(1888PressRelease)
May 05, 2009 - Plans to build a 500-megawatt, natural-gas-fueled power plant have been pushed back three years, John Ramil, TECO's president and chief operating officer, said after the meeting. In addition, the company may consolidate some operations to save money, he said.
Ramil did not rule out job cuts.
"We're looking at everything to gain efficiencies," he said. "We have not been filling jobs for a long time now. Hopefully, we've seen the bottom of the economy."
TECO Energy, which operates four businesses, employs 4,473 people companywide.
Tampa Electric, the biggest of TECO's four businesses, is beginning to see signs of an economic recovery. Homes that long have been vacant are beginning to fill up, Ramil said.
"We're seeing little data points that say maybe things are starting to recover," he said. "But they're not trends yet." Last year, TECO earned $162.4 million, or 77 cents per share, down from $413 million, or $1.97 a share, in 2007.
The company is expecting better results in 2009, driven largely by a $104 million-a-year increase in base service rates at Tampa Electric. State regulators approved the increase in March. The higher rates will take effect in May.
TECO Energy's board members approved a dividend of 20 cents a share, which will be paid May 28 to stockholders of record as of May 15.
Shareholders approved a resolution calling for an annual election of all board members. Currently, board members are elected for three-year terms. The measure is designed to improve accountability to shareholders. The measure, however, cannot be enacted without the board's approval.
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