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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549



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FORM 10-K



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(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, 2003.



or



| ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------



For the transition period
fromto.



Commission File Number 1-16297



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TECO CAPITAL TRUST I

(Exact Name of Registrant as Specified in Its Charter)



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|                                                                         |  |                                  
|------------------------------------------------------------------------ |  | ---------------------------------
|Delaware                                                                 |  | 13-4164838                       
|(State of Incorporation or Organization)                                 |  | (IRS Employer Identification No.)
|                                                                         | 
|c/o The Bank of New York 101 Barclay Street, 8thFloor 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
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



Indicate by
check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act of 1934) ̈Yes    x  No



The aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant as of June 30, 2003 was $0.



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##### Table of Contents

PART I



ITEM 1. BUSINESS.



TECO Capital Trust I (the Trust) is a statutory business trust that TECO Funding Company I, LLC (the LLC), a 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. The Trust issued to the public 8,000,000 trust preferred securities at the annual 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. 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 cumulative cash distributions are
subject to certain deferral provisions. TECO Energy can defer interest payments on the underlying junior subordinated notes for up to five years, but not beyond the maturity date on the junior subordinated notes of January 31, 2041. If TECO Energy
defers interest payments on the junior subordinated notes, the Trust will defer distributions on the trust preferred securities. During any deferral period, distributions on the trust preferred securities will continue to accumulate quarterly at the
annual rate of 8.5% of the stated liquidation amount.



TECO
Energy may elect to redeem the junior subordinated notes in whole, at any time, or in part, from time to time, on or after December 20, 2005, at a redemption price equal to 100% of the principal amount to be redeemed plus any accrued and unpaid
interest to the redemption date. If all or part of the junior subordinated notes are redeemed, the LLC must redeem a corresponding amount of the company preferred securities and the common securities and, consequently, the Trust must redeem a
corresponding amount of trust preferred securities.



As long as
the trust preferred securities remain outstanding, TECO Energy is required to maintain a 100 percent direct or indirect ownership in the company common securities issued by the LLC. TECO Energy was in compliance with this covenant at December 31,
2003.



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



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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 quarter ended December
31, 2003.



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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.





|                                             |  |                     |       |   |      |   |       |      |  |   |         |   |  |   |        |  
|-------------------------------------------- |  | ------------------- | ----- | - | ---- | - | ----- | ---- |  | - | ------- | - |  | - | ------ | -
|                                             |  | Year ended Dec. 31, |      
|                                             |  | 2003                |       |   | 2002 |   |       | 2001 |  |   | 2000(1) |  
|                                             |  | (millions)          |      
|Company Preferred Security Dividend Income   |  | $                   | 17.0  |   |      | $ | 16.9  |      |  | $ | 17.0    |   |  | $ | 0.6    |  
|Issuance of Trust Preferred Securities       |  |                     |      |   |      |   |      |      |  |   |        |   |  |   | 200.0  |  
|Trust Preferred Security Dividends           |  |                     | (17.0 | ) |      |   | (16.9 | )    |  |   | (17.0   | ) |  |   | (0.6   | )
|Purchase of Company Preferred Securities     |  |                     |      |   |      |   |      |      |  |   |        |   |  |   | (200.0 | )
|                                             |  |                     |       |   |      |   |       |      |  |   |         |   |  |   |        |  
|                                             |  |                     |       |  
|Net income                                   |  | $                   |      |   |      | $ |      |      |  | $ |        |   |  | $ |       |  
|                                             |  |                     |       |   |      |   |       |      |  |   |         |   |  |   |        |  
|                                             |  |                     |       |  
|Dividends Receivable                         |  | $                   | 2.8   |   |      | $ | 2.9   |      |  | $ | 2.9     |   |  | $ | 0.6    |  
|Investment in Company Preferred Securities   |  |                     | 200.0 |   |      |   | 200.0 |      |  |   | 200.0   |   |  |   | 200.0  |  
|                                             |  |                     |       |  
|Trust Preferred Securities Dividends Payable |  |                     | 2.8   |   |      |   | 2.9   |      |  |   | 2.9     |   |  |   | 0.6    |  
|Trust Preferred Securities                   |  |                     | 200.0 |   |      |   | 200.0 |      |  |   | 200.0   |   |  |   | 200.0  |  
|                                             |  |                     |       |   |      |   |       |      |  |   |         |   |  |   |        |  
|                                             |  |                     |       |  
|Net Assets Available for Trust Activities    |  | $                   |      |   |      | $ |      |      |  | $ |        |   |  | $ |       |  
|                                             |  |                     |       |   |      |   |       |      |  |   |         |   |  |   |        |  

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|(1) | The Trust was established on November 20, 2000 and commenced operations on December 20, 2000.
|--- | ---------------------------------------------------------------------------------------------



ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION FOR THE YEAR ENDED DEC. 31, 2003.



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 will be 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 will 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. Distributions on the company preferred
securities of $17,000,000 were made in both 2003 and 2002 and were subsequently distributed by the Trust to the holders of the trust preferred securities.



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The trust preferred securities began trading on the New York Stock Exchange on January 12, 2001 under the symbol TE
PRT.



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 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.



Because the Trust is a special purpose financing entity with no separate business operations
and minimal assets other than the company preferred securities, the Trusts ability to pay distributions on the trust preferred securities depends on the ability of the LLC to pay distributions on the common preferred securities, which in turn
depends on the LLCs receipt of payments from TECO Energy, Inc. Accordingly, an evaluation of TECO Energy, Inc.s financial condition is relevant to an evaluation of the financial condition of the Trust and its ability to pay distributions
on the trust preferred securities, and the Trust refers you to the information about TECO Energy, Inc., including financial statements and other financial information, included in TECO Energy, Inc.s Annual Report on Form 10-K for the year
ended December 31, 2003, its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2003, June 30, 2003 and September 30, 2003, and its Current Reports on Form 8-K as filed with the Securities and Exchange Commission, copies of which may be
obtained from the Director of Investor Relations at TECO Energy, Inc., 702 North Franklin Street, Tampa, Florida 33602 or from its website at www.tecoenergy.com.



Contractual obligations of the Trust consist only of repayment of the principal amount of trust preferred securities due in 2041.



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.



ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.



INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA



|                                                                                                                 |  |        
|---------------------------------------------------------------------------------------------------------------- |  | -------
|                                                                                                                 |  | PageNo.
|Report of Independent Certified Public Accountants                                                               |  | 6      
|                                                                                                                 | 
|Statement of Net Assets Available for Trust Activities, December 31, 2003 and 2002                               |  | 7      
|                                                                                                                 | 
|Statement of Changes in Net Assets Available for Trust Activities For the years ended December 31, 2003 and 2002 |  | 8      
|                                                                                                                 | 
|Notes to Financial Statements                                                                                    |  | 9-10   



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.



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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, 2003 and 2002, and the changes in net
assets available for trust activities for each of the three years in the period ended December 31, 2003, 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 audits. We conducted our audits 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 audits provide a reasonable basis for
our opinion.



PricewaterhouseCoopers LLP



Tampa, Florida

March 26, 2004



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TECO CAPITAL TRUST I



STATEMENT
OF NET ASSETS AVAILABLE FOR TRUST ACTIVITIES



|                                             |  |              |             |      |   |            
|-------------------------------------------- |  | ------------ | ----------- | ---- | - | -----------
|                                             |  | December 31,
|                                             |  | 2003         |             | 2002
|Assets                                       |  |              |             |      |   |            
|Cash                                         |  | $            |            |      | $ |           
|Dividends Receivable                         |  |              | 2,833,333   |      |   | 2,833,333  
|Investment in Company Preferred Securities   |  |              | 200,000,000 |      |   | 200,000,000
|                                             |  |              |             |      |   |            
|Total Assets                                 |  |              | 202,833,333 |      |   | 202,833,333
|                                             |  |              |             |      |   |            
|Liabilities                                  |  |              |             |      |   |            
|Trust Preferred Securities Dividends Payable |  |              | 2,833,333   |      |   | 2,833,333  
|Trust Preferred Securities                   |  |              | 200,000,000 |      |   | 200,000,000
|                                             |  |              |             |      |   |            
|Total Liabilities                            |  |              | 202,833,333 |      |   | 202,833,333
|                                             |  |              |             |      |   |            
|Net assets available for trust activities    |  | $            |            |      | $ |           
|                                             |  |              |             |      |   |            



The accompanying notes
are an integral part of the financial statements



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TECO CAPITAL TRUST I



STATEMENT
OF CHANGES IN NET ASSETS AVAILABLE FOR TRUST ACTIVITIES



|                                                     |  |                             |             |   |                             |   |             |                              |  |   |             |  
|---------------------------------------------------- |  | --------------------------- | ----------- | - | --------------------------- | - | ----------- | ---------------------------- |  | - | ----------- | -
|                                                     |  | Year endedDecember 31, 2003 |             |   | Year endedDecember 31, 2002 |   |             | Year ended December 31, 2001 | 
|Additions to net assets attributed to:               |  |                             |             |   |                             |   |             |                              |  |   |             |  
|Company Preferred Security Dividend Income           |  | $                           | 17,000,000  |   |                             | $ | 16,905,555  |                              |  | $ | 17,000,000  |  
|                                                     |  |                             |             |   |                             |   |             |                              |  |   |             |  
|                                                     |  |                             | 17,000,000  |   |                             |   | 16,905,555  |                              |  |   | 17,000,000  |  
|                                                     |  |                             |             |   |                             |   |             |                              |  |   |             |  
|Deductions from net assets attributed to:            |  |                             |             |   |                             |   |             |                              |  |   |             |  
|Trust Preferred Securities Dividends                 |  |                             | (17,000,000 | ) |                             |   | (16,905,555 | )                            |  |   | (17,000,000 | )
|                                                     |  |                             |             |   |                             |   |             |                              |  |   |             |  
|                                                     |  |                             | (17,000,000 | ) |                             |   | (16,905,555 | )                            |  |   | (17,000,000 | )
|                                                     |  |                             |             |   |                             |   |             |                              |  |   |             |  
|Changes in net assets available for trust activities |  |                             |            |   |                             |   |            |                              |  |   |            |  
|                                                     |  |                             |            
|Net assets available for trust activities:           |  |                             |             |   |                             |   |             |                              |  |   |             |  
|Beginning of year                                    |  |                             |            |   |                             |   |            |                              |  |   |            |  
|                                                     |  |                             |             |   |                             |   |             |                              |  |   |             |  
|End of year                                          |  | $                           |            |   |                             | $ |            |                              |  | $ |            |  
|                                                     |  |                             |             |   |                             |   |             |                              |  |   |             |  



The accompanying notes
are an integral part of the financial statements



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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 as of 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. The Trust issued to the public 8,000,000 trust preferred securities at the annual 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 trust preferred securities began trading on the New York Stock Exchange on January 12, 2001 under the symbol TE PRT. At December 31, 2003, the trust preferred securities had a carrying amount of
$200 million and an estimated fair market value of $212 million. The estimated fair market value was based on quoted market prices.



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. TECO Energy has indirectly guaranteed payments to be made to the holders of the trust preferred securities as a result of their beneficial interest in the
company preferred securities.



The cumulative cash
distributions are subject to certain deferral provisions. TECO Energy can defer interest payments on the underlying junior subordinated notes for up to five years, but not beyond the maturity date on the junior subordinated notes of January 31,
2041. If TECO Energy defers interest payments on the junior subordinated notes, the Trust will defer distributions on the trust preferred securities. During any deferral period, distributions on the trust preferred securities will continue to
accumulate quarterly at the annual rate of 8.5% of the stated liquidation amount.



TECO Energy may elect to redeem the junior subordinated notes in whole, at any time, or in part, from time to time, on or after December 20, 2005, at a redemption price equal to 100% of the principal amount to be
redeemed plus any accrued and unpaid interest to the redemption date. If all or part of the junior subordinated notes are redeemed, the LLC must redeem a corresponding amount of the company preferred securities and the common securities and,
consequently, the Trust must redeem a corresponding amount of trust preferred securities.



As long as the trust preferred securities remain outstanding, TECO Energy is required to maintain a 100% direct or indirect ownership in the company common securities issued by the LLC. TECO Energy was in compliance
with this covenant at December 31, 2003.



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B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES



BASIS OF PRESENTATION



Additions to net assets, including dividend income, and deductions from net assets, 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 on
the Trusts financial statements.



C. RELATED PARTIES



During the years ended 2003 and 2002, the Trust recognized dividend
income on the company preferred securities from the LLC of $17,000,000 and $16,905,555, respectively. The Trust also received dividend payments from the LLC of $17,000,000 in both 2003 and 2002.



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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON FINANCIAL DISCLOSURE



None.



ITEM 9A. CONTROLS AND PROCEDURES



| | (a) | Evaluation of Disclosure Controls and Procedures. TECO Energy, Inc. (the Company) is designated to make compliance filings on behalf of the Trust. The Companys
management, with the participation of its Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Trusts disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the
Securities Exchange Act of 1934, as amended (the Exchange Act)) as of the end of the period covered by this quarterly report (the Evaluation Date). Based on such evaluation, the Chief Executive Officer and Chief Financial
Officer have concluded that, as of the Evaluation Date, the Trusts disclosure controls and procedures are effective in alerting them on a timely basis to material information relating to the Trust required to be included in the Trusts
reports filed or submitted under the Exchange Act.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Changes in Internal Controls. There have not been any changes in the Trusts internal controls over financial reporting that have materially affected, or are
reasonably likely to materially affect, such controls during the period covered by this report.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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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.



ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES



The LLC pays all fees and expenses related to the Trust including audit fees. The following table presents fees for professional audit services rendered by
PricewaterhouseCoopers LLC for the audit of the Trusts annual financial statements for the years ended December 31, 2003 and December 31, 2002.



|                   |  |      |        |      |   |       
|------------------ |  | ---- | ------ | ---- | - | ------
|                   |  | 2003 |        | 2002
|Audit fees         |  | $    | 24,050 |      | $ | 23,175
|Audit-related fees |  |      |       |      |   |      
|Tax fees           |  |      |       |      |   |      
|All other fees     |  |      |       |      |   |      
|                   |  |      |        |      |   |       
|Total              |  | $    | 24,050 |      | $ | 23,175
|                   |  |      |        |      |   |       



Audit fees consist of professional
services for the audit of the Trusts annual financial statements and review of financial statements included in the Trusts 10-Q filings.



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PART IV



ITEM 15. 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 2003.



| | (c) | EXHIBITS
| | --- | --------



The exhibits filed as part of this Form 10-K are listed on the Exhibit Index immediately preceding such Exhibits. The Exhibit Index is incorporated herein by reference.



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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 Energy, Inc.  
|                     |  | as designated signatory
|                     |  |                        
|Date: March 30, 2004 |  | By:                     |  | /s/ Gordon L. Gillette     
|                     |  | Name:                   |  | Gordon L. Gillette         
|                     |  | Title:                  |  | Principal Financial Officer



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EXHIBIT INDEX



|     |  |                                                                                                                                                                                                                                                                                                         
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|3.1  |  | Amended and Restated Trust Agreement of TECO Capital Trust I dated as of December 1, 2000.(1)                                                                                                                                                                                                           
|     | 
|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.(2)                                                                                                                                                                                                                                                        
|     | 
|4.3  |  | Trust Agreement of TECO Capital Trust I.(2)                                                                                                                                                                                                                                                             
|     | 
|4.4  |  | Third Supplemental Indenture dated as of December 1, 2000 by and between TECO Energy, Inc. and The Bank of New York.(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.                                                                                                                                                                                                                                    
|     | 
|31.1 |  | Certification of the Chief Executive Officer of TECO Energy, Inc. pursuant to Securities Exchange Act Rules 13a-15(e) and 15d-15(e) as adopted pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.                                                                                               
|     | 
|31.2 |  | Certification of the Chief Financial Officer of TECO Energy, Inc. pursuant to Securities Exchange Act Rules 13a-15(e) and 15d-15(e) as adopted pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002                                                                                                
|     | 
|32   |  | Certification by Chief Executive Officer and Chief Financial Officer of TECO Energy, Inc. of Periodic Financial Report Pursuant to 18 U.S.C. Section 1350.                                                                                                                                              
|     | 
|99.1 |  | 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 as Item 8 to TECO Energy,
Inc.s Annual Report on Form 10-K filed on March 15, 2004 (File No. 1-08180) and incorporated herein by reference.

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|(1) | 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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|(2) | 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.
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