TECO Energy (NYSE:TE) officials said Aug. 1 that they are not looking to divest their TECO Coal unit anytime soon.
During the company’s Aug. 1 quarterly earnings conference call, TECO executives told a financial analysts that the Tampa-based company is not looking to sell its coal producing subsidiary anytime soon.
“When somebody meets our value expectations, we’ll consider that,” TECO officials said. TECO officials said they have received expressions of interest about their coal subsidiary over the years – including times when the coal market was stronger than it is today.
TECO Coal has several coal mining operations in Central Appalachia. The coal producer ships coal via the Norfolk Southern and CSX rail lines. The company mines also ship coal to the piers of Norfolk and Newport News for export to Europe and the Pacific Rim, according to the company web site.
At the same time TECO said that its electric utilities business remains the company’s core focus. Tampa Electric filed its full base rate increase request with the Florida Public Service Commission in April.
TECO recently announced plans to acquire the New Mexico Gas Co. TECO reported second-quarter 2013 net income of $51.4m, or 24 cents per share, compared with $73.1m, or 34 cents per share, in 2Q12.
More financial details are available at: http://www.tecoenergy.com/news/article/index.cfm?article=729.