# EDGAR Filing Document

**Accession Number:** 0000096271
**File Stem:** 0001193125-25-270836
**Filing Date:** 2025-11
**Character Count:** 81642
**Document Hash:** 7156303998e854d10d7db0577910b7d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-270836.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001193125-25-270836

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TAMPA ELECTRIC CO
- **CENTRAL INDEX KEY:** 0000096271
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 590475140
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-05007
- **FILM NUMBER:** 251460282

**BUSINESS ADDRESS:**
- **STREET 1:** 702 N FRANKLIN ST
- **STREET 2:** TECO PLZA
- **CITY:** TAMPA
- **STATE:** FL
- **ZIP:** 33602
- **BUSINESS PHONE:** 8132284111

**MAIL ADDRESS:**
- **STREET 1:** TAMPA ELECTRIC CO
- **STREET 2:** TECO PLAZA 702 N FRANKLIN ST
- **CITY:** TAMPA
- **STATE:** FL
- **ZIP:** 33602

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

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**FORM** 10-Q

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☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended** September 30, 2025

**OR** 

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

**For the transition period from to** 

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| | | |
|:---|:---|:---|
| Commission<br>File No | Exact name of each registrant as specified in its charter, state of<br>incorporation, address of principal executive offices, telephone number | I.R.S. Employer<br>Identification Number |
| 1-5007 | TAMPA ELECTRIC COMPANY | 59-0475140 |
|  | (a Florida corporation)<br>Midtown East Tower<br>3600 Midtown Drive<br>Tampa, Florida 33607<br>(813) 228-1111 |  |

---

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

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| | | |
|:---|:---|:---|
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| None. |  |  |

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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. Yes ☒ NO ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ NO ☐

Indicate by check mark whether Tampa Electric Company is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

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If an emerging growth company, indicate by check mark whether Tampa Electric Company has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether Tampa Electric Company is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒

As of November 7, 2025, there were 10 shares of Tampa Electric Company's common stock issued and outstanding, all of which were held, beneficially and of record, by TECO Holdings, Inc.

Tampa Electric Company meets the conditions set forth in General Instruction (H)(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format specified in General Instruction H(2) of Form 10-Q.

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**<u>ACRONYMS</u>** 

Acronyms used in this and other filings with the U.S. Securities and Exchange Commission in 2025 and 2024 include the following:

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| | |
|:---|:---|
| **Term** | **Meaning** |
| AFUDC | allowance for funds used during construction |
| AFUDC-debt | debt component of allowance for funds used during construction |
| AFUDC-equity | equity component of allowance for funds used during construction |
| APBO | accumulated postretirement benefit obligation |
| ARO | asset retirement obligation |
| ASC | Accounting Standards Codification |
| ASU | Accounting Standards Update |
| CCRs | coal combustion residuals |
| CO2 | carbon dioxide |
| CODM | chief operating decision maker |
| Emera | Emera Inc., a geographically diverse energy and services company headquartered in Nova Scotia, Canada and the indirect parent company of Tampa Electric Company |
| EPA | U.S. Environmental Protection Agency |
| ERISA | Employee Retirement Income Security Act |
| EUSHI | Emera US Holdings Inc., a wholly owned subsidiary of Emera, which is the sole shareholder of TECO Holdings' common stock as of April 1, 2024, and the sole shareholder of TECO Energy's common stock prior to April 1, 2024 |
| FASB | Financial Accounting Standards Board |
| FDEP | Florida Department of Environmental Protection |
| FERC | Federal Energy Regulatory Commission |
| FPSC | Florida Public Service Commission |
| GHG | greenhouse gas |
| IRS | Internal Revenue Service |
| ITCs | investment tax credits |
| MD&A | the section of this report entitled Management's Discussion and Analysis of Financial Condition and Results of Operations |
| MGP | manufactured gas plant |
| MMBTU | one million British Thermal Units |
| MW | megawatt(s) |
| MWH | megawatt-hour(s) |
| NAV | net asset value |
| Note | Note to financial statements |
| NPNS | normal purchase normal sale |
| O&M expenses | operations and maintenance expenses |
| OCI | other comprehensive income |
| OBBBA | One Big Beautiful Bill Act  |
| OPEB | other postemployment benefits |
| Parent | the direct parent company of Tampa Electric Company, which is TECO Holdings, Inc. as of April 1, 2024, and TECO Energy, Inc., prior to April 1, 2024 |
| PBO | projected benefit obligation |
| PGS | Peoples Gas System, the former gas division of Tampa Electric Company |
| PGSI | Peoples Gas System, Inc.  |
| PPA | power purchase agreement |
| PRP | potentially responsible party |
| PTCs | production tax credits |
| ROE | return on common equity |
| Regulatory ROE | return on common equity as determined for regulatory purposes |
| S&P | Standard and Poor's |
| SEC | U.S. Securities and Exchange Commission |
| SERP | Supplemental Executive Retirement Plan |
| SPP | storm protection plan |
| TEC | Tampa Electric Company |
| TECO Energy | TECO Energy, Inc., the direct parent company of Tampa Electric Company prior to April 1, 2024 |
| TECO Holdings | TECO Holdings, Inc., the direct parent company of Tampa Electric Company as of April 1, 2024 |
| U.S. GAAP | generally accepted accounting principles in the United States |

---

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**<u>CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION</u>**

This Form 10-Q contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Forward-looking statements generally can be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "will be," "will continue," "may," "could," "will likely result," and similar expressions. The factors that could cause actual results to differ materially from the forward-looking statements made by TEC include those factors discussed herein, including those factors discussed with respect to TEC in (1) TEC's 2024 Annual Report on Form 10-K in (a) Part I, Item 1A. Risk Factors, (b) Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and (c) Part II, Item 8. Financial Statements: Note 8, Commitments and Contingencies; (2) this Quarterly Report on Form 10-Q in (a) Part 1, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and (b) Part 1, Item 1. Financial Statements: Note 8, Commitments and Contingencies, and (3) other factors discussed in filings with the SEC by TEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this Report. TEC does not undertake any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this Form 10-Q.

All references to "dollars" and "$" in this and other filings with the U.S. Securities and Exchange Commission are references to U.S. dollars, unless specifically indicated otherwise.

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**<u>PART I. FINANCIAL INFORMATION</u>** 

**Item 1. FINANCIAL STATEMENTS**

**TAMPA ELECTRIC COMPANY** 

**Condensed Balance Sheets** 

**Unaudited** 

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| | | |
|:---|:---|:---|
| ***Assets*** | *September 30,* | *December 31,* |
| *<u>(millions)</u>* | *2025* | *2024* |
| **Property, plant and equipment** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility plant, at original costs | $15388 | $14433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (3569) | (3348) |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility plant, net | 11819 | 11085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other property | 19 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total property, plant and equipment, net | 11838 | 11103 |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 6 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables, less allowance for credit losses of $1 and $1 at September 30, 2025 and December 31, 2024, respectively | 341 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from affiliates | 12 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, at average cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel | 37 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies | 201 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets | 299 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayments and other current assets | 39 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 935 | 848 |
| **Other assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets | 992 | 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 113 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other assets | 1105 | 1156 |
| **Total assets** | $13878 | $13107 |

---

The accompanying notes are an integral part of the condensed financial statements.

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**TAMPA ELECTRIC COMPANY** 

**Condensed Balance Sheets - continued**

**Unaudited** 

---

| | | |
|:---|:---|:---|
| ***Liabilities and Capitalization*** | *September 30,* | *December 31,* |
| *<u>(millions)</u>* | *2025* | *2024* |
| **Capitalization** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | $5505 | $5105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 353 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital | 5857 | 5322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 4530 | 3935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capitalization | 10387 | 9257 |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable | 510 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 383 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | 23 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | 126 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory liabilities | 108 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | 48 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued taxes | 81 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 59 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1338 | 1693 |
| **Long-term liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 972 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory liabilities | 728 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment tax credits | 236 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred credits and other liabilities | 217 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term liabilities | 2153 | 2157 |
| Commitments and Contingencies (see Note 8) |  |  |
| **Total liabilities and capitalization** | $13878 | $13107 |

---

The accompanying notes are an integral part of the condensed financial statements.

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**TAMPA ELECTRIC COMPANY** 

**Condensed Statements of Income and Comprehensive Income** 

**Unaudited**

---

| | | |
|:---|:---|:---|
|  | *Three months ended September 30,* | *Three months ended September 30,* |
| *<u>(millions)</u>* | *2025* | *2024* |
| **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric | $921 | $724 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel | 151 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased power | 53 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations and maintenance | 223 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 128 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes, other than income | 66 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 621 | 476 |
| **Income from operations** | 300 | 248 |
| **Other income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for equity funds used during construction | 7 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 7 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income | 14 | 13 |
| **Interest charges** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 59 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for borrowed funds used during construction | (2) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest charges | 57 | 49 |
| **Income before provision for income taxes** | 257 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 37 | 27 |
| **Net income** | $220 | $185 |
| **Comprehensive income** | $220 | $185 |

---

The accompanying notes are an integral part of the condensed financial statements.

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**TAMPA ELECTRIC COMPANY** 

**Condensed Statements of Income and Comprehensive Income** 

**Unaudited**

---

| | | |
|:---|:---|:---|
|  | *Nine months ended September 30,* | *Nine months ended September 30,* |
| *<u>(millions)</u>* | *2025* | *2024* |
| **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric | $2409 | $1944 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel | 394 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased power | 159 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations and maintenance | 571 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 374 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes, other than income | 187 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1685 | 1395 |
| **Income from operations** | 724 | 549 |
| **Other income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for equity funds used during construction | 28 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 19 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income | 47 | 33 |
| **Interest charges** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 171 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for borrowed funds used during construction | (10) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest charges | 161 | 145 |
| **Income before provision for income taxes** | 610 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 88 | 53 |
| **Net income** | $522 | $384 |
| **Comprehensive income** | $522 | $384 |

---

The accompanying notes are an integral part of the condensed financial statements.

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**TAMPA ELECTRIC COMPANY** 

**Condensed Statements of Cash Flows** 

**Unaudited** 

---

| | | |
|:---|:---|:---|
|  | *Nine months ended September 30,* | *Nine months ended September 30,* |
| *<u>(millions)</u>* | *2025* | *2024* |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $522 | $384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 374 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes and investment tax credits | (19) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for equity funds used during construction | (28) | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred recovery clauses | (68) | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets and liabilities | 194 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and post-retirement asset and liabilities | (11) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (28) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in working capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables, less allowance for credit losses | (120) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (2) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes accrued | 69 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrued | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (259) | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (9) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flows from operating activities | 632 | 853 |
| **Cash flows used in investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (1130) | (989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from sale of assets | 19 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flows used in investing activities | (1111) | (986) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity contributions from Parent | 400 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from long-term debt issuance | 593 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of long-term debt | 0 | (300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in short-term debt (maturities of 90 days or less) | (126) | (321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends to Parent | (386) | (284) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 0 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flows from financing activities | 481 | 143 |
| **Net increase in cash and cash equivalents** | 2 | 10 |
| **Cash and cash equivalents at beginning of period** | 4 | 5 |
| **Cash and cash equivalents at end of period** | $6 | $15 |
| **Supplemental disclosure of non-cash activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in accrued capital expenditures | $(24) | $3 |

---

The accompanying notes are an integral part of the condensed financial statements.

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**TAMPA ELECTRIC COMPANY** 

**Condensed Statements of Capitalization**

**Unaudited** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Accumulated |  |
|  |  |  |  | Other |  |
|  |  | Common | Retained | Comprehensive | Total |
| *<u>(millions, except share amounts)</u>* | Shares | Stock | Earnings | Loss | Capital |
| ***<u>Three months ended September 30, 2025</u>*** |  |  |  |  |  |
| Balance, June 30, 2025 | 10 | $5380 | $322 | $(1) | $5701 |
| Net income |  |  | 220 |  | 220 |
| Equity contributions from Parent |  | 125 |  |  | 125 |
| Dividends to Parent |  |  | (188) |  | (188) |
| Other |  |  | (1) |  | (1) |
| Balance, September 30, 2025 | 10 | $5505 | $353 | $(1) | $5857 |
| ***<u>Three months ended September 30, 2024</u>*** |  |  |  |  |  |
| Balance, June 30, 2024 | 10 | $4925 | $270 | $(1) | $5194 |
| Net income |  |  | 185 |  | 185 |
| Equity contributions from Parent |  | 135 |  |  | 135 |
| Dividends to Parent |  |  | (136) |  | (136) |
| Balance, September 30, 2024 | 10 | $5060 | $319 | $(1) | $5378 |
| ***<u>Nine months ended September 30, 2025</u>*** |  |  |  |  |  |
| Balance, December 31, 2024 | 10 | $5105 | $218 | $(1) | $5322 |
| Net income |  |  | 522 |  | 522 |
| Equity contributions from Parent |  | 400 |  |  | 400 |
| Dividends to Parent |  |  | (386) |  | (386) |
| Other |  |  | (1) |  | (1) |
| Balance, September 30, 2025 | 10 | $5505 | $353 | $(1) | $5857 |
| ***<u>Nine months ended September 30, 2024</u>*** |  |  |  |  |  |
| Balance, December 31, 2023 | 10 | 4505 | $219 | $(1) | $4723 |
| Net income |  |  | 384 |  | 384 |
| Equity contributions from Parent |  | 555 |  |  | 555 |
| Dividends to Parent |  |  | (284) |  | (284) |
| Balance, September 30, 2024 | 10 | $5060 | $319 | $(1) | $5378 |

---

The accompanying notes are an integral part of the condensed financial statements.

------

**TAMPA ELECTRIC COMPANY** 

**NOTES TO CONDENSED FINANCIAL STATEMENTS** 

**UNAUDITED** 

**1. Summary of Significant Accounting Policies** 

See TEC's Annual Report on Form 10-K for the year ended December 31, 2024 for a complete discussion of accounting policies. The significant accounting policies for TEC include the following:

**Principles of Consolidation and Basis of Presentation** 

TEC is comprised of the electric division, referred to as Tampa Electric, which is engaged in the generation, purchase, transmission, distribution and sale of electric energy in West Central Florida. Prior to April 1, 2024, TEC was a wholly owned subsidiary of TECO Energy, which is an indirect, wholly owned subsidiary of Emera. On April 1, 2024, TECO Energy distributed its investment in TEC to TECO Holdings, Inc. in a transaction structured as a tax-free reorganization. This new corporation is also an indirect, wholly owned subsidiary of Emera.

In the opinion of management, the unaudited condensed financial statements include all adjustments that are of a recurring nature and necessary to state fairly the financial position of TEC as of September 30, 2025 and December 31, 2024, and the results of operations and cash flows for the periods ended September 30, 2025 and 2024. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that can be expected for the entire fiscal year ending December 31, 2025.

The use of estimates is inherent in the preparation of financial statements in accordance with U.S. GAAP. Actual results could differ from these estimates. The year-end Condensed Balance Sheet was derived from audited financial statements; however, this quarterly report on Form 10-Q does not include all year-end disclosures required for an annual report on Form 10-K by U.S. GAAP.

**Receivables and Allowance for Credit Losses** 

Receivables on the Condensed Balance Sheets include receivables from contracts with customers, which consist of services to residential, commercial, industrial and other customers, totaling $341 million and $219 million as of September 30, 2025 and December 31, 2024, respectively. An allowance for credit losses is established based on TEC's collection experience and reasonable and supportable forecasts that affect the collectibility of the reported amount. Circumstances that could affect TEC's estimates of credit losses include, but are not limited to, customer credit issues, generating fuel prices, customer deposits and general economic conditions. Accounts are reserved in the allowance or written off once they are deemed to be uncollectible.

As of September 30, 2025 and December 31, 2024, unbilled revenues of $99 million and $68 million, respectively, are included in the "Receivables" line item on the Condensed Balance Sheets.

**Accounting for Franchise Fees and Gross Receipts** 

TEC is allowed to recover certain costs from customers on a dollar-for-dollar basis through rates approved by the FPSC. The amounts included in customers' bills for franchise fees and gross receipt taxes are included as revenues on the Condensed Statements of Income. Franchise fees and gross receipt taxes payable by TEC are included as an expense on the Condensed Statements of Income in "Taxes, other than income". These amounts totaled $43 million and $35 million for the three months ended September 30, 2025 and 2024, respectively, and totaled $109 million and $92 million for the nine months ended September 30, 2025 and 2024, respectively.

**2. New Accounting Pronouncements** 

*Income Tax Disclosures*

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. The standard enhances the transparency, decision usefulness and effectiveness of income tax disclosures by requiring consistent categories and greater disaggregation of information in the reconciliation of income taxes computed using the enacted statutory income tax rate to the actual income tax provision and effective income tax rate, as well as the disaggregation of income taxes paid (refunded) by jurisdiction. The standard also requires disclosure of income (loss) before provision for income taxes and income tax expense (benefit) in accordance with U.S. Securities and Exchange Commission (SEC) Regulation S-X 210.4-08(h), Rules of General Application – General Notes to Financial Statements: Income Tax Expense, and the removal of disclosures no longer considered cost beneficial or relevant. The guidance will be effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted. The standard will be applied on a prospective basis, with retrospective application permitted. TEC is currently evaluating the impact of adoption of the standard on its financial statement disclosures.

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*Disaggregation of Income Statement Expenses* 

In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting–Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses. The standard update improves the disclosures about a public business entity's expenses by requiring more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation and amortization) included within income statement expense captions. The guidance will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The standard updates are to be applied prospectively with the option for retrospective application. TEC is currently evaluating the impact of adoption of the standard update on its financial statement disclosures.

*Targeted Improvements to the Accounting for Internal-Use Software*

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The standard update modernizes accounting for internal-use software by eliminating references to project stages and clarifying the threshold to begin capitalizing costs. The standard update also specifies that the disclosure requirements under ASC 360, Property, Plant and Equipment*,* apply to capitalized software costs accounted under ASC 350-40. The guidance will be effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The standard updates are to be applied using either a prospective, retrospective, or modified transition approach. TEC is currently evaluating the impact of adoption of the standard update on its financial statements.

**3. Regulatory** 

**Tampa Electric Base Rates**

On April 2, 2024, Tampa Electric requested a base rate increase, reflecting an increased revenue requirement of $297 million, effective January 1, 2025, and additional adjustments of $100 million and $72 million for 2026 and 2027, respectively. Prior to the rate case hearing, Tampa Electric submitted revisions to its requested base rate increase to reflect items that included production tax credits, energy storage life expectancy, and the company's grid reliability and resilience project. On December 3, 2024, the FPSC rendered a decision during a Special Agenda and the final order, reflecting such decision, was issued on February 3, 2025. The FPSC decision includes an increase of $185 million in 2025 and adjustments of $87 million and $9 million in 2026 and 2027, respectively. The decision also allowed for equity in the capital structure to continue to be 54% from investor sources of capital. The allowed regulatory ROE range is 9.50% to 11.50% with a 10.50% midpoint, effective January 1, 2025. On February 18, 2025, a motion for reconsideration on certain aspects of the rate case order was filed by an intervening party with the FPSC. On May 6, 2025, the FPSC denied the motion for reconsideration, except with respect to immaterial calculation corrections, and a final order was issued on June 11, 2025. On March 3, 2025, two intervening parties each filed a notice of appeal to the Florida Supreme Court regarding the outcome of Tampa Electric's 2024 base rate proceeding. To date, the intervening parties have not filed their briefs related to the appeal.

On September 4, 2025, TEC petitioned the FPSC to increase base revenue by $88 million to reflect the 2026 adjustment in accordance with the 2024 rate case decision. On November 4, 2025, the FPSC approved the adjustment, with new rates becoming effective January 1, 2026.

**Tampa Electric Storm Restoration Cost Recovery**

In accordance with Tampa Electric's 2021 rate case settlement agreement and continued with Tampa Electric's 2024 rate case order, in the event of a named storm that results in damage to its system, Tampa Electric can petition the FPSC to seek recovery of those costs over a 12-month period or longer as determined by the FPSC, as well as replenish its storm reserve regulatory liability of $56 million. Based on an FPSC order, if the charges to the storm reserve exceed the reserve liability account balance, the excess is to be carried as a regulatory asset. At September 30, 2025 and December 31, 2024, the balance in the regulatory asset for storm restoration costs was $187 million and $377 million, respectively.

Hurricane Helene made landfall on September 26, 2024. Tampa Electric was impacted by Hurricane Helene, resulting in a peak number of customers out of approximately 100,000. As of September 30, 2025, TEC deferred $48 million related to Hurricane Helene to the storm reserve for future recovery, with a minimal impact to earnings.

Hurricane Milton, the worst weather event to impact the area in over 100 years, made landfall on October 9, 2024. Tampa Electric was impacted by Hurricane Milton, resulting in a peak number of customers out of approximately 600,000. As of September 30, 2025, TEC deferred $340 million related to Hurricane Milton to the storm reserve for future recovery, with a minimal impact to earnings.

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Restoration costs for the storms described above are deferred and will be collected from customers in subsequent periods. On February 4, 2025, the FPSC approved Tampa Electric's petition filed on December 27, 2024 for the recovery, over an 18-month period beginning in March 2025, of $466 million to replenish the storm reserve for costs associated with Hurricane Idalia, Hurricane Debby, Hurricane Helene and Hurricane Milton and the associated interest, of which $191 million has been collected as of September 30, 2025. The amount of cost-recovery is subject to a true-up mechanism with the FPSC.

**Regulatory Assets and Liabilities** 

Details of the regulatory assets and liabilities are presented in the following table:

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| | | |
|:---|:---|:---|
| **<u>Regulatory Assets and Liabilities</u>** |  |  |
| *<u>(millions)</u>* | *September 30, 2025* | *December 31, 2024* |
| **Regulatory assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory tax asset <sup>(1)</sup> | $130 | $117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost-recovery clauses <sup>(2)</sup> | 41 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital cost recovery for early retired assets <sup>(3)</sup> | 526 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital cost recovery for retired Polk Unit 1 components <sup>(4)</sup> | 133 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefits <sup>(5)</sup> | 239 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Storm reserve <sup>(6)</sup> | 187 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 35 | 29 |
| Total regulatory assets | 1291 | 1441 |
| Less: Current portion | 299 | 343 |
| Long-term regulatory assets | $992 | $1098 |
| **Regulatory liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory tax liability <sup>(7)</sup> | $436 | $456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost-recovery clauses - deferred balances <sup>(2)</sup> | 32 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated reserve - cost of removal <sup>(8)</sup> | 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred production tax credits <sup>(9)</sup> | 43 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 25 | 7 |
| Total regulatory liabilities | 836 | 904 |
| Less: Current portion | 108 | 146 |
| Long-term regulatory liabilities | $728 | $758 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The regulatory tax asset is primarily associated with the depreciation and recovery of AFUDC-equity. This asset does not earn a return but rather is included in the capital structure, which is used in the calculation of the weighted cost of capital used to determine revenue requirements. It will be recovered over the expected regulatory life of the related assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)These assets and liabilities are related to FPSC clauses and riders. They are recovered or refunded through cost-recovery mechanisms approved by the FPSC on a dollar-for-dollar basis in a subsequent period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)This regulatory asset is related to the remaining net book value of Big Bend Units 1 through 3 and smart meter assets that were retired. The balance earns a rate of return as permitted by the FPSC and will be recovered as a separate line item on customer bills for a period of 15 years, beginning in 2022 through 2036.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)This regulatory asset is related to the remaining net book value of certain components of Polk Unit 1 that were early retired on December 31, 2024. The balance earns a rate of return as permitted by the FPSC and will be recovered through base rates over an 11-year recovery period beginning on January 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)This asset is related to the deferred costs of postretirement benefits and it is amortized over the remaining service life of plan participants. Deferred costs of postretirement benefits that are included in expense are recognized as cost of service for rate-making purposes as permitted by the FPSC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)See "Tampa Electric Storm Restoration Cost Recovery" above for information regarding this reserve. The regulatory asset is included in rate base and earns a rate of return as permitted by the FPSC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)The regulatory tax liability is primarily related to the revaluation of TEC's deferred income tax balances recorded on December 31, 2017 at the lower corporate income tax rate due to U.S. tax reform. The liability related to the revaluation of the deferred income tax balances is amortized and returned to customers through rate reductions or other revenue offsets based on IRS regulations and the settlement agreement for tax reform benefits approved by the FPSC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)This item represents the non-ARO cost of removal in the accumulated reserve for depreciation. AROs are costs for legally required removal of property, plant and equipment. Non-ARO cost of removal represents estimated funds received from

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customers through depreciation rates to cover future non-legally required cost of removal of property, plant and equipment, net of salvage value upon retirement, which reduces rate base for ratemaking purposes. This liability is reduced as costs of removal are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)This regulatory liability represents the deferred benefit for PTCs available for qualifying solar facilities placed in service beginning January 1, 2022 through December 31, 2024, which reduced income tax expense and reduces rate base for ratemaking purposes. Following the recommendation of the FPSC, these PTC deferrals are being amortized over a three-year period starting in 2025.

**4. Income Taxes** 

**One Big Beautiful Bill Act**

On July 4, 2025, H.R. 1 – One Big Beautiful Bill Act (OBBBA) was signed into law. The OBBBA makes permanent many of the expired and expiring tax provisions originally enacted in the Tax Cuts and Jobs Act of 2017. It also includes significant changes in future years to the timing and availability of several clean energy tax credits previously enacted in the Inflation Reduction Act, including the investment tax credit and production tax credit. On August 15, 2025, the IRS released guidance on determining when wind and solar projects have begun construction for purposes of qualifying for these tax credits. TEC is currently evaluating the impact of the enacted changes but does not anticipate they will have a material impact on its financial statements.

**Income Tax Expense**

TEC is included in a consolidated U.S. federal income tax return with EUSHI and its subsidiaries. TEC's income tax expense is based upon a standalone return method, modified for the benefits-for-loss allocation in accordance with EUSHI's tax sharing agreement. To the extent that TEC's cash tax positions are settled differently than the amount reported as realized under the tax sharing agreement, the difference is accounted for as either a capital contribution or a distribution.

TEC's effective tax rates for the nine months ended September 30, 2025 and 2024 were 14.4% and 12.1%, respectively. The September 30, 2025 and 2024 effective tax rates are an estimate of the annual effective income tax rate. TEC's effective tax rate for the nine months ended September 30, 2025 and 2024 differed from the statutory rate principally due to the tax benefit from production tax credits and amortization of the regulatory tax liability resulting from tax reform. The effective tax rate for the nine months ended September 30, 2025 is higher compared to the same period in 2024 primarily due to an increase in pre-tax income, partially offset by higher benefit from production tax credits related to solar facilities. See **Note 3** for further information regarding the regulatory tax liability.

**5. Employee Postretirement Benefits** 

In 2024, TEC was a participant in the comprehensive retirement plans of TECO Energy, LLC (formerly known as TECO Energy, Inc. prior to April 1, 2024). Effective January 1, 2025, the comprehensive retirement plans were transferred to TECO Holdings, Inc. The following table presents detail related to TECO Holdings' periodic benefit cost for pension and other postretirement

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benefits. Amounts disclosed for TECO Holdings' pension benefits include the amounts related to its qualified pension plan and non-qualified, non-contributory SERP and Restoration Plan.

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>TECO Holdings Benefit Cost</u>** |  |  |  |  |
| *(millions)* | Pension Benefits | Pension Benefits | Other Postretirement Benefits | Other Postretirement Benefits |
| *<u>Three months ended September 30,</u>* | *2025* | *2024* | *2025* | *2024* |
| **Components of net periodic benefit cost** |  |  |  |  |
| Service cost | $4 | $4 | $1 | $1 |
| Interest cost | 9 | 9 | 2 | 2 |
| Expected return on assets | (13) | (14) | 0 | 0 |
| Amortization of actuarial loss (gain) | 2 | 2 | (1) | (1) |
| Net periodic benefit cost | $2 | $1 | $2 | $2 |
| *<u>Nine months ended September 30,</u>* |  |  |  |  |
| **Components of net periodic benefit cost** |  |  |  |  |
| Service cost | $13 | $13 | $1 | $1 |
| Interest cost | 27 | 26 | 5 | 5 |
| Expected return on assets | (40) | (41) | 0 | 0 |
| Amortization of actuarial loss (gain) | 6 | 5 | (1) | (2) |
| Net periodic benefit cost | $6 | $3 | $5 | $4 |

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TEC's portion of the net periodic benefit cost for the three months ended September 30, 2025 and 2024, respectively, was $0 million and $1 million for pension benefits, and $1 million and $1 million for other postretirement benefits. TEC's portion of the net periodic benefit cost for the nine months ended September 30, 2025 and 2024, respectively, was $2 million and $1 million for pension benefits, and $4 million and $3 million for other postretirement benefits. TEC's portion of net periodic benefit costs for pension and other benefits is included as an expense on the Condensed Statements of Income in "Operations & maintenance".

TECO Holdings assumed a long-term EROA of 7.05% and a discount rate of 5.66% for pension benefits under its qualified pension plan for 2025. For TECO Holdings' other postretirement benefits, TECO Holdings used a discount rate of 5.69% for 2025.

TECO Holdings made contributions of $18 million and $16 million to its qualified pension plan in the nine months ended September 30, 2025 and 2024, respectively. TEC's portion of these contributions was $11 million and $10 million during the nine months ended September 30, 2025 and 2024, respectively. TECO Holdings does not expect to make contributions to the pension plan for the remainder of 2025. See **Note 1** for further information regarding TECO Holdings.

Included in the benefit cost discussed above, for the three and nine months ended September 30, 2025, $1 million and $4 million, respectively, of unamortized prior service benefits and costs and actuarial gains and losses were reclassified by TEC from regulatory assets to the Condensed Statement of Income, compared with $0 million and $2 million for the three and nine months ended September 30, 2024, respectively.

**6. Short-Term Debt** 

Details of TEC's short-term borrowings are presented in the following table:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *September 30, 2025* | *September 30, 2025* | *September 30, 2025* | *September 30, 2025* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  |  | Borrowings | Borrowings | Letters |  | Borrowings | Borrowings | Letters |
|  | Credit | Outstanding - | Outstanding - | of Credit | Credit | Outstanding - | Outstanding - | of Credit |
| *<u>(millions)</u>* | Facilities | Credit Facilities <sup>(1)</sup> | Commercial Paper <sup>(1)</sup> | Outstanding | Facilities | Credit Facilities <sup>(1)</sup> | Commercial Paper <sup>(1)</sup> | Outstanding |
| Credit facility <sup>(2)</sup> | $800 | $0 | $510 | $1 | $800 | $0 | $636 | $1 |

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(1)Borrowings outstanding are reported as notes payable.

(2)This credit facility was planned to mature on December 17, 2026. On April 1, 2024, TEC amended the credit facility agreement to extend the maturity date to December 1, 2028. TEC also has an active commercial paper program for up to $800 million, of which the full amount outstanding is backed by TEC's credit facility. The amount of commercial paper issued results in an equal amount of its credit facility being considered drawn and unavailable.

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At September 30, 2025, these credit facilities required a commitment fee of 12.5 basis points. The weighted-average interest rate on borrowings outstanding under the credit facilities and commercial paper at September 30, 2025 and December 31, 2024 was 4.4% and 4.8%, respectively.

As of September 30, 2025 and December 31, 2024, the carrying value of TEC's short-term debt was not materially different from the fair value due to the short-term nature of the instruments and because the stated rates approximate market rates. The fair value of TEC's short-term debt is determined using Level 2 measurements.

**7. Long-Term Debt** 

*Fair Value of Long-Term Debt* 

At September 30, 2025, TEC's long-term debt, including the current portion, had a carrying amount of $4,530 million and an estimated fair market value of $4,162 million. At December 31, 2024, long-term debt had a carrying amount of $3,935 million and an estimated fair market value of $3,431 million. The fair value of the debt securities is determined using Level 2 measurements.

*TEC 5.15% Notes due 2035* 

On March 6, 2025, TEC completed a sale of $600 million aggregate principal amount of 5.15% Notes due March 1, 2035 (the 2035 Notes). Prior to December 1, 2034, in the case of the 2035 Notes, TEC may redeem all or any part of such series of Notes at its option at a redemption price equal to the greater of (i) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on a semi-annual basis at the Treasury Rate plus 15 basis points less interest accrued to the date of redemption or (ii) 100% of the principal amount of the notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date. On or after December 1, 2034, TEC may redeem the 2035 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to the redemption date. TEC used the net proceeds from this offering for the repayment of a portion of the borrowings outstanding under the 5-year credit facility as disclosed in **Note 6**.

**8. Commitments and Contingencies** 

**Legal Contingencies**

From time to time, TEC and its subsidiaries are involved in various legal, tax and regulatory proceedings before various courts, regulatory commissions and governmental agencies in the ordinary course of business. Where appropriate, accruals are made in accordance with accounting standards for contingencies to provide for matters that are probable of resulting in an estimable loss.

**Long-Term Commitments**

TEC has commitments for various purchases as disclosed below, including payment obligations under contractual agreements for fuel, fuel transportation and power purchases that are recovered from customers under regulatory clauses. The following is a schedule of future payments under net purchase obligations/commitments at September 30, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Fuel | Long-term |  | Purchased | Demand |  |
|  |  | Capital | and | Service |  | Power | Side |  |
| ***(millions)*** | Transportation | Projects <sup>(1)</sup> | Gas Supply | Agreements | Leases | Agreements | Management | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $35 | $146 | $67 | $4 | $1 | $15 | $1 | $269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026 | 148 | 53 | 266 | 18 | 3 | 12 | 1 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027 | 179 | 25 | 50 | 23 | 3 | 12 | 1 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028 | 140 | 2 | 1 | 20 | 3 | 13 | 0 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029 | 121 | 0 | 0 | 20 | 3 | 13 | 0 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thereafter | 1208 | 0 | 0 | 32 | 109 | 67 | 0 | 1416 |
| Total future minimum payments | $1831 | $226 | $384 | $117 | $122 | $132 | $3 | $2815 |

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(1) These estimates are subject to continuing review and adjustment and actual capital expenditures may vary significantly from these estimates.

**Debt Covenants** 

TEC must meet certain financial tests, including a debt to capital ratio, as defined in the applicable debt agreements and has certain restrictive covenants in specific agreements and debt instruments. At September 30, 2025, TEC was in compliance with all required covenants.

**9. Revenue** 

The following disaggregates TEC's revenue by major source:

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| | | |
|:---|:---|:---|
| *(millions)* |  |  |
| *<u>Three months ended September 30,</u>* | *2025* | *2024* |
| **Electric revenue** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $572 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | 234 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial | 51 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory deferrals | (26) | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other <sup>(1)</sup> | 89 | 76 |
| **Total revenue** | $921 | $724 |
| *<u>Nine months ended September 30,</u>* | *2025* | *2024* |
| **Electric revenue** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $1370 | $1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | 615 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial | 146 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory deferrals | (10) | (106) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue | 31 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other <sup>(1)</sup> | 257 | 216 |
| **Total revenue** | $2409 | $1944 |

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(1)Other electric revenue includes sales to public authorities, off-system sales to other utilities and various other items.

*Remaining Performance Obligations*

Remaining performance obligations primarily represent lighting contracts with fixed contract terms. As of September 30, 2025 and December 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $99 million. As allowed under ASC 606, Revenue from Contracts with Customers, these amounts exclude contracts with an original expected length of one year or less and variable amounts for which TEC recognizes revenue at the amount to which it has the right to invoice for services performed. TEC expects to recognize revenue for the remaining performance obligations through 2045.

**10. Segment Information** 

Segments are determined based on how TEC's chief operating decision maker (CODM) evaluates, measures and makes decisions with respect to the operations of the entity, resulting in segments based on products and services. TEC operates under a single operating and reportable segment because the operations of TEC only include the operations of the electric division. TEC is a public utility operating within the State of Florida and is engaged in the generation, purchase, transmission, distribution and sale of electric energy in West Central Florida.

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TEC's CODM is the Chief Executive Officer. The CODM uses several measures to allocate capital and resources for TEC, predominantly in the annual budget and forecasting processes. The CODM evaluates performance by considering budget-to-actual variances for these measures monthly. The measure used by the CODM that is the most consistent with US GAAP measurement principles is net income.

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| | | |
|:---|:---|:---|
| *(millions)* |  |  |
| *<u>Three months ended September 30,</u>* | *2025* | *2024* |
| Revenues | $921 | $724 |
| Less: |  |  |
| Fuel | 151 | 139 |
| Purchased power | 53 | 25 |
| Operations & maintenance, excluding FPSC-approved regulatory deferrals | 101 | 87 |
| Operations & maintenance related to FPSC-approved regulatory deferrals | 122 | 51 |
| Depreciation and amortization | 128 | 115 |
| Interest charges | 57 | 49 |
| Other segment items <sup>(1)</sup> | 52 | 46 |
| Provision for income taxes | 37 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $220 | $185 |
| Capital expenditures | $362 | $382 |
| *<u>Nine months ended September 30,</u>* |  |  |
| Revenues | $2409 | $1944 |
| Less: |  |  |
| Fuel | 394 | 403 |
| Purchased power | 159 | 68 |
| Operations & maintenance, excluding FPSC-approved regulatory deferrals | 298 | 278 |
| Operations & maintenance related to FPSC-approved regulatory deferrals | 273 | 136 |
| Depreciation and amortization | 374 | 340 |
| Interest charges | 161 | 145 |
| Other segment items <sup>(1)</sup> | 140 | 137 |
| Provision for income taxes | 88 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $522 | $384 |
| Capital expenditures | $1130 | $989 |
| Total assets at September 30, 2025 | $13878 |  |
| Total assets at December 31, 2024 | $13107 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Other segment items include taxes other than income, partially offset by AFUDC and other income, net.

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**Item 2. <u>MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION & RESULTS OF OPERATIONS</u>** 

**Operating Company Results** 

Amounts included below are pre-tax, except net income and income taxes.

Tampa Electric's net income for the third quarter of 2025 was $220 million, compared with $185 million for the same period in 2024. Results primarily reflected higher base revenue resulting from the 2024 rate case. Base revenues are energy sales excluding revenues from clauses, gross receipts taxes and franchise fees. Clauses, gross receipts taxes and franchise fees do not have a material effect on net income as these revenues substantially represent a dollar-for-dollar recovery of clause and other pass-through costs.

Revenues for the third quarter of 2025 were $197 million higher than in the same period in 2024, driven by higher base revenue due to new base rates as a result of the 2024 rate case, storm surcharge revenue, increased regulatory deferral revenue, and customer growth. Total degree days (a measure of heating and cooling demand) in Tampa Electric's service area in the third quarter of 2025 were 5% above normal (a 20-year statistical degree day average) and consistent with same period in 2024.

O&M expense for the third quarter of 2025 was $85 million higher than in 2024 due to increased storm cost recognition of $84 million related to storm surcharge revenue (offset in revenue) and increased operational expenses of $14 million, partially offset by decreased regulatory deferrals of $13 million. The increase in operating expenses was primarily due to higher costs for employee benefits, operations related to solar investments, and software maintenance. The decrease in regulatory deferrals is primarily due to the 2024 deferral of the benefit from production tax credits. During 2022 through 2024, TEC recorded a regulatory liability of $57 million to defer the benefit of PTCs. Starting in 2025, the deferred PTC benefit is being amortized over a three-year period (see **Note 3** to the **TEC Condensed Financial Statements** for further information). O&M related to regulatory deferrals decreased by $16 million in 2025 due to the absence of the $11 million deferral of benefits from PTCs in the third quarter of 2024 and the $5 million amortization of the regulatory liability in the third quarter of 2025. Depreciation and amortization expense increased $13 million for the third quarter of 2025 compared to 2024 as a result of additions to facilities and the in-service of capital projects.

Tampa Electric's net income year-to-date 2025 was $522 million, compared with $384 million for the same period in 2024. Results primarily reflected higher base revenues resulting from the 2024 rate case.

Revenues were $465 million higher than year-to-date 2024 primarily driven by higher base revenue due to new base rates as a result of the 2024 rate case, storm surcharge revenue, increased regulatory deferral revenue, favorable weather compared to the same period in 2024, and customer growth. Total degree days (a measure of heating and cooling demand) in Tampa Electric's service area year-to-date 2025 were 8% above normal (a 20-year statistical degree day average) and 4% above the 2024 period, reflecting favorable weather year-to-date in 2025 compared to 2024. Results also reflect a 1% increase in the number of customers year-to-date in 2025 compared to the same period in 2024.

O&M expense was $157 million higher than year-to-date 2024 due to storm cost recognition of $168 million related to storm surcharge revenue (offset in revenue) and increased operational expenses of $24 million, partially offset by decreased regulatory deferrals of $35 million. The increase in operating expenses was primarily due to higher costs for employee benefits, operations related to solar investments, and software maintenance, partially offset by timing of generation outages. The decrease in regulatory deferrals is primarily due to the deferred benefit from production tax credits. During 2022 through 2024, TEC recorded a regulatory liability of $57 million to defer the benefit of PTCs. Starting in 2025, the deferred PTC benefit is being amortized over a three-year period (see **Note 3** to the **TEC Condensed Financial Statements** for further information). O&M related to regulatory deferrals decreased by $43 million in 2025 due to the absence of the $29 million deferral of benefits from PTCs in year-to-date 2024 and the $14 million amortization of the regulatory liability in year-to-date 2025. Depreciation and amortization expense increased $34 million year-to-date 2025 compared to the same period in 2024 primarily due to additions to facilities and the in-service of capital projects.

TEC's regulated operating statistics for the three and nine months ended September 30, 2025 and 2024 were as follows:

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(millions, except total degree days)* | *Operating Revenues* | *Operating Revenues* | *Operating Revenues* | *Kilowatt-Hours Billed* | *Kilowatt-Hours Billed* | *Kilowatt-Hours Billed* |
| ***Three months ended September 30,*** | *2025* | *2024* | *% Change* | *2025* | *2024* | *% Change* |
| **By Customer Type** |  |  |  |  |  |  |
| Residential <sup>(1)</sup> | $572 | $471 | 21 | 3249 | 3321 | (2) |
| Commercial <sup>(1)</sup> | 234 | 190 | 23 | 1872 | 1905 | (2) |
| Industrial <sup>(1)</sup> | 51 | 42 | 21 | 544 | 541 | 1 |
| Other <sup>(1)</sup> | 69 | 57 | 21 | 546 | 555 | (2) |
| Regulatory deferrals and unbilled revenue <sup>(2)</sup> | (25) | (55) | 55 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total retail sales of electricity | 901 | 705 | 28 | 6211 | 6322 | (2) |
| Off system sales of electricity | 1 | 4 | (75) | 59 | 115 | (49) |
| Other operating revenue | 19 | 15 | 27 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | $921 | $724 | 27 | 6270 | 6437 | (3) |
| **By Sales Type** |  |  |  |  |  |  |
| Base | $496 | $442 | 12 |  |  |  |
| Clause | 248 | 198 | 25 |  |  |  |
| Capital cost recovery for early retired assets | 21 | 21 | 0 |  |  |  |
| Storm surcharge | 94 | 9 | 944 |  |  |  |
| Gross receipts taxes and franchise fees | 43 | 35 | 23 |  |  |  |
| Other | 19 | 19 | 0 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | $921 | $724 | 27 |  |  |  |
| Retail net energy for load (kilowatt hours) | 6549 | 6658 | (2) |  |  |  |
| Total degree days | 1806 | 1800 | 0 |  |  |  |
| *(millions, except customers and total degree days)* | *Operating Revenues* | *Operating Revenues* | *Operating Revenues* | *Kilowatt-Hours Billed* | *Kilowatt-Hours Billed* | *Kilowatt-Hours Billed* |
| ***Nine months ended September 30,*** | *2025* | *2024* | *% Change* | *2025* | *2024* | *% Change* |
| **By Customer Type** |  |  |  |  |  |  |
| Residential <sup>(1)</sup> | $1370 | $1160 | 18 | 7967 | 7879 | 1 |
| Commercial <sup>(1)</sup> | 615 | 522 | 18 | 4931 | 4916 | 0 |
| Industrial <sup>(1)</sup> | 146 | 124 | 18 | 1597 | 1525 | 5 |
| Other <sup>(1)</sup> | 188 | 162 | 16 | 1483 | 1453 | 2 |
| Regulatory deferrals and unbilled revenue <sup>(2)</sup> | 21 | (78) | 127 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total retail sales of electricity | 2340 | 1890 | 24 | 15978 | 15773 | 1 |
| Off system sales of electricity | 15 | 11 | 36 | 328 | 307 | 7 |
| Other operating revenue | 54 | 43 | 26 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | $2409 | $1944 | 24 | 16306 | 16080 | 1 |
| **By Sales Type** |  |  |  |  |  |  |
| Base | $1320 | $1157 | 14 |  |  |  |
| Clause | 668 | 566 | 18 |  |  |  |
| Capital cost recovery for early retired assets | 53 | 53 | 0 |  |  |  |
| Storm surcharge | 191 | 22 | 768 |  |  |  |
| Gross receipts taxes and franchise fees | 109 | 92 | 18 |  |  |  |
| Other | 68 | 54 | 26 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | $2409 | $1944 | 24 |  |  |  |
| Customers at September 30, (thousands) | 864 | 854 | 1 |  |  |  |
| Retail net energy for load (kilowatt-hours) | 17052 | 17001 | 0 |  |  |  |
| Total degree days | 3868 | 3720 | 4 |  |  |  |

---

(1)Reflects a billing cycle measurement.

(2)Primarily reflects unbilled revenue, which incorporates a calendar measurement, and postings for clause recovery deferrals.

------

**Other Income**

For the third quarter of 2025 and 2024, respectively, TEC's other income was $14 million and $13 million, which included AFUDC-equity of $7 million and $9 million and other income of $7 million and $4 million. For the year-to-date periods in 2025 and 2024, respectively, TEC's other income was $47 million and $33 million, which included AFUDC-equity of $28 million and $20 million and other income of $19 million and $13 million. The decrease in AFUDC-equity in the third quarter of 2025 compared to the third quarter of 2024 is due to the timing of the in-service of resiliency projects. The increase in AFUDC-equity in year-to-date 2025 compared to year-to-date 2024 is primarily due to the timing of solar, resiliency and other projects and an increase in the applicable AFUDC rate. On April 24, 2025, the FPSC approved to change the rate used to account for AFUDC from 6.07% to 6.65% effective January 1, 2025.

**Interest Expense**

For the third quarter of 2025 and 2024, TEC's interest expense, excluding AFUDC-debt, was $59 million and $52 million, respectively. For the year-to-date periods in 2025 and 2024, TEC's interest expense, excluding AFUDC-debt, was $171 million and $152 million, respectively. The increase is due to higher borrowings, primarily resulting from storm costs incurred in 2024 and support of TEC's capital program.

**Income Taxes**

The provisions for income taxes were $37 million and $27 million for the three months ended September 30, 2025 and 2024, respectively, and $88 million and $53 million for the nine months ended September 30, 2025 and 2024, respectively. Compared to the 2024 periods, the increase in the provision for income taxes for the three and nine months ended September 30, 2025 was primarily due to higher pre-tax income, partly offset by higher benefit from production tax credits related to solar facilities and increased amortization of the deferred investment tax credit related to battery storage facilities.

**Liquidity and Capital Resources** 

The table below sets forth the September 30, 2025 liquidity, cash balances and amounts available under the TEC credit facilities.

---

| | |
|:---|:---|
| *(millions)* |  |
| Credit facilities/ commercial paper | $800 |
| Drawn amounts/letters of credit | (511) |
| Available credit facilities | 289 |
| Cash | 6 |
| Total liquidity | $295 |

---

**Cash Impacts Related to Operating Activities** 

Cash flows from operating activities in the nine months ended September 30, 2025 were $632 million, a decrease of $221 million compared to the same period in 2024. Decreases to cash from operations were primarily due to higher fuel costs driving under-recoveries and changes in accounts receivable balances resulting from increased base rates reflected in customer bills.

**Cash Impacts Related to Financing Activities**

Cash flows from financing activities for the nine months ended September 30, 2025 resulted in net cash inflows of $481 million. TEC received $400 million of equity contributions from Parent and $593 million of net proceeds from a long-term debt issuance, partially offset by $126 million of net payments in short-term debt with maturities with 90 days or less and $386 million of dividends to Parent.

**Covenants in Financing Agreements** 

In order to utilize its bank credit facilities, TEC must meet certain financial tests as defined in the applicable agreements. In addition, TEC has certain restrictive covenants in specific agreements and debt instruments. At September 30, 2025, TEC was in compliance with all applicable financial covenants. The following table contains the significant financial covenant and the performance relative to it at September 30, 2025.

**Significant Financial Covenants**

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Calculation at |
| Instrument <sup>(1)</sup> | Financial Covenant <sup>(2)</sup> | Requirement/Restriction | September 30, 2025 |
| Credit facility - $800 million | Debt/capital | Cannot exceed 65% | 46.2% |

---

------

(1)See **Note 6** to the **TEC Condensed Financial Statements** for details of the credit facility.

(2)As defined in the instrument.

**Credit Ratings of Senior Unsecured Debt at September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | S&P | Moody's | Fitch |
| Credit ratings of senior unsecured debt | BBB+ | A3 | A |
| Credit ratings outlook | Stable | Negative | Stable |

---

Certain of TEC's derivative instruments contain provisions that require TEC's debt to maintain investment-grade credit ratings.

**Commitments and Contingencies**

See **Note 8** to the **TEC Condensed Financial Statements** for information regarding TEC's commitments and contingencies as of September 30, 2025.

**Regulatory Matters**

See **Note 3** to the **TEC Condensed Financial Statements** for information regarding TEC's regulatory matters, including TEC's request for a base rate increase and TEC's storm restoration cost recovery.

**Fair Value Measurements** 

TEC considered the impact of nonperformance risk in determining the fair value of derivatives. TEC considered the net position with each counterparty, past performance and the intent of the parties, indications of credit deterioration and whether the markets in which TEC transacts have experienced dislocation. At September 30, 2025, the fair value of derivatives was not materially affected by nonperformance risk.

**Critical Accounting Policies and Estimates** 

Critical accounting policies and estimates have not materially changed in 2025. For further discussion of critical accounting policies and estimates, see **TEC's Annual Report on Form 10-K** for the year ended December 31, 2024.

**Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK** 

Information required by Item 3 is omitted pursuant to General Instruction H(2) of Form 10-Q.

**Item 4. CONTROLS AND PROCEDURES** 

**(a)** **Evaluation of Disclosure Controls and Procedures**. TEC's management, with the participation of its principal executive officer and principal financial officer, has evaluated the effectiveness of TEC's disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2025. Based on such evaluation, TEC's principal financial officer and principal executive officer have concluded that, as of September 30, 2025, TEC's disclosure controls and procedures are effective.

**(b)** **Changes in Internal Controls**. There was no change in TEC's internal controls over financial reporting (as defined in Rules 13a–15(f) and 15d-15(f) under the Exchange Act) identified in connection with the evaluation of TEC's internal control over financial reporting that occurred during TEC's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, such controls.

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PART II. OTHER INFORMATION

**Item 1. LEGAL PROCEEDINGS**

From time to time, TEC is involved in various legal, tax and regulatory proceedings before various courts, regulatory commissions and governmental agencies in the ordinary course of business. Where appropriate, accruals are made in accordance with accounting standards for contingencies to provide for matters that are probable of resulting in an estimable loss. For a discussion of legal proceedings and environmental matters, see **Note 8** of the **TEC Condensed Financial Statements**.

**Item 6. EXHIBITS** 

---

| | |
|:---|:---|
| **Exhibit** |  |
| **No.** | **Description** |
| 3.1 | Restated Articles of Incorporation of Tampa Electric Company, as amended on November 30, 1982 (Exhibit 3 to Registration Statement No. 2-70653 of Tampa Electric Company). (P)<br> \* |
| 3.2 | [<u>Bylaws of Tampa Electric Company, as amended effective February 2, 2011 (Exhibit 3.4, Form 10-K for 2010 of Tampa Electric Company).</u>](https://www.sec.gov/Archives/edgar/data/96271/000119312511049482/dex34.htm)<br> \* |
| 31.1 | [<u>Certification of the Chief Executive Officer of Tampa Electric Company pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0000096271-ex31_1.htm) |
| 31.2 | [<u>Certification of the Chief Financial Officer of Tampa Electric Company pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0000096271-ex31_2.htm) |
| 32 | [<u>Certification of the Chief Executive Officer and Chief Financial Officer of Tampa Electric Company pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u> <sup>(1)</sup>](ck0000096271-ex32.htm) |
| 101.INS\*\* | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |
| 101.SCH\*\* | Inline XBRL Taxonomy Extension Schema Document with Embedded Linkbase Documents. |
| 101.CAL\*\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF\*\* | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB\*\* | Inline XBRL Taxonomy Label Linkbase Document. |
| 101.PRE\*\* | Inline XBRL Taxonomy Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).  |

---

(1)This certification accompanies the Quarterly Report on Form 10-Q and is not filed as part of it.

\* Indicates exhibit previously filed with the Securities and Exchange Commission and incorporated herein by reference. Exhibits filed with periodic reports of TECO Energy, Inc. and TEC were filed under Commission File Nos. 1-8180 and 1-5007, respectively.

\*\* The XBRL related information in Exhibit 101 to this quarterly report on Form 10-Q shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section and shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | TAMPA ELECTRIC COMPANY | TAMPA ELECTRIC COMPANY |
|  | (Registrant) | (Registrant) |
| Date: November 7, 2025 | By: | /s/ Gregory W. Blunden |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Gregory W. Blunden |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer and Chief Financial Officer  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (Principal Financial and Accounting Officer) |

---

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## Exhibit 31.1

Exhibit 31.1

**CERTIFICATIONS**

I, Archie Collins, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Tampa Electric Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | November 7, 2025 | /s/ ARCHIE COLLINS |
|  |  | ARCHIE COLLINS |
|  |  | President and Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

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## Exhibit 31.2

Exhibit 31.2

**CERTIFICATIONS**

I, Gregory W. Blunden, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Tampa Electric Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | November 7, 2025 | /s/ GREGORY W. BLUNDEN |
|  |  | GREGORY W. BLUNDEN |
|  |  | Treasurer and Chief Financial Officer  |
|  |  | (Principal Financial and Accounting Officer) |

---

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## Ex-32

Exhibit 32

**TAMPA ELECTRIC COMPANY**

**Certification of Periodic Financial Report**

**Pursuant to 18 U.S.C. Section 1350**

Each of the undersigned officers of Tampa Electric Company (the "Company") certifies, under the standards set forth in and solely for the purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his or her knowledge, the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in that Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date:  | November 7, 2025 | /s/ ARCHIE COLLINS |
|  |  | ARCHIE COLLINS |
|  |  | President and Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: | November 7, 2025 | /s/ GREGORY W. BLUNDEN |
|  |  | GREGORY W. BLUNDEN |
|  |  | Treasurer and Chief Financial Officer<br>(Principal Financial and Accounting Officer) |
|  |  | Treasurer and Chief Financial Officer<br>(Principal Financial and Accounting Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished to the Securities and Exchange Commission as an exhibit to the Form 10-Q and shall not be considered filed as part of the Form 10-Q.

------