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News Release

TECO Energy announces common stock sale

TAMPA, March 7, 2001

TECO Energy (NYSE: TE) today announced that it entered into an underwriting agreement for the sale by the company of 7.5 million shares of its common stock at a price to the public of $27.75.

Net proceeds to the company from the sale are expected to be approximately $201.6 million.

TECO Energy intends to use the proceeds to reduce commercial paper balances of TECO Finance, a subsidiary of TECO Energy, and for general corporate purposes.

Credit Suisse First Boston is acting as lead manager, and Goldman Sachs & Co., Merrill Lynch & Co. and UBS Warburg LLC. are co-managers in this transaction.

TECO Energy has granted the underwriters an over-allotment option for up to 1,125,000 additional shares of common stock.

This offering of the shares of common stock may be made only by means of a prospectus, a copy of which can be obtained from the offices of Credit Suisse First Boston, 11 Madison Ave., New York, NY 10010, or from one of the other underwriters.

An electronic copy of the prospectus will be available on the Securities and Exchange Commission’s Web site at www.sec.gov.

TECO Energy 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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