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News Release

TECO Energy announces common stock offering

TAMPA, February 20, 2001

TECO Energy, Inc. (NYSE: TE) announced today that it plans to offer 7.5 million shares of its common stock through underwriters led by Credit Suisse First Boston. The sale of the common stock is expected to take place during the week of March 5.

TECO Energy will also grant the underwriters an option to purchase up to 1,125,000 additional shares of common stock to cover any over-allotments.

The proceeds from the sale of these shares will be used primarily to reduce the commercial paper balances of TECO Energy’s finance subsidiary and may also be used for general corporate purposes.

The offering is being made only by means of a prospectus, a copy of which may be obtained from the offices of Credit Suisse First Boston, 11 Madison Avenue, New York, NY 10080, or from one of the other underwriters. An electronic copy of the prospectus will be available from the Securities and Exchange Commission’s Web site at www.sec.gov.

TECO Energy (NYSE:TE) is a diversified, energy-related holding company headquartered in Tampa. Its principal businesses are Tampa Electric, Peoples Gas, TECO Power Services, TECO Transport, TECO Coal, TECO Coalbed Methane, TECO Propane Ventures and TECO Solutions.

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