TAMPA, Fla., June 19, 2003 — TECO Energy’s TECO Power Services subsidiary Thursday announced that two additional generating phases, Union 4 and Gila River 2, have achieved commercial operation.
Union Power Station in Arkansas is now completely operational, with a capacity of more than 2,200 megawatts. Two remaining phases at Gila River Power Station in Arizona are scheduled for completion in late July and early August of this year.
TECO Energy Senior Vice President and CFO Gordon L. Gillette said, “The construction of these highly efficient facilities continues to progress smoothly. Each incremental phase TPS completes on these plants effectively lowers the amount of security TECO Energy is required to post for their completion, which improves our liquidity position.”
The company’s letter of credit postings required under the project completion undertaking were reduced by $62 million to $110 million. Upon successful completion of the final phases at Gila River Power Station and the final acceptance of both plants, expected in the fall of 2003, the amount outstanding will be reduced to $8 million.
TECO Energy (NYSE: TE – News) is a diversified energy-related holding company based in Tampa. Its principal businesses include Tampa Electric, Peoples Gas, TECO Power Services, TECO Transport, TECO Coal and TECO Solutions. For more information, visit online: www.tecoenergy.com.