The Florida Public Service Commission (PSC) today approved a Settlement Agreement for Tampa Electric Company (TECO) that will expand the utility’s use of solar power and provide rate certainty to customers for the next four years.
TECO plans to add 600 megawatts (MW) of solar energy, which is enough electricity to power more than 100,000 homes and represents a large boost to the nearly 27 MW of solar installations the utility currently owns and operates. The first two projects, totaling 150 MW, are scheduled for completion in September 2018, with additional phases completed in 2019, 2020, and 2021.
The Agreement also includes a four-year pilot program to optimize assets and wholesale energy transactions. Potential increased revenues from expanded short-term wholesale purchases and sales will create additional value for both customers and the company. Customers will not pay for the pilot program costs.
Parties joining the Agreement include: Florida’s Office of Public Counsel (OPC), representing consumers, the Florida Retail Federation, the Florida Industrial Power User’s Group, West Central Florida Hospital Utility Alliance, and the Federal Executive Agencies. In addition, the Southern Alliance for Clean Energy and the Sierra Club support the Agreement.
TECO’s current Agreement, approved by the PSC in 2013, was set to expire at the end of 2017.
Tampa Electric serves about 745,000 customers in Hillsborough, Polk, Pinellas, and Pasco counties.
For additional information, visit www.floridapsc.com.
Follow the PSC on Twitter, @floridapsc.