News Release

TECO Energy reschedules earnings release

TAMPA, February 5, 2004

Conference call and Webcast also rescheduled

TECO Energy, Inc. (NYSE:TE) today announced that it would delay the release of its fourth quarter and full year 2003 results pending resolution of accounting for costs associated with the discontinued operations related to its decision to exit from its ownership of the Union and Gila River projects announced earlier today.

The accounting treatment of the Union and Gila River power stations as discontinued operations remains unchanged; however, the allocation of certain amounts is being reviewed to ensure that the amounts are properly reflected in continuing and discontinued operations on the company’s financial statements.

Senior Vice President Finance and CFO Gordon Gillette said, “This review will not affect our total earnings, it is merely a matter of making sure that the proper amounts are categorized correctly.”

TECO Energy now plans to release its results on Monday, February 9, 2004, and conduct its Webcast on that date.