TECO Energy CEO to Present at Merrill Lynch
TECO Coal Resumes Production of Synthetic Fuel
TAMPA, September 13, 2006
TECO Energy, Inc. (NYSE:TE) Chairman and CEO Sherrill Hudson will make a presentation at the 2006 Merrill Lynch Global Power & Gas Leaders Conference in New York on Wednesday, September 27, 2006 at 2:30 PM eastern time.
A webcast of the live presentation will be accessible through a link on TECO Energy’s home page at www.tecoenergy.com. The webcast will be available for replay for 14 days following the presentation for those unable to listen to the live webcast.
In conjunction with this presentation and in other meetings with investors in September, TECO Energy is reaffirming its previously announced earnings per share forecast range of $0.90 to $1.00 for 2006. This forecast is for earnings per share from continuing operations, excluding all charges and gains, and assumes that results from the production of synthetic fuel are breakeven, which is in effect the same as excluding benefits and costs from the production of synthetic fuel for the year.
TECO Energy also announced today that Pike Letcher Synfuel LLC, an affiliate of TECO Coal, expects to resume full production of synthetic fuel by September 18, 2006, because oil prices have declined to a level below the breakeven point. The current average of the year-to-date actual oil prices and the remaining month oil futures prices for 2006 are approximately $68 per barrel on a NYMEX basis, which would result in a potential phase-out of synthetic fuel benefits of approximately 40%. Any benefits to earnings and cash flow from the production of synthetic fuel in 2006 are incremental to the guidance provided above.
TECO Energy, Inc. (NYSE: TE) is an integrated energy-related holding company with regulated utility businesses, complemented by a family of unregulated businesses. Its principal subsidiary, Tampa Electric Company, is a regulated utility with both electric and gas divisions (Tampa Electric and Peoples Gas System). Other subsidiaries are engaged in waterborne transportation, coal and synthetic fuel production and electric generation and distribution in Guatemala.