News Release

TECO Energy declares quarterly dividend

TAMPA, July 17, 2002

At its meeting today, the Board of Directors of TECO Energy, Inc. declared a quarterly dividend of 35.5 cents per share on the company’s common stock. The dividend is payable August 15 to shareholders of record as of August 1.

TECO Energy is a diversified energy-related holding company headquartered in Tampa. Its principal businesses are Tampa Electric, Peoples Gas System, TECO Power Services, TECO Transport, TECO Coal, TECO Coalbed Methane and TECO Solutions.