% and 2.1%, respectively. We also had continued success
with our New Mexico Gas integration activities, resulting in accretive
earnings in 2015, despite disappointing first quarter weather. At the
same time, we are making good progress on obtaining the various
approvals needed to close our transaction with Emera. TECO Energy’s
shareholders approved the transaction in December, and all the other
required regulatory filings have been made. With the approval schedule
established in New Mexico, we expect to close the transaction this
summer.”
Non-GAAP Results
Non-GAAP results in the fourth quarter and full-year periods of 2015 and
2014 exclude costs related to the pending acquisition by Emera, and
costs associated with the integration and acquisition of New Mexico Gas
Co. (NMGC). The table below compares the TECO Energy GAAP net income
with the non-GAAP measures used in this release.
Non-GAAP results exclude charges and gains contained in the Results
Reconciliation table later in this release. See the Non-GAAP
Presentation section and Results Reconciliation table later
in this release for reconciliation to GAAP results and a discussion
regarding this presentation of non-GAAP results and management’s use of
this information.
All amounts included in the non-GAAP discussion below are after tax,
unless otherwise noted.
|
|
|
3 months
ended Dec. 31
|
|
12 months
ended Dec. 31
|
|
(millions)
|
|
|
2015
|
|
|
2014
|
|
|
|
2015
|
|
|
2014
|
|
Net income
|
|
$
|
50.5
|
|
$
|
10.8
|
|
|
$
|
173.5
|
|
$
|
130.4
|
|
Discontinued operations
|
|
|
(0.5)
|
|
|
(16.6)
|
|
|
|
(67.7)
|
|
|
(76.0)
|
|
Net income from continuing operations
|
|
|
51.0
|
|
|
27.4
|
|
|
|
241.2
|
|
|
206.4
|
|
Charges
|
|
|
1.5
|
|
|
17.6
|
|
|
|
15.0
|
|
|
23.3
|
|
Non-GAAP Results from continuing operations
|
|
$
|
52.5
|
|
$
|
45.0
|
|
|
$
|
256.2
|
|
$
|
229.7
|
|
|
Segment Reporting
The table below includes TECO Energy segment information on a GAAP
basis, which includes all charges and gains for the periods shown.
|
Segment Information
|
|
(millions)
|
|
3 months
ended Dec. 31
|
|
12 months
ended Dec. 31
|
|
Net Income Summary
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
Tampa Electric
|
|
$
|
43.0
|
|
|
$
|
37.4
|
|
|
|
$
|
241.0
|
|
|
$
|
224.5
|
|
|
Peoples Gas System
|
|
|
6.9
|
|
|
|
8.9
|
|
|
|
|
35.3
|
|
|
|
35.8
|
|
|
New Mexico Gas Co. (1)
|
|
|
13.1
|
|
|
|
11.4
|
|
|
|
|
24.1
|
|
|
|
10.5
|
|
|
Other - net
|
|
|
(12.0
|
)
|
|
|
(30.3
|
)
|
|
|
|
(59.2
|
)
|
|
|
(64.4
|
)
|
|
Net income from continuing operations
|
|
|
51.0
|
|
|
|
27.4
|
|
|
|
|
241.2
|
|
|
|
206.4
|
|
|
Discontinued operations (2)
|
|
|
(0.5
|
)
|
|
|
(16.6
|
)
|
|
|
|
(67.7
|
)
|
|
|
(76.0
|
)
|
|
Total net income
|
|
$
|
50.5
|
|
|
$
|
10.8
|
|
|
|
$
|
173.5
|
|
|
$
|
130.4
|
|
1. The 12-months-ended 2014 periods reflect results after the Sept. 2,
2014 closing of the NMGC acquisition.
2. Discontinued operations for all periods shown include the operating
results at TECO Coal, impairment charges and costs associated with the
sale of TECO Coal.
All amounts included in the operating company discussions below are
after tax, unless otherwise noted.
Tampa Electric
Tampa Electric’s net income for the fourth quarter of 2015 was $43.0
million, compared with $37.4 million for the same period in 2014.
Results for the quarter reflected a 1.8% higher average number of
customers, and higher energy sales primarily due to record high
temperatures in November and December. Results reflected operations and
maintenance expense slightly higher than 2014, and higher depreciation
expense. Fourth-quarter net income in 2015 included $5.1 million of
Allowance for Funds Used During Construction (AFUDC) equity, which
represents allowed equity cost capitalized to construction costs,
compared with $3.2 million in the 2014 quarter.
Total degree days in Tampa Electric's service area in the fourth quarter
of 2015 were 36% above normal, and 51% above the 2014 period, driven by
record high temperatures in November and December. Total net energy for
load increased 9.6% in the fourth quarter of 2015, compared with the
same period in 2014. In the 2015 period, pretax base revenues were $15.7
million higher than in 2014, driven by customer growth and higher energy
sales as warm weather produced significant air conditioning load. The
quarter included almost $3 million of higher pretax base revenue from
higher base rates, as a result of the 2013 rate case settlement.
While net energy for load, is a calendar measurement of retail energy
sales rather than a billing-cycle measurement, the quarterly energy
sales shown on the operating statistical summary that accompanies this
earnings release reflect the energy sales based on billing cycles, which
can vary period to period. Retail energy sales to residential and
commercial customers increased primarily from the warm weather and
customer growth. Sales to non-phosphate industrial customers increased
due to the strength of the Tampa area economy. Sales to lower-margin
industrial-phosphate customers increased as self-generation by those
customers decreased due to outages at a customer’s facilities.
Operations and maintenance expense, excluding all Florida Public Service
Commission (FPSC)-approved cost-recovery clauses, was slightly higher
than in the 2014 quarter, reflecting higher costs to safely and reliably
operate and maintain the generating, transmission and distribution
systems, essentially offset by lower employee-related costs, primarily
due to the level of short-term incentive accruals for all employees in
2015 compared to 2014. Results also include a $1.9 million loss on the
disposition of small generating units no longer in service.
Depreciation and amortization expense increased $1.4 million in 2015, as
a result of normal additions to facilities to reliably serve customers.
Full-year net income was $241.0 million, compared with $224.5 million in
2014, driven by 1.8% higher average number of customers and higher
energy sales from customer growth, warmer than normal spring and early
winter weather and a stronger economy. Higher operations and
maintenance, depreciation and interest expenses partially offset the
higher revenues. Full-year net income in 2015 included $17.2 million of
AFUDC equity, compared with $10.5 million in 2014.
Full-year total degree days in Tampa Electric's service area were 12%
above normal and 17% above the prior full-year period. Pretax base
revenues were more than $37 million higher than in 2014, including
approximately $8 million of higher pretax base revenues as a result of
the Nov.1, 2014 and 2015 base rate increases. In the 2015 full-year
period, total net energy for load was 4.1% higher than in 2014. Higher
energy sales were driven by more favorable weather in 2015 than in 2014.
Operations and maintenance expenses, excluding all FPSC-approved
cost-recovery clauses, increased $5.4 million in the 2015 full-year
period, reflecting higher costs to safely and reliably serve customers
partially offset by lower employee-related expenses. Compared to 2014,
depreciation and amortization expense increased $5.0 million, reflecting
additions to facilities to serve customers. Interest expense increased
$1.4 million due to higher long-term debt balances.
Peoples Gas
Peoples Gas System (PGS) reported net income of $6.9 million for the
fourth quarter, compared with $8.9 million in the 2014 quarter. Average
customer growth was 2.0% in the quarter, and therm sales to retail
customers decreased as a result of warm fall and early winter weather
partially offset by customer growth and a stronger economy. Sales to
power-generation customers and off-system sales increased due to levels
of operation by gas-fired generation in the state due to the warm
weather. As a result, total retail base revenues and off-system revenues
(net of fuel) were unchanged from last year. Fourth-quarter results in
2015 reflected non-fuel operations and maintenance expense $2.4 million
higher than in 2014, driven by higher operating costs, partially offset
by lower employee-related costs, primarily due to the level of
short-term incentive accruals for all employees in 2015 compared to
2014. Depreciation and amortization increased slightly due to normal
additions to facilities to serve customers.
PGS reported net income of $35.3 million for the full-year period,
compared with $35.8 million in 2014. Results reflect a 2.1% higher
average number of customers, lower therm sales to residential customers
due to warmer-than-normal spring and winter weather, and increased therm
sales to commercial and industrial customers due to strong economic
conditions in Florida. Sales to power generation customers and
off-system sales increased due to the same reasons as in the fourth
quarter. Non-fuel operations and maintenance expense increased $1.9
million compared to the 2014 period, driven by the same factors as the
fourth quarter. Operations and maintenance expense in 2014 reflected a
first-quarter recovery of $1.6 million of costs incurred in connection
with a 2010 outage incident.
NMGC
NMGC reported fourth-quarter net income of $13.1 million, compared with
$11.4 million in the 2014 period. Results reflected the benefit of 5%
higher heating degree days, 0.8% higher average number of customers, and
lower operating and maintenance expenses from acquisition synergies and
a focus on cost control. Results included $1.3 million of pretax rate
credits to customers under the Certification of Stipulation approved by
the New Mexico Public Regulation Commission.
NMGC reported full-year 2015 net income of $24.1 million. Results
reflected customer growth of 0.7% and much milder than normal winter
weather in the first quarter partially offset by colder fourth quarter
2015 weather that resulted in degree days 5.5% below normal but 1.4%
above 2014. Operations and maintenance expense was lower than in the
2014 period from acquisition synergies and a focus on cost control.
Results included $2.7 million of pretax rate credits to customers. Net
income of $10.5 million in 2014 reflects a partial year beginning with
the Sept. 2, 2014 date of acquisition.
Other - net
The fourth quarter 2015 non-GAAP cost from continuing operations for
Other – net of $10.5 million excluded $0.9 million of transaction costs
related to the pending Emera acquisition and $0.6 million of costs
associated with the integration of NMGC, compared with the non-GAAP cost
of $12.7 million in 2014, which excluded $3.0 million of NMGC-related
costs and a $14.6 million consolidated deferred income tax balance
adjustment to reflect the then pending sale of TECO Coal. Fourth-quarter
results in 2015 reflected lower income tax adjustments and lower
interest expense as a result of refinancing debt maturities in May. The
GAAP cost from continuing operations for Other – net in the fourth
quarter of 2015 was $12.0 million, compared with a cost of $30.3 million
in 2014.
The 2015 full-year non-GAAP cost from continuing operations for Other –
net was $44.2 million, which excluded $13.1 million of transaction costs
related to the pending Emera acquisition and $1.9 million of NMGC
integration-related costs, compared with $41.1 million in 2014, which
excluded $16.6 million of NMGC acquisition and integration-related
costs, and net consolidated state deferred tax balance adjustments of
$6.7 million. Cost drivers in the 2015 full-year period included $3.1
million of interest at New Mexico Gas Intermediate (the parent company
of NMGC), $2.8 million of interest previously allocated to TECO Coal
that was offset by lower interest expense on refinanced debt, and a $2.9
million tax expense related to long-term incentive compensation shares
that vested below target levels. The 2015 full-year GAAP Other – net
cost from continuing operations was $59.2 million, compared with $64.4
million in the 2014 period.
Discontinued Operations
The sale of TECO Coal closed in September 2015. The 2015 loss of $67.7
million recorded in discontinued operations reflects TECO Coal’s
operating results prior to its sale, net impairment charges of $50.8
million recorded in the second quarter, and a $7.7 million charge
related to black-lung liabilities recorded in the third quarter.
Discontinued operations include fourth quarter costs of $0.5 million and
$0.2 million in the 2015 and 2014 periods, respectively, and full-year
benefits of $1.9 million and $6.0 million in the 2015 and 2014 periods,
respectively, recorded in the Other – net segment.
Emera Acquisition Progress
-
In October, TECO Energy and Emera filed for approval of the merger
with the Federal Energy Regulatory Commission (FERC) requesting a
decision in March 2016. On Jan. 20, 2016, the FERC issued an order
authorizing the merger finding that it is consistent with the public
interest.
-
On Oct. 19, 2015, TECO Energy and Emera filed for approval of the
merger with the New Mexico Public Regulation Commission (NMPRC) Docket
No. 15-00327-UT.
-
On Dec. 3, 2015, TECO Energy shareholders approved the merger with
Emera.
-
On Dec. 11, 2015, the hearing examiner in the application with the
NMPRC issued a Procedural Oder establishing a schedule for the case.
The significant schedule dates are: direct testimony or a settlement
to be filed April 22, 2016, and a public hearing is scheduled to begin
May 23, 2016.
-
On Jan. 6, 2016, TECO Energy and Emera filed a Premerger Notification
with the U.S. Department of Justice as required by the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR).
-
On Jan. 6, 2016, TECO Energy and Emera made the initial filings
required to obtain approval of the merger with the Committee on
Foreign Investment in the U.S. (CFIUS).
2016 Business Drivers
Results in 2016 are expected to be driven by customer growth trends for
all three utilities at or above the trends experienced in 2015. Tampa
Electric and PGS are expected to continue to earn in the upper half of
their allowed Return on Equity ranges of 9.25% to 11.25% and 9.75% to
11.75%, respectively. Expected results for all utilities assume normal
weather.
On a weather normalized basis, energy sales at Tampa Electric are
expected to increase about 0.3% to 0.5% below the rate of customer
growth.
Depreciation expense at all three utilities is expected to increase from
normal additions to facilities to safely and reliably serve customers.
Tampa Electric expects higher AFUDC-equity earnings from the growing
investment in the Polk Power Station conversion project.
Non-GAAP Presentation
Management believes it is helpful to present a non-GAAP measure of
performance that reflects the ongoing operations of TECO Energy’s
businesses and that allows investors to better understand and evaluate
the business as it is expected to operate in future periods.
Management and the board of directors use non-GAAP measures as a tool
for measuring the company’s performance, for making decisions that are
dependent upon the profitability of the company’s various operating
units, and for determining levels of incentive compensation.
The non-GAAP measures of financial performance used by the company are
not measures of performance under accounting principles generally
accepted in the United States and should not be considered an
alternative to net income or other GAAP figures as an indicator of the
company’s financial performance or liquidity. TECO Energy’s non-GAAP
presentation of results from operations may not be comparable to
similarly titled measures used by other companies.
The Results Reconciliation table below presents non-GAAP
financial results after eliminating the effects of identified charges
and gains. This provides investors additional information to assess the
company’s results and future earnings potential.
|
Results Reconciliation
(millions)
|
|
3 months ended
Dec. 31
|
|
12 months ended
Dec. 31
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
GAAP net income
|
|
$
|
50.5
|
|
|
$
|
10.8
|
|
|
|
$
|
173.5
|
|
|
$
|
130.4
|
|
|
Discontinued operations
|
|
|
(0.5
|
)
|
|
|
(16.6
|
)
|
|
|
|
(67.7
|
)
|
|
|
(76.0
|
)
|
|
Net income from continuing operations
|
|
|
51.0
|
|
|
|
27.4
|
|
|
|
|
241.2
|
|
|
|
206.4
|
|
|
Add consolidated deferred tax balance adjustment (net)
|
|
|
--
|
|
|
|
14.6
|
|
|
|
|
--
|
|
|
|
6.7
|
|
|
Add Emera transaction related costs
|
|
|
0.9
|
|
|
|
--
|
|
|
|
|
13.1
|
|
|
|
--
|
|
|
Add costs associated with the acquisition and integration of NMGC
|
|
|
0.6
|
|
|
|
3.0
|
|
|
|
|
1.9
|
|
|
|
16.6
|
|
|
Total charges
|
|
|
1.5
|
|
|
|
17.6
|
|
|
|
|
15.0
|
|
|
|
23.3
|
|
|
Non-GAAP results (1)
|
|
$
|
52.5
|
|
|
$
|
45.0
|
|
|
|
$
|
256.2
|
|
|
$
|
229.7
|
|
|
|
(1) A non-GAAP financial measure is a numerical measure that includes or
excludes amounts, or is subject to adjustments that have the effect of
including or excluding amounts, from the most directly comparable GAAP
measure.
TECO Energy Inc. (NYSE: TE) is an energy-related holding company with
regulated electric and gas utilities in Florida and New Mexico. Tampa
Electric serves nearly 725,000 customers in West Central Florida;
Peoples Gas System serves nearly 365,000 customers across Florida; and
New Mexico Gas Co. serves more than 515,000 customers across New Mexico.
Note: This press release contains forward-looking statements, which
are subject to the inherent uncertainties in predicting future results
and conditions. Actual results may differ materially from those
forecasted. The forecasted results are based on the company's current
expectations and assumptions, and the company does not undertake to
update that information or any other information contained in
this press release, except as may be required by law. Factors that could
impact actual results include: the ability to successfully close
the merger with Emera on the anticipated schedule; regulatory actions by
federal, state or local authorities; the ability to successfully
implement the integration plans for NMGC and generate the financial
results to make that acquisition accretive; unexpected capital needs or
unanticipated reductions in cash flow that affect liquidity; the ability
to access the capital and credit markets when required; general economic
conditions affecting customer growth and energy sales at the utility
companies; economic conditions affecting the Florida and New Mexico
economies; weather variations and customer energy usage patterns
affecting sales and operating costs at the utilities and the effect of
weather conditions on energy consumption; the effect of extreme weather
conditions or hurricanes; general operating conditions; input commodity
prices affecting cost at all of the operating companies; natural
gas demand at the utilities; and the ability of TECO Energy's
subsidiaries to operate equipment without undue accidents, breakdowns or
failures. Additional information is contained under "Risk Factors" in
TECO Energy, Inc.'s Annual Report on Form 10-K for the period ended Dec.
31, 2014, as updated in subsequent filings with the SEC.
|
Summary Information (as of Dec. 31)
|
|
|
|
(millions except per share amounts)
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
Revenues
|
|
$
|
676.1
|
|
|
$
|
695.5
|
|
|
|
$
|
2,743.5
|
|
|
$
|
2,566.4
|
|
|
Net income from continuing operations
|
|
$
|
51.0
|
|
|
$
|
27.4
|
|
|
|
$
|
241.2
|
|
|
$
|
206.4
|
|
|
Net income from discontinued operations
|
|
|
(0.5
|
)
|
|
|
(16.6
|
)
|
|
|
|
(67.7
|
)
|
|
|
(76.0
|
)
|
|
Net income
|
|
$
|
50.5
|
|
|
$
|
10.8
|
|
|
|
$
|
173.5
|
|
|
$
|
130.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share from continuing operations- basic
|
|
$
|
0.22
|
|
|
$
|
0.11
|
|
|
|
$
|
1.03
|
|
|
$
|
0.92
|
|
|
Earnings per share from discontinued operations – basic
|
|
|
(0.01
|
)
|
|
|
(0.07
|
)
|
|
|
|
(0.29
|
)
|
|
|
(0.34
|
)
|
|
Total earnings per share – basic
|
|
$
|
0.21
|
|
|
$
|
0.04
|
|
|
|
$
|
0.74
|
|
|
$
|
0.58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total earnings per share – diluted
|
|
$
|
0.21
|
|
|
$
|
0.04
|
|
|
|
$
|
0.74
|
|
|
$
|
0.58
|
|
|
Average common shares outstanding – basic
|
|
|
233.4
|
|
|
|
232.5
|
|
|
|
|
233.1
|
|
|
|
223.1
|
|
|
Average common shares outstanding – diluted
|
|
|
234.9
|
|
|
|
233.1
|
|
|
|
|
234.5
|
|
|
|
223.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DECEMBER 2015
Figures appearing in these statements are presented as general
information and not in connection with any sale or offer to sell or
solicitation of an offer to buy any securities, nor are they intended as
a representation by the company of the value of its securities. All
figures reported are subject to adjustments as the annual audit by
independent accountants may determine to be necessary and to the
explanatory notes affecting income and balance sheet accounts contained
in the company’s Annual Report on Form 10-K. Reference should also be
made to information contained in that and other reports filed by TECO
Energy, Inc. and Tampa Electric Company with the Securities and Exchange
Commission.
|
TECO ENERGY, Inc.
|
|
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
|
|
(All significant intercompany transactions have been eliminated in
the consolidated financial statements.)
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
Dec. 31,
|
|
|
Dec. 31,
|
|
(millions except share data)
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
Regulated electric and gas
|
|
$672.8
|
|
$692.9
|
|
|
$2,731.7
|
|
$2,557.3
|
|
Unregulated
|
|
3.3
|
|
2.6
|
|
|
11.8
|
|
9.1
|
|
Total revenues
|
|
676.1
|
|
695.5
|
|
|
2,743.5
|
|
2,566.4
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
Regulated operations & maintenance
|
|
|
|
|
|
|
|
|
|
|
Fuel
|
|
146.1
|
|
168.5
|
|
|
638.6
|
|
692.3
|
|
Purchased power
|
|
18.4
|
|
12.3
|
|
|
78.9
|
|
71.4
|
|
Cost of natural gas sold
|
|
77.5
|
|
99.2
|
|
|
271.6
|
|
209.7
|
|
Other
|
|
164.7
|
|
162.5
|
|
|
613.2
|
|
547.8
|
|
Operations & maintenance other expense
|
|
3.9
|
|
6.9
|
|
|
22.7
|
|
29.5
|
|
Depreciation and amortization
|
|
88.7
|
|
85.3
|
|
|
349.0
|
|
315.3
|
|
Taxes, other than income
|
|
50.8
|
|
48.7
|
|
|
207.4
|
|
195.0
|
|
Total expenses
|
|
550.1
|
|
583.4
|
|
|
2,181.4
|
|
2,061.0
|
|
Income from operations
|
|
126.0
|
|
112.1
|
|
|
562.1
|
|
505.4
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
Allowance for other funds used during construction
|
|
5.2
|
|
3.2
|
|
|
17.4
|
|
10.5
|
|
Other income
|
|
(1.0)
|
|
0.9
|
|
|
3.4
|
|
0.5
|
|
Total other income
|
|
4.2
|
|
4.1
|
|
|
20.8
|
|
11.0
|
|
Interest charges
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
48.7
|
|
49.6
|
|
|
195.1
|
|
176.4
|
|
Allowance for borrowed funds used during construction
|
|
(2.7)
|
|
(1.7)
|
|
|
(8.7)
|
|
(5.3)
|
|
Total interest charges
|
|
46.0
|
|
47.9
|
|
|
186.4
|
|
171.1
|
|
Income before provision for income taxes
|
|
84.2
|
|
68.3
|
|
|
396.5
|
|
345.3
|
|
Provision for income taxes
|
|
33.2
|
|
40.9
|
|
|
155.3
|
|
138.9
|
|
Income from continuing operations
|
|
51.0
|
|
27.4
|
|
|
241.2
|
|
206.4
|
|
Discontinued operations
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations
|
|
(0.8)
|
|
(27.8)
|
|
|
(106.3)
|
|
(125.4)
|
|
Benefit from income taxes
|
|
(0.3)
|
|
(11.2)
|
|
|
(38.6)
|
|
(49.4)
|
|
Loss from discontinued operations, net
|
|
(0.5)
|
|
(16.6)
|
|
|
(67.7)
|
|
(76.0)
|
|
Net income
|
|
$50.5
|
|
$10.8
|
|
|
$173.5
|
|
$130.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares outstanding - basic (millions)
|
|
233.4
|
|
232.5
|
|
|
233.1
|
|
223.1
|
|
Average common shares outstanding - diluted (millions)
|
|
234.9
|
|
233.1
|
|
|
234.5
|
|
223.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per average common share outstanding:
|
|
|
|
|
|
|
|
|
|
|
Earnings per share from continuing operations -- basic
|
|
$0.22
|
|
$0.11
|
|
|
$1.03
|
|
$0.92
|
|
Earnings per share from continuing operations -- diluted
|
|
$0.22
|
|
$0.11
|
|
|
$1.03
|
|
$0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share from discontinued operations -- basic
|
|
($0.01)
|
|
($0.07)
|
|
|
($0.29)
|
|
($0.34)
|
|
Earnings per share from discontinued operations -- diluted
|
|
($0.01)
|
|
($0.07)
|
|
|
($0.29)
|
|
($0.34)
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share attributable to TECO Energy -- basic
|
|
$0.21
|
|
$0.04
|
|
|
$0.74
|
|
$0.58
|
|
Earnings per share attributable to TECO Energy -- diluted
|
|
$0.21
|
|
$0.04
|
|
|
$0.74
|
|
$0.58
|
|
|
|
|
|
|
|
|
|
|
|
|
TECO ENERGY, Inc.
|
|
CONSOLIDATED BALANCE SHEETS (Unaudited)
|
|
(All significant intercompany transactions have been eliminated in
the consolidated financial statements.)
|
|
|
|
|
|
|
|
|
|
Dec. 31,
|
|
Dec. 31,
|
|
(millions)
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
Cash and cash equivalents
|
|
$23.8
|
|
$25.4
|
|
Receivables
|
|
280.7
|
|
299.8
|
|
Inventories at average cost
|
|
|
|
|
|
Fuel
|
|
113.4
|
|
96.4
|
|
Materials and supplies
|
|
76.8
|
|
75.4
|
|
Deferred income taxes
|
|
0.0
|
|
72.8
|
|
Prepayments and other current assets
|
|
30.8
|
|
22.6
|
|
Regulatory assets
|
|
44.8
|
|
53.6
|
|
Assets held for sale
|
|
0.0
|
|
109.6
|
|
Total current assets
|
|
570.3
|
|
755.6
|
|
Property, plant and equipment
|
|
|
|
|
|
Utility plant in service
|
|
|
|
|
|
Electric
|
|
7,270.3
|
|
7,094.8
|
|
Gas
|
|
2,113.8
|
|
1,984.6
|
|
Construction work in progress
|
|
794.7
|
|
640.0
|
|
Other property
|
|
15.9
|
|
14.5
|
|
Property plant and equipment at original cost
|
|
10,194.7
|
|
9,733.9
|
|
Accumulated depreciation
|
|
(2,712.9)
|
|
(2,645.7)
|
|
Total property, plant and equipment, net
|
|
7,481.8
|
|
7,088.2
|
|
Other assets
|
|
|
|
|
|
Regulatory assets
|
|
395.2
|
|
348.5
|
|
Goodwill
|
|
408.4
|
|
408.3
|
|
Deferred charges and other assets
|
|
105.4
|
|
65.8
|
|
Assets held for sale
|
|
0.0
|
|
59.8
|
|
Total other assets
|
|
909.0
|
|
882.4
|
|
Total assets
|
|
$8,961.1
|
|
$8,726.2
|
|
|
|
|
|
|
|
Liabilities and capital
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Long-term debt due within one year
|
|
$333.3
|
|
$274.5
|
|
Notes payable
|
|
247.0
|
|
139.0
|
|
Accounts payable
|
|
255.4
|
|
288.6
|
|
Other current liabilities
|
|
22.6
|
|
16.8
|
|
Customer deposits
|
|
182.1
|
|
176.2
|
|
Derivative liabilities
|
|
24.1
|
|
36.6
|
|
Interest accrued
|
|
36.2
|
|
39.9
|
|
Taxes accrued
|
|
13.2
|
|
29.9
|
|
Regulatory liabilities
|
|
84.8
|
|
57.0
|
|
Liabilities associated with assets held for sale
|
|
0.0
|
|
39.4
|
|
Total current liabilities
|
|
1,198.7
|
|
1,097.9
|
|
Other liabilities
|
|
|
|
|
|
Deferred income taxes
|
|
570.7
|
|
519.2
|
|
Investment tax credits
|
|
10.5
|
|
9.0
|
|
Regulatory liabilities
|
|
715.8
|
|
729.0
|
|
Derivative liabilities
|
|
2.1
|
|
6.1
|
|
Deferred credits and other liabilities
|
|
387.4
|
|
370.9
|
|
Liabilities associated with assets held for sale
|
|
0.0
|
|
65.4
|
|
Long-term debt, less amount due within one year
|
|
3,516.9
|
|
3,354.0
|
|
Total other liabilities
|
|
5,203.4
|
|
5,053.6
|
|
Total liabilities
|
|
6,402.1
|
|
6,151.5
|
|
Capital
|
|
|
|
|
|
Common equity
|
|
235.3
|
|
234.9
|
|
Additional paid in capital
|
|
1,894.5
|
|
1,875.9
|
|
Retained earnings
|
|
441.4
|
|
479.6
|
|
Accumulated other comprehensive loss
|
|
(12.2)
|
|
(15.7)
|
|
Total capital
|
|
2,559.0
|
|
2,574.7
|
|
Total liabilities and capital
|
|
$8,961.1
|
|
$8,726.2
|
|
|
|
|
|
|
|
Book Value Per Share
|
|
$10.88
|
|
$10.96
|
|
|
|
|
|
|
|
TECO ENERGY, Inc.
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
|
|
(All significant intercompany transactions have been eliminated in
the consolidated financial statements.)
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
Twelve Months Ended
|
|
|
|
Dec. 31,
|
|
|
|
|
Dec. 31,
|
|
(millions)
|
|
2015
|
|
2014
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$50.5
|
|
$10.8
|
|
|
|
|
$173.5
|
|
$130.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net income to net cash from operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
88.7
|
|
86.2
|
|
|
|
|
350.2
|
|
341.9
|
|
Deferred income taxes & Investment tax credits
|
|
32.9
|
|
31.0
|
|
|
|
|
117.5
|
|
89.4
|
|
Allowance for other funds used during construction
|
|
(5.2)
|
|
(3.2)
|
|
|
|
|
(17.4)
|
|
(10.5)
|
|
Non-cash stock compensation
|
|
3.0
|
|
2.5
|
|
|
|
|
13.1
|
|
12.7
|
|
Loss (gain) on disposals of business / assets, pretax
|
|
3.2
|
|
0.0
|
|
|
|
|
13.2
|
|
(0.2)
|
|
Deferred recovery clause
|
|
13.3
|
|
(9.7)
|
|
|
|
|
26.4
|
|
(15.2)
|
|
Asset impairment, pretax
|
|
0.0
|
|
17.5
|
|
|
|
|
78.6
|
|
115.9
|
|
Receivables, less allowance for uncollectibles
|
|
(10.1)
|
|
(10.7)
|
|
|
|
|
36.0
|
|
(36.6)
|
|
Inventories
|
|
23.1
|
|
22.4
|
|
|
|
|
(22.6)
|
|
12.8
|
|
Prepayments and other current assets
|
|
6.2
|
|
8.3
|
|
|
|
|
(8.0)
|
|
2.8
|
|
Taxes accrued
|
|
(47.5)
|
|
(47.5)
|
|
|
|
|
(15.9)
|
|
1.1
|
|
Interest accrued
|
|
(18.3)
|
|
(20.5)
|
|
|
|
|
(3.6)
|
|
7.3
|
|
Accounts payable
|
|
24.1
|
|
52.8
|
|
|
|
|
(61.6)
|
|
23.4
|
|
Other
|
|
(33.7)
|
|
18.7
|
|
|
|
|
(69.8)
|
|
(10.4)
|
|
|
|
130.2
|
|
158.6
|
|
|
|
|
609.6
|
|
664.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
(228.7)
|
|
(219.3)
|
|
|
|
|
(739.7)
|
|
(703.8)
|
|
Purchase of a business, net of cash acquired
|
|
0.0
|
|
1.0
|
|
|
|
|
0.0
|
|
(751.5)
|
|
Net proceeds from sale of business / assets
|
|
0.0
|
|
(0.1)
|
|
|
|
|
0.0
|
|
0.2
|
|
Other investments
|
|
(0.1)
|
|
(7.9)
|
|
|
|
|
(0.3)
|
|
(7.9)
|
|
|
|
(228.8)
|
|
(226.3)
|
|
|
|
|
(740.0)
|
|
(1,463.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid
|
|
(52.9)
|
|
(51.7)
|
|
|
|
|
(211.7)
|
|
(199.2)
|
|
Proceeds from sale of common stock
|
|
0.9
|
|
5.7
|
|
|
|
|
7.3
|
|
302.3
|
|
Proceeds from long-term debt
|
|
0.0
|
|
(0.6)
|
|
|
|
|
499.7
|
|
563.6
|
|
Repayment of long-term debt / Purchase in lieu of redemption
|
|
0.0
|
|
0.0
|
|
|
|
|
(274.5)
|
|
(83.3)
|
|
Net increase in short-term debt
|
|
119.0
|
|
67.0
|
|
|
|
|
108.0
|
|
55.0
|
|
|
|
67.0
|
|
20.4
|
|
|
|
|
128.8
|
|
638.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
(31.6)
|
|
(47.3)
|
|
|
|
|
(1.6)
|
|
(159.8)
|
|
Cash and cash equivalents at beginning of period
|
|
55.4
|
|
72.7
|
|
|
|
|
25.4
|
|
185.2
|
|
Cash and cash equivalents at end of period
|
|
$23.8
|
|
$25.4
|
|
|
|
|
$23.8
|
|
$25.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of non-cash activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt assumed in NMGI acquisition
|
|
$0.0
|
|
$0.0
|
|
|
|
|
$0.0
|
|
$200.0
|
|
Change in accrued capital expenditures - excluded above
|
|
$16.1
|
|
$3.1
|
|
|
|
|
$8.0
|
|
$13.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TECO ENERGY, Inc.
|
|
SEGMENT INFORMATION (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(millions)
|
|
Tampa
|
|
Peoples
|
|
TECO
|
|
New Mexico Gas
|
|
|
|
|
|
TECO
|
|
|
|
|
|
Electric
|
|
Gas
|
|
Coal
|
|
Company (4)
|
|
Other (5)
|
|
Eliminations (5)
|
|
Energy
|
|
Three months ended Dec. 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
Revenues - outsiders
|
|
$
|
474.1
|
|
$
|
99.5
|
|
$
|
--
|
|
|
$
|
99.8
|
|
$
|
2.7
|
|
|
$
|
--
|
|
|
$
|
676.1
|
|
|
|
|
Sales to affiliates
|
|
|
1.0
|
|
|
1.5
|
|
|
--
|
|
|
|
--
|
|
|
--
|
|
|
|
(2.5
|
)
|
|
|
--
|
|
|
|
|
Total revenues
|
|
|
475.1
|
|
|
101.0
|
|
|
--
|
|
|
|
99.8
|
|
|
2.7
|
|
|
|
(2.5
|
)
|
|
|
676.1
|
|
|
|
|
Depreciation and amortization
|
|
|
65.2
|
|
|
14.5
|
|
|
--
|
|
|
|
8.5
|
|
|
0.5
|
|
|
|
--
|
|
|
|
88.7
|
|
|
|
|
Total interest charges (2)
|
|
|
23.9
|
|
|
3.7
|
|
|
--
|
|
|
|
3.2
|
|
|
15.5
|
|
|
|
(0.3
|
)
|
|
|
46.0
|
|
|
|
|
Allocated interest expense (2)
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
|
--
|
|
|
0.3
|
|
|
|
(0.3
|
)
|
|
|
--
|
|
|
|
|
Provision (Benefit) for income taxes
|
|
|
27.3
|
|
|
4.4
|
|
|
--
|
|
|
|
8.3
|
|
|
(6.8
|
)
|
|
|
--
|
|
|
|
33.2
|
|
|
|
|
Net income (loss) from continuing operations
|
|
|
43.0
|
|
|
6.9
|
|
|
--
|
|
|
|
13.1
|
|
|
(12.0
|
)
|
|
|
--
|
|
|
|
51.0
|
|
|
|
|
Income (loss) from discontinued operations, net of tax (3)
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
|
--
|
|
|
(0.5
|
)
|
|
|
--
|
|
|
|
(0.5
|
)
|
|
|
|
Net income (loss) (1)
|
|
$
|
43.0
|
|
$
|
6.9
|
|
$
|
--
|
|
|
$
|
13.1
|
|
$
|
(12.5
|
)
|
|
$
|
--
|
|
|
$
|
50.5
|
|
|
2014
|
|
|
Revenues - outsiders
|
|
$
|
473.0
|
|
$
|
98.5
|
|
$
|
--
|
|
|
$
|
121.3
|
|
$
|
2.7
|
|
|
$
|
--
|
|
|
$
|
695.5
|
|
|
|
|
Sales to affiliates
|
|
|
0.3
|
|
|
0.5
|
|
|
--
|
|
|
|
--
|
|
|
--
|
|
|
|
(0.8
|
)
|
|
|
--
|
|
|
|
|
Total revenues
|
|
|
473.3
|
|
|
99.0
|
|
|
--
|
|
|
|
121.3
|
|
|
2.7
|
|
|
|
(0.8
|
)
|
|
|
695.5
|
|
|
|
|
Depreciation and amortization
|
|
|
63.0
|
|
|
13.7
|
|
|
--
|
|
|
|
8.2
|
|
|
0.4
|
|
|
|
--
|
|
|
|
85.3
|
|
|
|
|
Total interest charges (2)
|
|
|
23.7
|
|
|
3.5
|
|
|
--
|
|
|
|
3.1
|
|
|
17.8
|
|
|
|
(0.2
|
)
|
|
|
47.9
|
|
|
|
|
Allocated interest expense (2)
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
|
--
|
|
|
0.2
|
|
|
|
(0.2
|
)
|
|
|
--
|
|
|
|
|
Provision (Benefit) for income taxes
|
|
|
21.0
|
|
|
5.7
|
|
|
--
|
|
|
|
7.6
|
|
|
6.6
|
|
|
|
--
|
|
|
|
40.9
|
|
|
|
|
Net income (loss) from continuing operations
|
|
|
37.4
|
|
|
8.9
|
|
|
--
|
|
|
|
11.4
|
|
|
(30.3
|
)
|
|
|
--
|
|
|
|
27.4
|
|
|
|
|
Income (loss) from discontinued operations, net of tax (3)
|
|
|
--
|
|
|
--
|
|
|
(16.4
|
)
|
|
|
--
|
|
|
(0.2
|
)
|
|
|
--
|
|
|
|
(16.6
|
)
|
|
|
|
Net income (loss) (1)
|
|
$
|
37.4
|
|
$
|
8.9
|
|
$
|
(16.4
|
)
|
|
$
|
11.4
|
|
$
|
(30.5
|
)
|
|
$
|
--
|
|
|
$
|
10.8
|
|
|
Twelve months ended Dec. 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
Revenues - outsiders
|
|
$
|
2,014.9
|
|
$
|
401.5
|
|
$
|
--
|
|
|
$
|
316.5
|
|
$
|
10.6
|
|
|
$
|
--
|
|
|
$
|
2,743.5
|
|
|
|
|
Sales to affiliates
|
|
|
3.4
|
|
|
6.0
|
|
|
--
|
|
|
|
--
|
|
|
0.1
|
|
|
|
(9.5
|
)
|
|
|
--
|
|
|
|
|
Total revenues
|
|
|
2,018.3
|
|
|
407.5
|
|
|
--
|
|
|
|
316.5
|
|
|
10.7
|
|
|
|
(9.5
|
)
|
|
|
2,743.5
|
|
|
|
|
Depreciation and amortization
|
|
|
256.7
|
|
|
56.8
|
|
|
--
|
|
|
|
33.8
|
|
|
1.7
|
|
|
|
--
|
|
|
|
349.0
|
|
|
|
|
Total interest charges (2)
|
|
|
95.1
|
|
|
14.5
|
|
|
--
|
|
|
|
13.0
|
|
|
65.1
|
|
|
|
(1.3
|
)
|
|
|
186.4
|
|
|
|
|
Allocated interest expense (2)
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
|
--
|
|
|
1.3
|
|
|
|
(1.3
|
)
|
|
|
--
|
|
|
|
|
Provision (Benefit) for income taxes
|
|
|
143.6
|
|
|
21.9
|
|
|
--
|
|
|
|
15.4
|
|
|
(25.6
|
)
|
|
|
--
|
|
|
|
155.3
|
|
|
|
|
Net income (loss) from continuing operations
|
|
|
241.0
|
|
|
35.3
|
|
|
--
|
|
|
|
24.1
|
|
|
(59.2
|
)
|
|
|
--
|
|
|
|
241.2
|
|
|
|
|
Income (loss) from discontinued operations, net of tax (3)
|
|
|
--
|
|
|
--
|
|
|
(69.6
|
)
|
|
|
--
|
|
|
1.9
|
|
|
|
--
|
|
|
|
(67.7
|
)
|
|
|
|
Net income (loss) (1)
|
|
$
|
241.0
|
|
$
|
35.3
|
|
$
|
(69.6
|
)
|
|
$
|
24.1
|
|
$
|
(57.3
|
)
|
|
$
|
--
|
|
|
$
|
173.5
|
|
|
2014
|
|
|
Revenues - outsiders
|
|
$
|
2,019.9
|
|
$
|
398.5
|
|
$
|
--
|
|
|
$
|
137.5
|
|
$
|
10.5
|
|
|
$
|
--
|
|
|
$
|
2,566.4
|
|
|
|
|
Sales to affiliates
|
|
|
1.1
|
|
|
1.1
|
|
|
--
|
|
|
|
--
|
|
|
0.2
|
|
|
|
(2.4
|
)
|
|
|
--
|
|
|
|
|
Total revenues
|
|
|
2,021.0
|
|
|
399.6
|
|
|
--
|
|
|
|
137.5
|
|
|
10.7
|
|
|
|
(2.4
|
)
|
|
|
2,566.4
|
|
|
|
|
Depreciation and amortization
|
|
|
248.6
|
|
|
54.0
|
|
|
--
|
|
|
|
11.0
|
|
|
1.7
|
|
|
|
--
|
|
|
|
315.3
|
|
|
|
|
Total interest charges (2)
|
|
|
92.8
|
|
|
13.8
|
|
|
--
|
|
|
|
4.2
|
|
|
66.1
|
|
|
|
(5.8
|
)
|
|
|
171.1
|
|
|
|
|
Allocated interest expense (2)
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
|
--
|
|
|
5.8
|
|
|
|
(5.8
|
)
|
|
|
--
|
|
|
|
|
Provision (Benefit) for income taxes
|
|
|
133.2
|
|
|
22.7
|
|
|
--
|
|
|
|
7.1
|
|
|
(24.1
|
)
|
|
|
--
|
|
|
|
138.9
|
|
|
|
|
Net income (loss) from continuing operations
|
|
|
224.5
|
|
|
35.8
|
|
|
--
|
|
|
|
10.5
|
|
|
(64.4
|
)
|
|
|
--
|
|
|
|
206.4
|
|
|
|
|
Income (loss) from discontinued operations, net of tax (3)
|
|
|
--
|
|
|
--
|
|
|
(82.0
|
)
|
|
|
--
|
|
|
6.0
|
|
|
|
--
|
|
|
|
(76.0
|
)
|
|
|
|
Net income (loss) (1)
|
|
$
|
224.5
|
|
$
|
35.8
|
|
$
|
(82.0
|
)
|
|
$
|
10.5
|
|
$
|
(58.4
|
)
|
|
$
|
--
|
|
|
$
|
130.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|
Results are based on GAAP net income. For a complete reconciliation
between GAAP and non-GAAP items, see Results Reconciliation in
Earnings Release.
|
|
(2
|
)
|
|
Segment net income is reported on a basis that includes internally
allocated financing costs. Internally allocated costs were at
pretax rates of 6.00% for 2015 and 2014. Rates were based on the
average of each subsidiary's equity and indebtedness to TECO
Energy assuming a 50/50 debt/equity capital structure. Internally
allocated interest charges are a component of total interest
charges.
|
|
(3
|
)
|
|
All periods have been adjusted to reflect the reclassification of
results from operations to discontinued operations for TECO Coal,
along with certain charges at Other, including Parent and TECO
Diversified, that directly relate to TECO Coal and TECO Guatemala.
|
|
(4
|
)
|
|
Results for New Mexico Gas Company are reflective of results since
the date of acquisition, Sep. 2, 2014.
|
|
(5
|
)
|
|
Represents a change in presentation to segment previously combined
and reported as Other & Eliminations.
|
|
TAMPA ELECTRIC COMPANY
|
|
ELECTRIC OPERATING STATISTICS (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues*
|
|
|
Sales -- Kilowatt-hours*
|
|
Three Months Ended Dec. 31,
|
|
|
|
|
|
|
|
|
Percent
|
|
|
|
|
|
|
|
|
Percent
|
|
|
|
2015
|
|
|
2014
|
|
|
|
Change
|
|
|
2015
|
|
|
2014
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
$ 247,667
|
|
|
$ 229,978
|
|
|
|
7.7
|
|
|
2,146,182
|
|
|
1,964,382
|
|
|
9.3
|
|
Commercial
|
|
153,095
|
|
|
146,735
|
|
|
|
4.3
|
|
|
1,587,043
|
|
|
1,488,904
|
|
|
6.6
|
|
Industrial -- Phosphate
|
|
14,818
|
|
|
12,636
|
|
|
|
17.3
|
|
|
183,467
|
|
|
153,800
|
|
|
19.3
|
|
Industrial -- Other
|
|
26,745
|
|
|
25,877
|
|
|
|
3.4
|
|
|
301,656
|
|
|
287,088
|
|
|
5.1
|
|
Other sales of electricity
|
|
45,523
|
|
|
45,445
|
|
|
|
0.2
|
|
|
461,368
|
|
|
452,181
|
|
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
487,848
|
|
|
460,671
|
|
|
|
5.9
|
|
|
4,679,716
|
|
|
4,346,355
|
|
|
7.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred and other revenues
|
|
(27,354)
|
|
|
(6,172)
|
|
|
|
(343.2)
|
|
|
--
|
|
|
--
|
|
|
--
|
|
Provision for Revenue Stipulation
|
|
--
|
|
|
--
|
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
--
|
|
Sales for resale
|
|
654
|
|
|
3,254
|
|
|
|
(79.9)
|
|
|
25,582
|
|
|
87,826
|
|
|
(70.9)
|
|
Other operating revenue
|
|
13,919
|
|
|
15,543
|
|
|
|
(10.4)
|
|
|
--
|
|
|
--
|
|
|
--
|
|
SO2 Allowance Sales
|
|
--
|
|
|
--
|
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
--
|
|
NOx Allowance Sales
|
|
--
|
|
|
--
|
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
|
$ 475,067
|
|
|
$ 473,296
|
|
|
|
0.4
|
|
|
4,705,298
|
|
|
4,434,181
|
|
|
6.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average customers
|
|
722,826
|
|
|
709,873
|
|
|
|
1.8
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Net Energy For Load
|
|
|
|
|
|
|
|
|
|
|
|
4,758,271
|
|
|
4,342,208
|
|
|
9.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Degree Days
|
|
|
|
|
|
|
|
|
|
|
|
1,029
|
|
|
682
|
|
|
50.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues*
|
|
|
|
|
Sales -- Kilowatt-hours*
|
|
|
Twelve Months Ended Dec. 31,
|
|
|
|
|
|
|
|
|
Percent
|
|
|
|
|
|
|
|
|
Percent
|
|
|
|
2015
|
|
|
2014
|
|
|
|
Change
|
|
|
2015
|
|
|
2014
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
$ 1,040,263
|
|
|
$ 1,007,570
|
|
|
|
3.2
|
|
|
9,045,021
|
|
|
8,655,850
|
|
|
4.5
|
|
Commercial
|
|
608,003
|
|
|
602,093
|
|
|
|
1.0
|
|
|
6,300,667
|
|
|
6,142,206
|
|
|
2.6
|
|
Industrial -- Phosphate
|
|
53,079
|
|
|
59,912
|
|
|
|
(11.4)
|
|
|
655,239
|
|
|
737,576
|
|
|
(11.2)
|
|
Industrial -- Other
|
|
107,082
|
|
|
104,581
|
|
|
|
2.4
|
|
|
1,214,302
|
|
|
1,163,210
|
|
|
4.4
|
|
Other sales of electricity
|
|
177,190
|
|
|
181,897
|
|
|
|
(2.6)
|
|
|
1,791,245
|
|
|
1,826,897
|
|
|
(2.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,985,617
|
|
|
1,956,053
|
|
|
|
1.5
|
|
|
19,006,474
|
|
|
18,525,739
|
|
|
2.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred and other revenues
|
|
(28,791)
|
|
|
(7,502)
|
|
|
|
(283.8)
|
|
|
--
|
|
|
--
|
|
|
--
|
|
Provision for Revenue Stipulation
|
|
--
|
|
|
--
|
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
--
|
|
Sales for resale
|
|
3,721
|
|
|
12,955
|
|
|
|
(71.3)
|
|
|
115,288
|
|
|
259,172
|
|
|
(55.5)
|
|
Other operating revenue
|
|
57,721
|
|
|
59,493
|
|
|
|
(3.0)
|
|
|
--
|
|
|
--
|
|
|
--
|
|
SO2 Allowance Sales
|
|
--
|
|
|
1
|
|
|
|
(100.0)
|
|
|
--
|
|
|
--
|
|
|
--
|
|
NOx Allowance Sales
|
|
--
|
|
|
--
|
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
|
$ 2,018,268
|
|
|
$ 2,021,000
|
|
|
|
(0.1)
|
|
|
19,121,762
|
|
|
18,784,911
|
|
|
1.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average customers
|
|
718,713
|
|
|
706,161
|
|
|
|
1.8
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Net Energy For Load
|
|
|
|
|
|
|
|
|
|
|
|
20,103,257
|
|
|
19,314,740
|
|
|
4.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Degree Days
|
|
|
|
|
|
|
|
|
|
|
|
4,729
|
|
|
4,038
|
|
|
17.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* in thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PEOPLES GAS SYSTEM
|
|
GAS OPERATING STATISTICS (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues*
|
|
|
Therms*
|
|
|
|
Three Months Ended Dec. 31,
|
|
|
|
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
2015
|
|
2014
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By Customer Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
$ 32,914
|
|
$ 37,534
|
|
(12.3)
|
|
17,011
|
|
21,562
|
|
(21.1)
|
|
Commercial
|
|
33,934
|
|
34,311
|
|
(1.1)
|
|
116,706
|
|
117,226
|
|
(0.4)
|
|
Industrial
|
|
3,204
|
|
3,205
|
|
0.0
|
|
73,833
|
|
72,359
|
|
2.0
|
|
Off System Sales
|
|
14,123
|
|
8,532
|
|
65.5
|
|
53,688
|
|
20,262
|
|
165.0
|
|
Power generation
|
|
1,566
|
|
1,187
|
|
31.9
|
|
190,686
|
|
149,322
|
|
27.7
|
|
Other revenues
|
|
12,052
|
|
11,740
|
|
2.7
|
|
--
|
|
--
|
|
--
|
|
|
|
$ 97,793
|
|
$ 96,509
|
|
1.3
|
|
451,924
|
|
380,731
|
|
18.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By Sales Type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
System supply
|
|
$ 55,775
|
|
$ 55,771
|
|
0.0
|
|
76,616
|
|
48,795
|
|
57.0
|
|
Transportation
|
|
29,966
|
|
28,998
|
|
3.3
|
|
375,308
|
|
331,936
|
|
13.1
|
|
Other revenues
|
|
12,052
|
|
11,740
|
|
2.7
|
|
--
|
|
--
|
|
--
|
|
|
|
$ 97,793
|
|
$ 96,509
|
|
1.3
|
|
451,924
|
|
380,731
|
|
18.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average customers
|
|
362,918
|
|
355,902
|
|
2.0
|
|
--
|
|
--
|
|
--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues*
|
|
|
|
Therms*
|
|
|
|
Twelve Months Ended Dec. 31,
|
|
|
|
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
2015
|
|
2014
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By Customer Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
$ 137,024
|
|
$ 144,117
|
|
(4.9)
|
|
74,892
|
|
80,775
|
|
(7.3)
|
|
Commercial
|
|
138,801
|
|
139,075
|
|
(0.2)
|
|
470,777
|
|
460,510
|
|
2.2
|
|
Industrial
|
|
12,978
|
|
13,101
|
|
(0.9)
|
|
288,969
|
|
274,283
|
|
5.4
|
|
Off System Sales
|
|
49,822
|
|
39,358
|
|
26.6
|
|
166,430
|
|
84,026
|
|
98.1
|
|
Power generation
|
|
7,198
|
|
6,794
|
|
5.9
|
|
758,288
|
|
643,512
|
|
17.8
|
|
Other revenues
|
|
50,491
|
|
48,472
|
|
4.2
|
|
--
|
|
--
|
|
--
|
|
|
|
$ 396,314
|
|
$ 390,917
|
|
1.4
|
|
1,759,356
|
|
1,543,106
|
|
14.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By Sales Type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
System supply
|
|
$ 225,348
|
|
$ 225,723
|
|
(0.2)
|
|
268,672
|
|
194,225
|
|
38.3
|
|
Transportation
|
|
120,475
|
|
116,722
|
|
3.2
|
|
1,490,684
|
|
1,348,881
|
|
10.5
|
|
Other revenues
|
|
50,491
|
|
48,472
|
|
4.2
|
|
--
|
|
--
|
|
--
|
|
|
|
$ 396,314
|
|
$ 390,917
|
|
1.4
|
|
1,759,356
|
|
1,543,106
|
|
14.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average customers
|
|
361,178
|
|
353,903
|
|
2.1
|
|
--
|
|
--
|
|
--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* in thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW MEXICO GAS COMPANY
|
|
GAS OPERATING STATISTICS (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues*
|
|
|
|
Therms*
|
|
|
|
Three Months Ended Dec. 31,
|
|
|
|
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
2015
|
|
2014
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By Customer Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
$ 73,159
|
|
$ 88,787
|
|
(17.6)
|
|
108,580
|
|
100,509
|
|
8.0
|
|
Commercial
|
|
17,812
|
|
23,742
|
|
(25.0)
|
|
34,877
|
|
33,507
|
|
4.1
|
|
Industrial
|
|
689
|
|
824
|
|
(16.4)
|
|
1,521
|
|
1,355
|
|
12.3
|
|
Off System Sales
|
|
--
|
|
--
|
|
--
|
|
--
|
|
--
|
|
--
|
|
On System Transportation
|
|
6,280
|
|
6,108
|
|
2.8
|
|
100,607
|
|
91,302
|
|
10.2
|
|
Off System Transportation
|
|
236
|
|
226
|
|
4.4
|
|
12,460
|
|
11,973
|
|
4.1
|
|
Other revenues
|
|
1,686
|
|
1,667
|
|
1.1
|
|
--
|
|
--
|
|
--
|
|
|
|
$ 99,862
|
|
$ 121,354
|
|
(17.7)
|
|
258,045
|
|
238,646
|
|
8.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By Sales Type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
System supply
|
|
$ 91,660
|
|
$ 113,353
|
|
(19.1)
|
|
144,978
|
|
135,371
|
|
7.1
|
|
Transportation
|
|
6,516
|
|
6,334
|
|
2.9
|
|
113,067
|
|
103,275
|
|
9.5
|
|
Other revenues
|
|
1,686
|
|
1,667
|
|
1.1
|
|
--
|
|
--
|
|
--
|
|
|
|
$ 99,862
|
|
$ 121,354
|
|
(17.7)
|
|
258,045
|
|
238,646
|
|
8.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average customers
|
|
517,258
|
|
513,403
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Degree Days
|
|
|
|
|
|
|
|
1,693
|
|
1,605
|
|
5.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues*
|
|
|
|
Therms*
|
|
|
|
Twelve Months Ended Dec. 31,
|
|
|
|
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
|
2015
|
|
2014 (1)
|
|
Change
|
|
2015
|
|
2014 (1)
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By Customer Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
$ 229,166
|
|
$ 281,051
|
|
(18.5)
|
|
291,236
|
|
284,429
|
|
2.4
|
|
Commercial
|
|
59,598
|
|
83,054
|
|
(28.2)
|
|
104,359
|
|
108,913
|
|
(4.2)
|
|
Industrial
|
|
1,202
|
|
1,866
|
|
(35.6)
|
|
2,557
|
|
2,967
|
|
(13.8)
|
|
Off System Sales
|
|
308
|
|
2,175
|
|
(85.8)
|
|
1,200
|
|
4,251
|
|
(71.8)
|
|
On System Transportation
|
|
19,114
|
|
19,302
|
|
(1.0)
|
|
328,673
|
|
329,726
|
|
(0.3)
|
|
Off System Transportation
|
|
903
|
|
895
|
|
0.9
|
|
47,196
|
|
46,956
|
|
0.5
|
|
Other revenues
|
|
6,243
|
|
6,496
|
|
(3.9)
|
|
--
|
|
--
|
|
--
|
|
|
|
$ 316,534
|
|
$ 394,839
|
|
(19.8)
|
|
775,221
|
|
777,242
|
|
(0.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By Sales Type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
System supply
|
|
$ 290,274
|
|
$ 368,146
|
|
(21.2)
|
|
399,352
|
|
400,560
|
|
(0.3)
|
|
Transportation
|
|
20,017
|
|
20,197
|
|
(0.9)
|
|
375,869
|
|
376,682
|
|
(0.2)
|
|
Other revenues
|
|
6,243
|
|
6,496
|
|
(3.9)
|
|
--
|
|
--
|
|
--
|
|
|
|
$ 316,534
|
|
$ 394,839
|
|
(19.8)
|
|
775,221
|
|
777,242
|
|
(0.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average customers
|
|
516,066
|
|
512,471
|
|
0.7
|
|
|
|
|
|
|
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Total Degree Days
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|
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4,090
|
|
4,035
|
|
1.4
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(1) Information presented for 2014 is for comparative purposes only,
as this was before the date of acquisition (Sep. 2, 2014).
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* in thousands
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View source version on businesswire.com: http://www.businesswire.com/news/home/20160204005101/en/ Copyright Business Wire 2016
Source: Business Wire
(February 4, 2016 - 7:30 AM EST)
News by QuoteMedia
www.quotemedia.com
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