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                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-K

(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
    OF 1934
    For the fiscal year ended December 31, 2000.
                              -----------------
                                       or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934
    For the transition period from_______to______.

                         Commission File Number 1-16297

                              TECO CAPITAL TRUST I
                  ---------------------------------------------
             (Exact Name of Registrant as Specified in Its Charter)

               Delaware                            [Application Pending]
    ------------------------------                  -------------------
        (State of Incorporation                        (IRS Employer
           or Organization)                         Identification No.)

      c/o The Bank of New York
    101 Barclay Street, 8th Floor
         New York, New York                              10286
         ------------------                            ---------
(Address of Principal Executive Offices)               (Zip Code)

Registrant's telephone number, including area code:  (212) 815-5088

Securities registered pursuant to Section 12(b) of the Act:

    Title of Each Class                Name of Each Exchange On Which Registered
    -------------------                -----------------------------------------
Trust Preferred Securities                    The New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

                                       N/A
                                   -----------
                                (Title of Class)


Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities and Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the Registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. [x] Yes [ ] No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of the Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X]

The aggregate market value of the voting and non-voting common equity held by
non-affiliates of the Registrant as of March 15, 2000 was $0.

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                                     PART I

ITEM 1.

BUSINESS.

TECO Capital Trust I (the "Trust") is a statutory business trust that TECO
Funding Company I, LLC (the "LLC") formed under Delaware law on November 20,
2000 pursuant to a certificate of trust filed with the Delaware Secretary of
State. The Trust is governed by an Amended and Restated Trust Agreement dated
December 1, 2000 by and among the LLC as depositor, by The Bank of New York as
property trustee, and by The Bank of New York (Delaware) as Delaware trustee
(the "Trust Agreement"). The Trust Agreement is qualified as an indenture under
the Trust Indenture Act of 1939. On December 20, 2000, the Trust issued to the
public 8,000,000 trust preferred securities at an annual distribution rate of
8.50%, with an aggregate liquidation amount of $200 million on December 20, 2000
for the purpose of acquiring related company preferred securities from the LLC.
The trust preferred securities represent a corresponding amount of company
preferred securities of the LLC. The Trust has minimal assets other than the
company preferred securities. The Trust Agreement does not permit the Trust to
engage in any activities other than holding the company preferred securities,
issuing the trust preferred securities, and engaging in other related
activities.

The LLC sold company preferred securities to the Trust and company common
securities to TECO Energy, Inc. ("TECO Energy"). The LLC used the proceeds from
the sale of the company preferred securities and the company common securities
to buy from TECO Energy a series of 8.50% junior subordinated notes due January
31, 2041, with the same financial terms as the company preferred securities.
TECO Energy has guaranteed payments to be made on the company preferred
securities pursuant to a guarantee agreement and, indirectly, payments to be
made on the trust preferred securities as a result of their beneficial interest
in the company preferred securities.

The fiscal year of the Trust is the calendar year. The LLC pays all fees and
expenses related to the Trust.

ITEM 2.

PROPERTIES

The Trust has no physical property. Its primary assets are the company preferred
securities issued by the LLC.

ITEM 3.

LEGAL PROCEEDINGS.

The Trust is not a party to any legal proceedings.

ITEM 4.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No matters were submitted to a vote of security holders during the period ended
November 20, 2000 (date of formation) through December 31, 2000.


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                                     PART II

ITEM 5.

MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

The Trust has not issued common equity securities.

ITEM 6.

SELECTED FINANCIAL DATA.

The Trust was established on November 20, 2000 and commenced operations on
December 20, 2000.

Total assets at December 31, 2000 amounted to $200,566,667.

ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATION FOR THE PERIOD NOVEMBER 20, 2000 (DATE OF FORMATION) THROUGH DECEMBER
31, 2000.

TECO Capital Trust I was formed on November 20, 2000 and issued to the public
8,000,000 of its trust preferred securities for an aggregate purchase price of
$200,000,000 on December 20, 2000. The proceeds from the issuance were remitted
to the LLC in exchange for 8,000,000 company preferred securities for an
aggregate purchase price of $200,000,000. TECO Energy, Inc. purchased all of the
company common securities of the LLC for an aggregate purchase price of
$6,200,000. The LLC remitted the proceeds from the issuance of both its company
common securities and company preferred securities to TECO Energy, Inc. in
exchange for $206,200,000 aggregate principal amount of 8.50% Junior
Subordinated Notes Due 2041 of TECO Energy, Inc., dated December 20, 2000 and
bearing interest and maturing on the dates and in the amounts set forth in the
Indenture, dated as of August 17, 1998, by and between the Company and The Bank
of New York, as Trustee, as supplemented by the Third Supplemental Indenture,
dated as of December 1, 2000.

The trust preferred securities represent undivided beneficial interests in the
assets of the Trust, which consist of a corresponding amount of the company
preferred securities. Distributions on the company preferred securities are
passed on to the holders of the trust preferred securities. The Trust is
required to make distributions on the trust preferred securities concurrently
with, and in the same amount as, the distributions on the company preferred
securities. Distributions on the company preferred securities are cumulative and
accumulate from the date they are first issued at the annual rate of 8.50% of
the $25 per company preferred security liquidation preference. Distributions are
payable quarterly in arrears on January 31, April 30, July 31 and October 31 of
each year. One such distribution on the company preferred securities was made on
January 31, 2001 and was subsequently distributed by the Trust to the holders of
the trust preferred securities.

TECO Energy, Inc. owns all of the company common securities of the LLC, which,
unless an event of default has occurred and is continuing with respect to the
junior subordinated notes, represent 100 percent of the voting rights in the
LLC. The LLC is managed by a board of directors who are designated as "managers"
of the LLC within the meaning of Delaware law. The directors will serve until
their successors are duly elected and qualified. The directors may appoint
officers of the limited liability

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company from time to time to manage the day-to-day affairs of the limited
liability company. All voting rights in the LLC are vested in TECO Energy, Inc.
as the sole holder of the company common securities, including the right to
elect the board of directors.

ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

On December 20, 2000, the Trust purchased 8,000,000 company preferred securities
of the LLC with an annual distribution rate of 8.50% for an aggregate purchase
price of $200,000,000. TECO Energy has guaranteed all payments to be made on the
company preferred securities. There is no public market for these company
preferred securities.




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ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

                                                                            PAGE
                                                                             NO.

Report of Independent Certified Public Accountants                            6

Statement of Net Assets Available for Trust Activities, December 31, 2000     7

Statement of Changes in Net Assets Available for Trust Activities
         From Nov. 20, 2000 (date of formation) through December 31, 2000     8

Notes to Financial Statements                                                 9



     All financial statement schedules have been omitted since they are not
required, are inapplicable or the required information is presented in the
financial statements or notes thereto.

     The consolidated financial statements of TECO Energy, Inc. and its
subsidiaries included in Item 8 of TECO Energy, Inc.'s Annual Report on Form
10-K filed with the Commission on March 28, 2001 (File No. 1-08180) are
incorporated by reference into this Annual Report on Form 10-K as Exhibit 99.1
hereto.

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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

To the Trustees of the TECO Capital Trust I:

In our opinion, the financial statements listed in the accompanying index
present fairly, in all material respects, the net assets available for trust
activities of the TECO Capital Trust I (the "Trust") at December 31, 2000, and
the changes in net assets available for trust activities for the period from
November 20, 2000 (date of formation) through December 31, 2000 in conformity
with accounting principles generally accepted in the United States of America.
These financial statements are the responsibility of the Trust's management; our
responsibility is to express an opinion on these financial statements based on
our audit. We conducted our audit of these statements in accordance with
auditing standards generally accepted in the United States of America, which
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.


/s/ PricewaterhouseCoopers LLP

Tampa, Florida
March 28, 2001



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                              TECO CAPITAL TRUST I

             STATEMENT OF NET ASSETS AVAILABLE FOR TRUST ACTIVITIES

                                December 31, 2000



<TABLE>
<CAPTION>
ASSETS

<S>                                                               <C>
Cash                                                             $           --

Dividends Receivable                                                    566,667

Investment in Company Preferred Securities                          200,000,000
                                                                 --------------

Total Assets                                                     $  200,566,667
                                                                 --------------

LIABILITIES

Trust Preferred Securities Dividends Payable                     $      566,667

Trust Preferred Securities                                          200,000,000
                                                                 --------------

Total Liabilities                                                $  200,566,667
                                                                 --------------

NET ASSETS AVAILABLE FOR TRUST ACTIVITIES                        $           --
                                                                 ==============
</TABLE>



     The accompanying notes are an integral part of the financial statements


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<PAGE>   8

                              TECO CAPITAL TRUST I

        STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR TRUST ACTIVITIES

      From November 20, 2000 (date of formation) through December 31, 2000


<TABLE>
<CAPTION>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:

<S>                                                              <C>
Company Preferred Security Dividend Income                       $      566,667

Issuance of Trust Preferred Securities                              200,000,000
                                                                 --------------

                                                                    200,566,667
                                                                 --------------

DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:

Trust Preferred Securities Dividends                                   (566,667)

Purchase of Company Preferred Securities                           (200,000,000)
                                                                 --------------

                                                                   (200,566,667)
                                                                 --------------

CHANGES IN NET ASSETS AVAILABLE FOR TRUST ACTIVITIES                         --

NET ASSETS AVAILABLE FOR TRUST ACTIVITIES:

Beginning of year                                                            --
                                                                 --------------

End of year                                                      $           --
                                                                 ==============
</TABLE>



     The accompanying notes are an integral part of the financial statements


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<PAGE>   9

                          NOTES TO FINANCIAL STATEMENTS

A.   OVERVIEW

     TECO Capital Trust I (the "Trust") is a statutory business trust that TECO
Funding Company I, LLC (the "LLC"), a wholly owned subsidiary of TECO Energy,
Inc. ("TECO Energy") formed under Delaware law on November 20, 2000 pursuant to
a certificate of trust filed with the Delaware Secretary of State. The Trust is
governed by an Amended and Restated Trust Agreement dated December 1, 2000 by
and among the LLC as depositor, by The Bank of New York as property trustee, and
by The Bank of New York (Delaware) as Delaware trustee (the "Trust Agreement").
The Trust Agreement is qualified as an indenture under the Trust Indenture Act
of 1939. On December 20, 2000, the Trust issued to the public 8,000,000 trust
preferred securities at an annual distribution rate of 8.50%, with an aggregate
liquidation amount of $200 million on December 20, 2000 for the purpose of
acquiring related company preferred securities from the LLC. The trust preferred
securities represent a corresponding amount of company preferred securities of
the LLC. The Trust has minimal assets other than the company preferred
securities. The Trust Agreement does not permit the Trust to engage in any
activities other than holding the company preferred securities, issuing the
trust preferred securities, and engaging in other related activities. Because
the trust preferred securities did not trade on The New York Stock Exchange
until January 12, 2001, their market value at December 31, 2000 is equal to the
carrying amount of $200 million.

     The LLC sold company preferred securities to the Trust and company common
securities to TECO Energy. The LLC used the proceeds from the sale of the
company preferred securities and the company common securities to buy from TECO
Energy a series of 8.50% junior subordinated notes due January 31, 2041, with
the same financial terms as the company preferred securities. TECO Energy has
guaranteed payments to be made on the company preferred securities pursuant to a
guarantee agreement and, indirectly, payments to be made on the trust preferred
securities as a result of their beneficial interest in the company preferred
securities.

B.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

REVENUE AND EXPENSE RECOGNITION

     Revenues, including dividend income, and expenses, including dividend
distributions, are recognized on an accrual basis. Dividend distributions
accumulated from the date the Trust issued the trust preferred securities and
are payable quarterly in arrears on January 31, April 30, July 31 and October 31
of each year, beginning January 31, 2001.

INCOME TAXES

     The Trust is characterized for United States federal income tax purposes as
a grantor trust and will not be taxed as a corporation. For income tax purposes,
any income or losses from the Trust are passed through to the holders of the
trust preferred securities. Therefore, no provision for income taxes has been
included in the Trust's financial statements.

NEW ACCOUNTING POLICIES

     In 1998, the Financial Accounting Standards Board (FASB) issued Financial
Accounting Standard (FAS) 133, Accounting for Derivative Instruments and
Hedging. This standard was initially to be effective for fiscal years beginning
after June 15, 1999. In July 1999, the FASB delayed the effective date of this
pronouncement until fiscal years beginning after June 15, 2000. The new standard
requires that derivatives be recognized as either assets or liabilities in the
financial statements, to measure those instruments at fair value, and to reflect
the changes in fair value of those instruments as changes in net

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assets available for trust activities, depending on the types of those
instruments. At December 31, 2000, the Trust does not have any derivatives or
other financial instruments that would be subject to the provisions of FAS 133.

     In September 2000, the FASB issued FAS 140, Accounting for Transfers and
Servicing of Financial Assets and Extinguishments of Liabilities, a Replacement
of FAS Statement No. 125. This new standard revises the standards of accounting
for securitizations and other transfers of financial assets and collateral and
requires certain disclosures, but it carries over most of the provisions of FAS
125 without reconsideration. FAS 140 provides accounting and reporting standards
for transfers and servicing of financial assets and extinguishment of
liabilities. FAS 140 is effective for transfers and servicing of financial
assets and extinguishments of liabilities occurring after March 31, 2001 and
should be applied prospectively. At December 31, 2000, the Trust did not
anticipate entering into any transactions that would be subject to the
provisions of FAS 140 when it becomes effective.

C.   RELATED PARTIES

     During 2000, the Trust purchased 8,000,000 company preferred securities
from the LLC for $200,000,000 and recognized dividend income on these company
preferred securities of $566,667.

ITEM 9.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON FINANCIAL DISCLOSURE

     None.




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                                    PART III

ITEM 10.

DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

The Bank of New York (Delaware), a Delaware banking corporation, acts as the
Delaware Trustee, pursuant to the certificate of trust that formed the Trust in
November 2000. The Trust has no executive officers or directors.

ITEM 11.

EXECUTIVE COMPENSATION

Not applicable.

ITEM 12.

SECURITY OWNERSHIP OF BENEFICIAL OWNERS AND MANAGEMENT

Not applicable.

ITEM 13.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Not applicable.




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                                     PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, REPORTS ON FORM 8-K.

          (a)  FINANCIAL STATEMENTS

               The financial statements are listed under Item 8 of this report.

          (b)  REPORTS ON FORM 8-K

               No reports on Form 8-K were filed during the fourth quarter of
               2000.

          (c)  EXHIBITS

4.1       Indenture dated as of August 17, 1998 between TECO Energy, Inc. and
          The Bank of New York, as trustee. Filed as Exhibit 4 to TECO Energy,
          Inc.'s Amendment No. 1 to Registration Statement on Form S-3 (No.
          333-60819) filed with the Commission on August 24, 1998 and
          incorporated herein by reference.

4.2       Certificate of Trust of TECO Capital Trust I.(1)

4.3       Trust Agreement of TECO Capital Trust I.(1)

4.3       Third Supplemental Indenture dated as of December 1, 2000 by and
          between TECO Energy, Inc. and The Bank of New York.(2)

4.4       Amended and Restated Trust Agreement of TECO Capital Trust I dated as
          of December 1, 2000.(2)

4.5       Certificate representing Trust Preferred Securities issued by TECO
          Capital Trust I.(2)

4.6       Amended and Restated Limited Liability Company Agreement of TECO
          Funding Company I, LLC dated as of December 1, 2000.(2)

4.7       Guarantee Agreement dated as of December 1, 2000 by and between TECO
          Energy, Inc. as Guarantor and The Bank of New York as Guarantee
          Trustee.(2)

4.9       8.5% Junior Subordinated Notes due January 31, 2041.(2)

4.10      Certificate representing company preferred securities issued by TECO
          Funding Company I, LLC.(2)

23.1      Consent of Independent Certified Public Accountants. Filed herewith.

99.1      The consolidated financial statements of TECO Energy, Inc. and its
          susidiaries included in Item 8 of TECO Energy Inc.'s Annual Report on
          Form 10-K. Filed as Item 8 to TECO Energy, Inc.'s Annual Report on
          Form 10-K filed on March 28, 2001 (File No. 1-08180) and incorporated
          herein by reference.

(1)  Incorporated by reference to the identically titled exhibit to the
     Registration Statement on Form S-3 (File No. 333-50808) filed by TECO
     Capital Trust I on November 28, 2000.

(2)  Incorporated by reference to the identically titled exhibit to the Current
     Report on Form 8-K (File No. 1-08180) filed by TECO Energy, Inc. on
     December 21, 2000.


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                                    SIGNATURE

     Pursuant to the requirements of Section 13 or 15(d) of the Securities and
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                   TECO CAPITAL TRUST I
                                   By: TECO Funding Company I, LLC, as Depositor



Date: March 30, 2001               /s/ Mildred Smith
                                   ---------------------------------------------
                                   Name:    Mildred Smith
                                   Title:   President




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                                  EXHIBIT INDEX

4.1       Indenture dated as of August 17, 1998 between TECO Energy, Inc. and
          The Bank of New York, as trustee. Filed as Exhibit 4 to TECO Energy,
          Inc.'s Amendment No. 1 to Registration Statement on Form S-3 (No.
          333-60819) filed with the Commission on August 24, 1998 and
          incorporated herein by reference.

4.2       Certificate of Trust of TECO Capital Trust I.(1)

4.3       Trust Agreement of TECO Capital Trust I.(1)

4.3       Third Supplemental Indenture dated as of December 1, 2000 by and
          between TECO Energy, Inc. and The Bank of New York.(2)

4.4       Amended and Restated Trust Agreement of TECO Capital Trust I dated as
          of December 1, 2000.(2)

4.5       Certificate representing Trust Preferred Securities issued by TECO
          Capital Trust I.(2)

4.6       Amended and Restated Limited Liability Company Agreement of TECO
          Funding Company I, LLC dated as of December 1, 2000.(2)

4.7       Guarantee Agreement dated as of December 1, 2000 by and between TECO
          Energy, Inc. as Guarantor and The Bank of New York as Guarantee
          Trustee.(2)

4.9       8.5% Junior Subordinated Notes due January 31, 2041.(2)

4.10      Certificate representing company preferred securities issued by TECO
          Funding Company I, LLC.(2)

23.1      Consent of Independent Certified Public Accountants. Filed herewith.

99.1      The consolidated financial statements of TECO Energy, Inc. and its
          susidiaries included in Item 8 of TECO Energy Inc.'s Annual Report on
          Form 10-K. Filed as Item 8 to TECO Energy, Inc.'s Annual Report on
          Form 10-K filed on March 28, 2001 (File No. 1-08180) and incorporated
          herein by reference.

(1)  Incorporated by reference to the identically titled exhibit to the
     Registration Statement on Form S-3 (File No. 333-50808) filed by TECO
     Capital Trust I on November 28, 2000.

(2)  Incorporated by reference to the identically titled exhibit to the Current
     Report on Form 8-K (File No. 1-08180) filed by TECO Energy, Inc. on
     December 21, 2000.




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