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News Release

TECO Energy sells 17 million shares of common stock

TAMPA, October 11, 2002

TECO Energy (NYSE: TE) today reported that it has entered into an underwriting agreement for the sale by the company of 17 million primary shares of its common stock at a price to the public of $11 per share through underwriters led by Morgan Stanley. The size of the offering was increased from the initial offering of 15 million shares.

TECO Energy has also granted the underwriters an option for a period of 30 days to purchase an additional 2.55 million shares to cover any over-allotments. Net proceeds from the sale are expected to be about $181 million after expenses and will be used to repay short-term debt.

The offering is being made only by means of a prospectus. A copy of the prospectus may be obtained from the offices of Morgan Stanley, 1585 Broadway, New York, NY 10036. An electronic copy of the prospectus will be available from 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 System, TECO Power Services, TECO Transport, TECO Coal, TECO Coalbed Methane and TECO Solutions.

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