PowerPoint Presentation

							Forward Looking Statement

 Note: The cash flow information set forth below is based on various assumptions and is
  subject to the inherent uncertainties in predicting future results and conditions. These
  assumptions include that TECO Coal will successfully complete the contemplated
  second sale of its synthetic fuel facilities, (which will require reaching a definitive
  agreement and satisfying all closing conditions); TECO Coal will successfully operate its
  synthetic fuel production facilities in a manner qualifying for Section 29 federal income
  tax credits (which could be impacted by changes in law, regulation or administration);
  and Tampa Electric will successfully recover all its fuel transportation costs. The
  company’s cash flow forecast assumes that the remarketing of the Trust Preferred debt
  securities issued by TECO Capital Trust II is neutral to cash flow. If any of these
  assumptions are not realized, the company’s expected cash flow would be reduced.
  Other factors that could cause actual results to differ materially from those projected
  below include the following: general economic conditions, particularly those in Tampa
  Electric’s service area affecting energy sales; weather variations affecting energy sales
  and operating costs; commodity price changes affecting the competitive positions of
  Tampa Electric and Peoples Gas System, as will as margins at TECO Wholesale
  Generation and TECO Coal; energy prices and other factors affecting TECO Wholesale
  Generation’s investments in merchant power plants; regulatory actions affecting Tampa
  Electric, Peoples Gas System or TECO Wholesale Generation; changes in and
  compliance with environmental regulations that may impose additional costs or curtail
  some activities; TECO Wholesale Generation’s ability to successfully operate its projects
  and complete the contemplated transfer of the Union and Gila River facilities; the ability
  of TECO Energy’s subsidiaries to operate equipment without undue accidents,
  breakdowns or failures; and interest rates, credit ratings and other factors that could
  impact TECO Energy’s ability to obtain access to sufficient capital on satisfactory terms.
  Some of these factors and others are discussed more fully under “Investment
  Considerations” in the company’s Annual Report on Form 10-K for the period ended
  December 31, 2003.
Future Expectations
Cash Flows – TECO Energy Consolidated
($ Millions)
                                                                     Cumulative
                                                 2003    2004 Est.   ‘04-’06 Est.


Cash flow from operating activities             $ 329    $ 250        $ 1,110
Proceeds from asset sales                         246       110           110
Synfuel proceeds                                   35        60           250
Capital expenditure / investments                (675)     (280)         (970)
    Total cash flow from investing activities    (394)     (110)         (610)
Dividends                                        (165)     (140)         (460)
Issuance of common stock                          137         10           40
Repayment of long-term debt                      (526)       (90)        (150)
Issuance of long-term debt                        655       120           120
Short-term debt, net                             (323)      (40)           40
Other financing activities                        (16)        60          230
    Cash flow from financing activities          (238)       (80)        (180)
Change in cash                                   (303)      60          320
Beginning cash                                    411      108          108
Ending cash                                     $ 108    $ 168        $ 428
Future Expectations
Cash Flows – Regulated Operations
($ Millions)
                                                  Cumulative
                                          2003    ‘04-’06 Est.


Cash flow from operating activities   $ 477        $1,210
Capital expenditures, net                 (300)      (760)
Dividends to parent                       (152)     (540)
Return of capital to parent               (158)       —
Repayment of long-term debt                (80)      (20)
Issuance of long-term debt                 250        —
Short-term debt, net                       (10)       80
Cash flow from financing activities       (150)     (480)
Change in cash                             27       (30)
Beginning cash                              7        34
Ending cash                           $    34      $ 4
Future Expectations
Cash Flow – Parent Only
($ Millions)
                                                                        Cumulative
                                                           2003         ‘04-’06 Est.
Cash flow from operations:
    Taxes / interest collected from subsidiaries       $        286       $ 790
    Tax payments                                                (46 )       (30 )
    Interest payments                                          (213 )      (620 )
    O&M / other                                                 (17 )        10
Cash flow from operating activities                              10         150
Cash flow from investing activities:
    Non-recurring return of capital                             158           —
    Dividends                                                   295          800
    Advances (to) / from subsidiaries                          (742 )       (100 )
Cash flows from investing activities                           (289 )       700
Cash flow from financing activities:
    Dividends to shareholders                                  (165 )       (460 )
    Common stock                                                137           40
    Proceeds from long-term debt                                297           —
    Change in short-term debt                                  (313 )        (40 )
    Equity contract adjustment payment                          (20 )        (20 )
Cash flows from financing activities                            (64 )       (480 )
Net (decrease) increase in cash and cash equivalents           (343 )       370
Cash and cash equivalents at beginning of period               371            28
Cash and cash equivalents at end of period                 $     28        $ 398