News Release

TECO Energy declares quarterly dividend

TAMPA, January 27, 2004

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 February 15 to shareholders of record as of February 5.

TECO Energy, Inc. is a diversified, energy-related holding company based in Tampa, Florida. Principal subsidiaries include Tampa Electric, Peoples Gas System, TECO Power Services, TECO Transport, TECO Coal and TECO Solutions.