News Release

TECO Energy declares quarterly dividend

TAMPA, July 22, 2003

At its meeting today, the Board of Directors of TECO Energy, Inc. declared a quarterly dividend of 19 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, 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.