UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
(Address of principal executive offices)
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Securities Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (§230.405 of this chapter) or Rule 12b-2 of the Exchange Act (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 8.01. | Other Events. |
On April 2, 2024, Tampa Electric Company (the “Company”) filed with the Florida Public Service Commission (the “FPSC”) a request for a base rate increase, effective January 1, 2025, and additional adjustments for 2026 and 2027. The Company’s proposed rate request included recovery of solar generation projects, energy storage capacity, a more resilient and modernized energy control center, and other resiliency and reliability projects. Prior to the rate case hearing, the Company submitted revisions to its requested base rate increase to reflect items that included production tax credits, energy storage life expectancy, and the Company’s grid reliability and resilience project. From August 26 through 30, 2024, the Company’s rate case hearing was heard by the FPSC. On December 3, 2024, the FPSC rendered a decision during a Special Agenda Conference. The FPSC decision includes an increase of $185 million in 2025 and additional increases of $87 million and $9 million in 2026 and 2027, respectively. The decision also allowed for equity in the capital structure to continue to be 54% from investor sources of capital. The allowed regulatory return on equity range is 9.50% to 11.50% with a 10.50% midpoint, effective January 1, 2025. Final rate details reflecting this decision are expected to be determined by the FPSC on December 19, 2024.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: December 9, 2024 | TAMPA ELECTRIC COMPANY (Registrant) | |||||
| By: | /s/ Michelle V. Szekeres | |||||
| Michelle V. Szekeres | ||||||
| Corporate Secretary | ||||||