News Release

TECO Energy declares quarterly dividend

TAMPA, October 17, 2001

At its meeting today, the Board of Directors of TECO Energy, Inc. declared a quarterly dividend of 34.5 cents per share on the company's common stock. The dividend is payable Nov. 15 to shareholders of record as of Nov. 1.

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.