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News Release

TECO Energy reschedules financial update to April 11, 2003

TAMPA, March 24, 2003

TECO Energy, Inc. (NYSE: TE) today announced that it has rescheduled its previously announced Webcast to update its 2003 outlook and business drivers from March 28, 2003 to Friday April 11, 2003 at 8:15 AM. The Webcast will be concurrent with a presentation to financial analysts.

Senior Vice President and CFO Gordon Gillette said, “We are in the process of completing several activities prior to the meeting that we know are important to investors. These activities include efforts toward completion of the cash generation plan announced in September, as well as initiatives related to additional cash generation and limiting our merchant power exposure. The new schedule will allow us to provide investors with a more complete update on TECO Energy’s plans and outlook on April 11.”

To access the Webcast investors should go to TECO Energy’s Website at www.tecoenergy.com and follow the link to the Webcast on the morning of the event. The presentation is expected to start at 8:15 AM and be completed at approximately 9:30 AM. The presentation will also be available for replay through the Website following the event.

The company’s shareholders meeting remains scheduled for Tuesday, April 22, 2003.

TECO Energy, Inc. (NYSE: TE) is a diversified, energy-related holding company based in Tampa. Its principal businesses are Tampa Electric, Peoples Gas, TECO Power Services, TECO Transport, TECO Coal and TECO Solutions.

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