Regulatory (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Regulatory Assets and Regulatory Liabilities

Details of the regulatory assets and liabilities as of Mar. 31, 2015 and Dec. 31, 2014 are presented in the following table:

Regulatory Assets and Liabilities
(millions)	Mar. 31, 2015		Dec. 31, 2014
Regulatory assets:
Regulatory tax asset ⁽¹⁾	$	70.5	$	69.2
Other:
Cost-recovery clauses		42.8		45.1
Postretirement benefit asset ⁽²⁾		195.6		194.0
Deferred bond refinancing costs ⁽³⁾		7.0		7.2
Debt basis adjustment ⁽³⁾		20.1		20.9
Environmental remediation		53.4		53.1
Competitive rate adjustment		2.6		2.8
Other		10.0		9.8
Total other regulatory assets		331.5		332.9
Total regulatory assets		402.0		402.1
Less: Current portion		52.0		53.6
Long-term regulatory assets	$	350.0	$	348.5
Regulatory liabilities:
Regulatory tax liability ⁽¹⁾	$	6.6	$	6.9
Other:
Cost-recovery clauses		19.4		25.9
Transmission and delivery storm reserve		56.1		56.1
Deferred gain on property sales ⁽⁴⁾		0.5		0.8
Accumulated reserve - cost of removal		686.0		695.2
Other		0.8		1.1
Total other regulatory liabilities		762.8		779.1
Total regulatory liabilities		769.4		786.0
Less: Current portion		49.4		57.0
Long-term regulatory liabilities	$	720.0	$	729.0

(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
	Mar. 31,		Dec. 31,
(millions)	2015		2014
Clause recoverable ⁽¹⁾	$	45.4	$	47.9
Components of rate base ⁽²⁾		200.7		199.0
Regulatory tax assets ⁽³⁾		70.5		69.2
Capital structure and other ⁽³⁾		85.4		86.0
Total	$	402.0	$	402.1

(1)	To be recovered through cost-recovery mechanisms approved by the FPSC or NMPRC, as applicable, 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, including environmental remediation, 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 Mar. 31, 2015 and Dec. 31, 2014 are presented in the following table:

Regulatory Assets and Liabilities
(millions)	Mar. 31, 2015		Dec. 31, 2014
Regulatory assets:
Regulatory tax asset ⁽¹⁾	$	70.5	$	69.2
Other:
Cost-recovery clauses		42.4		43.6
Postretirement benefit asset ⁽²⁾		189.7		187.8
Deferred bond refinancing costs⁽³⁾		7.0		7.2
Environmental remediation		53.4		53.1
Competitive rate adjustment		2.6		2.8
Other		8.3		8.0
Total other regulatory assets		303.4		302.5
Total regulatory assets		373.9		371.7
Less: Current portion		51.6		52.1
Long-term regulatory assets	$	322.3	$	319.6
Regulatory liabilities:
Regulatory tax liability⁽¹⁾	$	4.9	$	5.1
Other:
Cost-recovery clauses		18.8		23.5
Transmission and delivery storm reserve		56.1		56.1
Deferred gain on property sales ⁽⁴⁾		0.5		0.8
Accumulated reserve - cost of removal		580.7		591.5
Provision for stipulation and other		0.7		1.1
Total other regulatory liabilities		656.8		673.0
Total regulatory liabilities		661.7		678.1
Less: Current portion		48.8		54.7
Long-term regulatory liabilities	$	612.9	$	623.4

(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
	Mar. 31,		Dec. 31,
(millions)	2015		2014
Clause recoverable ⁽¹⁾	$	45.0	$	46.4
Components of rate base ⁽²⁾		193.0		191.0
Regulatory tax assets ⁽³⁾		70.5		69.2
Capital structure and other ⁽³⁾		65.4		65.1
Total	$	373.9	$	371.7

(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)