TECO Energy named to Standard & Poor's 500
TAMPA, October 15, 2001
Upon the close of trading on Tuesday, October 9, Standard & Poor's added TECO Energy to its prestigious S&P 500 Stock Index. The S&P 500, a representative sample of leading companies in leading industries, is closely followed by the business and investment community.
In fact, because of increased demand for TECO Energy's stock as a result of its S&P 500 status, the company last week sold 3.5 million shares of its common stock. The sale of these shares is expected to have a minimal dilution effect on 2001 earnings but will reduce 2002 earnings slightly due to the dilution.
TECO Energy Chairman and CEO Robert Fagan said that inclusion in the universally recognized S&P 500 Index is a landmark occasion for the company, and one that effectively recognizes TECO Energy as a leading energy company.
Since Fagan joined the company in April 1999, TECO Energy's independent power business has grown to become a national leader, while the parent company has maintained a strong balance of regulated businesses and a portfolio of profitable unregulated businesses.
For many years, TECO Energy has been known for its strong utility businesses, strong balance sheet and consistent dividend growth. The year 2001 marked the company's 42nd consecutive year of increasing its dividend.
"While maintaining our strong dividend policy, we're currently strengthening our balance sheet through vehicles like the recent issuance of equity. At the same time, we're funding our independent power growth through the landmark project financing of the two largest independent power plants in the nation," said Fagan.
In July, through its joint venture with Panda Energy International, TECO Energy's TECO Power Services subsidiary completed a $2.2-billion financing for construction of the Union Power Station in El Dorado, Arkansas, and the Gila River Power Station in Gila Bend, Arizona. The transaction was described as the most widely syndicated large-scale independent power plant financing this year and was oversubscribed by $1.2 billion.
Now, as part of the S&P 500, TECO Energy takes its place as the only Tampa-based company included on the index. This recognition is a first for the company, which was originally established as a local electric utility more than 100 years ago. Standard & Poor's, a division of The McGraw-Hill Companies (NYSE: MHP), provides independent financial information, analytical services and credit ratings to the world's financial markets.
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.