Regulatory (Tables)

9 Months Ended

Sep. 30, 2014

Schedule of Regulatory Assets and Regulatory Liabilities

Details of the regulatory assets and liabilities as of Sept. 30, 2014 and Dec. 31, 2013 are presented in the following table:

Regulatory Assets and Liabilities
(millions)	Sep 30, 2014		Dec 31, 2013
Regulatory assets:
Regulatory tax asset ⁽¹⁾	$	69.1	$	67.4
Other:
Cost-recovery clauses		9.3		6.1
Postretirement benefit asset ⁽²⁾		194.1		182.7
Deferred bond refinancing costs ⁽³⁾		9.2		8.0
Debt basis adjustment ⁽³⁾		21.7		0.0
Environmental remediation		52.3		51.4
Competitive rate adjustment		2.6		4.1
Other		8.2		7.7
Total other regulatory assets		297.4		260.0
Total regulatory assets		366.5		327.4
Less: Current portion		24.3		34.3
Long-term regulatory assets	$	342.2	$	293.1
Regulatory liabilities:
Regulatory tax liability ⁽¹⁾	$	6.7	$	9.8
Other:
Cost-recovery clauses		34.6		54.5
Transmission and delivery storm reserve		56.1		56.1
Deferred gain on property sales ⁽⁴⁾		1.1		2.0
Accumulated reserve - cost of removal		693.6		594.0
Other		0.9		0.8
Total other regulatory liabilities		786.3		707.4
Total regulatory liabilities		793.0		717.2
Less: Current portion		65.8		85.8
Long-term regulatory liabilities	$	727.2	$	631.4

(1)	Primarily related to plant life and derivative positions.

(2)	Amortized over remaining service life of plan participants.

(3)	Amortized over the term of the related debt instruments.

(4)	Amortized over a 5-year period with various ending dates.

Regulatory Assets and Related Recovery Period

All regulatory assets are recovered through the regulatory process. The following table further details the regulatory assets and the related recovery periods:

Regulatory Assets
	Sep 30,		Dec 31,
(millions)	2014		2013
Clause recoverable ⁽¹⁾	$	11.9	$	10.2
Components of rate base ⁽²⁾		199.3		185.6
Regulatory tax assets ⁽³⁾		69.1		67.4
Capital structure and other ⁽³⁾		86.2		64.2
Total	$	366.5	$	327.4

(1)	To be recovered through cost-recovery mechanisms approved by the FPSC on a dollar-for-dollar basis in the next year.

(2)	Primarily reflects allowed working capital, which is included in rate base and earns a rate of return as permitted by the FPSC.

(3)

“Regulatory tax assets” and “Capital structure and other” regulatory assets have a recoverable period longer than a fiscal year and are recognized over the period authorized by the regulatory agency. Also included are unamortized loan costs, which are amortized over the life of the related debt instruments. See footnotes 1 and 2 in the prior table for additional information.

Tampa Electric Company [Member]

Schedule of Regulatory Assets and Regulatory Liabilities

Details of the regulatory assets and liabilities as of Sept. 30, 2014 and Dec. 31, 2013 are presented in the following table:

Regulatory Assets and Liabilities
(millions)	Sep 30, 2014		Dec 31, 2013
Regulatory assets:
Regulatory tax asset ⁽¹⁾	$	68.6	$	67.4
Other:
Cost-recovery clauses		8.0		6.1
Postretirement benefit asset ⁽²⁾		187.8		182.7
Deferred bond refinancing costs⁽³⁾		7.4		8.0
Environmental remediation		52.3		51.4
Competitive rate adjustment		2.6		4.1
Other		7.9		7.7
Total other regulatory assets		266.0		260.0
Total regulatory assets		334.6		327.4
Less: Current portion		22.9		34.3
Long-term regulatory assets	$	311.7	$	293.1
Regulatory liabilities:
Regulatory tax liability⁽¹⁾	$	5.3	$	9.8
Other:
Cost-recovery clauses		33.1		54.5
Transmission and delivery storm reserve		56.1		56.1
Deferred gain on property sales ⁽⁴⁾		1.1		2.0
Accumulated reserve - cost of removal		591.5		594.0
Other		0.9		0.8
Total other regulatory liabilities		682.7		707.4
Total regulatory liabilities		688.0		717.2
Less: Current portion		64.5		85.8
Long-term regulatory liabilities	$	623.5	$	631.4

(1)	Primarily related to plant life and derivative positions.

(2)	Amortized over the remaining service life of plan participants.

(3)	Amortized over the term of the related debt instruments.

(4)	Amortized over a 5-year period with various ending dates.

Regulatory Assets and Related Recovery Period

All regulatory assets are recovered through the regulatory process. The following table further details the regulatory assets and the related recovery periods:

Regulatory Assets
	Sep 30,		Dec 31,
(millions)	2014		2013
Clause recoverable ⁽¹⁾	$	10.6	$	10.2
Components of rate base ⁽²⁾		190.9		185.6
Regulatory tax assets ⁽³⁾		68.6		67.4
Capital structure and other ⁽³⁾		64.5		64.2
Total	$	334.6	$	327.4

(1)	To be recovered through cost-recovery mechanisms approved by the FPSC on a dollar-for-dollar basis in the next year.

(2)	Primarily reflects allowed working capital, which is included in rate base and earns a rate of return as permitted by the FPSC.

(3)