Emera Acquires TECO Energy: What It Means for Tampa
October 8, 2015
On September 4, TECO Energy and Emera finalized an agreement for Emera to acquire TECO Energy, which includes Tampa Electric, Peoples Gas, and New Mexico Gas Company.
This acquisition means big things for Tampa and Hillsborough County residents who rely on Tampa Electric and Peoples Gas for their utility needs.
Yet even with the improvements that will come, TECO Energy President and CEO John Ramil has made it clear: electricity and natural gas rates will remain among the lowest in Florida and the U.S.
This $10.4 billion transaction isn’t expected to close until third quarter of 2016. And once it does, Tampa Electric will have the power of a top 20 North American regulated utility with geographic diversity and significant growth potential.
Emera, headquartered in Nova Scotia, has also made it clear that they are to remain as invested in the Tampa Bay community as Tampa Electric and Peoples Gas have been. Emera President and CEO Christopher Huskilson expressed the need to keep TECO’s workforce, due to their knowledge of Florida’s customers and regulations, while the company has pledged its commitment to the community at equal or higher levels of investment as Tampa Electric and Peoples Gas.
While ownership is changing, Tampa Electric and Peoples Gas will not be changing its name, headquarters, team, or most importantly, its commitment to its customers. For more information on the TECO Energy acquisition, please visit www.tampaelectric.com.