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Teco Energy Subsidiary Files for 10% Rate Increase; Shares Add 1%, Closer To Yr Highs

Tampa Electric Co., a unit of TECO Energy (TE,) filed its formal request with the Public Service Commission (PSC) to raise residential rates by about 10% in January 2014.

As announced in February, Tampa Electric is seeking about $135 million in higher rates, or an increase of $10.41 a month --or $0.35 cents a day --for the average residential customer who uses 1,000 kilowatt-hours (kwh) a month. Typical commercial and industrial customers would see increases of about 6%.

TE shares are up 1% at $18.23, taking it closer to a year high $18.64.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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