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News Release

TECO Energy responds to S&P credit watch

TAMPA, July 10, 2003

TECO Energy today responded to the announcement by Standard and Poor’s that the rating agency has placed the company on credit watch, citing uncertainty in its ability to complete the announced and planned sales of interests in its synthetic fuel business, created by recent Internal Revenue Service announcements.

The company stated that nothing has changed since its July 3 announcement on this subject. Senior Vice President-Finance and CFO Gordon Gillette said, “Like the rest of the synthetic fuel industry, we are working diligently to achieve a successful resolution of the Section 29 issues quickly, which should remove the concerns raised today by S&P.”

Gillette reiterated that the company believes its synthetic fuel product does undergo a significant chemical change, noting that this finding is validated by regular testing using two independent laboratories. “We operate our facilities in full compliance with the private letter rulings (PLRs) we received from the IRS in 2001 and 2002,” said Gillette.

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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