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TECO Energy's third-quarter earnings show signs of positive change, as most key metrics have improved over the past nine months.
That's especially impressive when you consider that government regulators set TECO's rates in August 2008 assuming customer growth — which did not happen.
Specifically, the company planned on seeing customer growth of 0.8% in 2008, and 1.2% in 2009. Instead, 2008 customer growth was zero while 2009 actually brought a 0.2% decline, a company spokesperson said.
Since revenues are now set for the short-term, TECO must focus on cost savings to continue to make solid returns. They have already begun that process, in part, with the recent management reorganization that aims to bring subsidiaries Tampa Electric and Progress Energy's leadership into one unit.
They've also adjusted their projections for an economic recovery, pushing their expectation back to mid-2010, according to the release that accompanied their most recent quarterly results.
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