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News Release

TECO Energy sells 3.5 million shares of common stock

TAMPA, October 9, 2001

TECO Energy, Inc. (NYSE: TE) today reported that it had entered into an underwriting agreement for the sale by the company of 3.5 million shares of its common stock. The sale of the shares was made in conjunction with TECO Energy’s inclusion in the Standard & Poor’s 500 Stock Index (S&P 500).

Net proceeds to the company from the sale are expected to be about $93.5 million. TECO Energy intends to use the proceeds for general corporate purposes.

Goldman, Sachs & Co. acted as the sole underwriter in this transaction. The shares were sold to Goldman, Sachs & Co. at a price of $26.72 per share and Goldman, Sachs & Co. proposes to offer the shares of common stock from time to time for sale in negotiated transactions or otherwise, at varying prices to be determined at the time of each sale.

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 Goldman, Sachs & Co., One New York Plaza, New York, NY 10004. An electronic copy of the prospectus will be available on the Securities and Exchange Commission 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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