TECO Power Services completes sale of Czech power interests, receives more than $30 million in proceeds
TAMPA, March 27, 2003
TECO Energy, Inc. (NYSE: TE) today announced that Aare-Tessin Ltd. for Electricity (Atel) has purchased the interests in the ECK Generating Project that were owned by TECO Power Services (TPS) and its former joint venture partner, Mosbacher Power Partners, LP (MPP). The ECK Generating Project is a 343-megawatt facility located in the Czech Republic.
TPS realized $33 million as a result of the sale and the related transactions. The company received substantially all remaining proceeds due in cash today. The company had already recorded a $9-million pre-tax valuation adjustment associated with this sale in the fourth quarter of 2002. The transaction is not expected to impact 2003 results.
As previously announced, TECO Energy has scheduled an update for investors and financial analysts on its outlook for the year at 8:15 a.m. on April 11, 2003. The presentation will be available to the public via a live Webcast, which will be accessed through the company's Web site at www.tecoenergy.com. The Webcast will also be available for replay through the Web site following the presentation.
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.