TECO Energy not looking to divest coal unit

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.

 

 

About Wayne Barber 4201 Articles
Wayne Barber, Chief Analyst for the GenerationHub, has been covering power generation, energy and natural resources issues at national publications for more than 20 years. Prior to joining PennWell he was editor of Generation Markets Week at SNL Financial for nine years. He has also worked as a business journalist at both McGraw-Hill and Financial Times Energy. Wayne also worked as a newspaper reporter for several years. During his career has visited nuclear reactors and coal mines as well as coal and natural gas power plants. Wayne can be reached at wayneb@pennwell.com.