News Release

Tampa Electric completes new credit facility

TAMPA, November 7, 2003

TECO Energy’s subsidiary, Tampa Electric Company, today announced that it had successfully closed on a new $250 million unsecured bank credit facility to replace the current facility, which was set to expire on November 12, 2003. The new facility consists of a $125 million, 364-day facility and a $125 million, three-year facility. Citigroup and SunTrust were the joint lead banks, with a total of 10 banks in the facility.

TECO Energy’s Senior Vice President-Finance and CFO Gordon Gillette said, “The closing on Tampa Electric’s credit facility, including the multi-year tranche is a demonstration of Tampa Electric’s strong credit measures. With the Bayside repowering almost complete, this credit facility and the expected normal cash flows will give Tampa Electric a good liquidity cushion. With Tampa Electric’s consistent strong performance and the steps we have taken to improve TECO Energy’s financial position, we see that we are well-positioned to move forward with our strategy of focusing on our regulated operations in Florida.”

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

Note: This press release contains forward-looking statements, which are subject to the inherent uncertainties in predicting future results and conditions. Additional information on factors that could impact future results and conditions are discussed under “Investment Considerations” in the company’s Annual Report on Form 10-K for the year ended December 31, 2002.