News Release

TECO Transport announces retirement of President Jeff Rankin

TAMPA, June 17, 2004

TECO Transport, a subsidiary of TECO Energy, Inc., today announced the retirement of its president Jeff Rankin, effective September 1, 2004.

Sal Litrico, Vice President, TECO Ocean Shipping, will be promoted to President of TECO Transport. Litrico will assume his new position July 1, 2004. Rankin will remain as assistant to the chief operating officer until September 1, 2004.

“Jeff has been an outstanding leader at TECO Transport and its subsidiary companies, TECO Ocean Shipping, TECO Bulk Terminal and TECO Barge Line. He contributed nearly 35 years of dedicated service to TECO Energy and TECO Transport,” said John Ramil, chief operating officer of TECO Energy.

Rankin began his employment with Tampa Electric Co. in 1969 and was named president of TECO Transport in 1984. At that time, the TECO Transport fleet amounted to six oceangoing vessels and 300 river barges. And the company had very little business outside of moving coal for Tampa Electric and some phosphate transportation.

As president of TECO Transport, Rankin initiated a plan to actively seek and compete for business outside the traditional movement of coal and phosphate. While TECO Transport still ships coal and phosphate, it now moves potash, corn, steel, soybeans, wheat, rice, sorghum, sugar and limestone to ports in Central and South America, the Caribbean, Africa, Asia and Northern Europe, as well as to the east and west coasts of the United States.

Today, TECO Ocean Shipping operates the largest U.S.-flagged oceangoing dry bulk shipping company with 11 oceangoing vessels and three times the carrying capacity of the 1980s. TECO Bulk Terminal is now the nation’s second largest dry bulk storage and transfer terminal. And TECO Barge Line, an inland river company operating on the Mississippi and Ohio Rivers, has grown by more than 100%, now utilizing more than 750 barges.

Sal Litrico has been with TECO Transport for 10 years and has a clear understanding of the vision and values of TECO Transport, as well as its other operating companies. He has more than 25 year’s experience in the maritime transportation industry.

TECO Transport is a wholly owned subsidiary of TECO Energy; Inc., a diversified energy-related holding company headquartered in Tampa, Florida. Its principal businesses areTampa Electric, Peoples Gas System, TECO Wholesale Generation, TECO Transport and TECO Coal.