Related Party Transactions

9 Months Ended

Sep. 30, 2023

Related Party Transactions [Abstract]

Related Party Transactions

12. Related Party Transactions

A summary of activities between TEC and its affiliates follows:

Net transactions with affiliates

	Three months ended September 30,					Nine months ended September 30,
(millions)	2023		2022			2023		2022
Natural gas purchases (net of sales) from affiliates	$	21	$	71		$	57	$	185
Services to/(from) affiliates		8		(1	)		23		(4	)
Interest income from affiliates		10		0			28		0
Interest expense to affiliates		3		0			8		0
Equity contributions from TECO Energy		100		190			300		470
Dividends to TECO Energy		132		146			302		348

Amounts due from or to affiliates

(millions)	September 30, 2023		December 31, 2022
Note receivable from PGS (1)	$	889	$	0
Interest receivable from PGS (1)		4		0
Accounts receivable related to asset management agreements to Emera Energy Services Inc. (2)		4		7
Accounts receivable excluding asset management agreements (2)		11		5
Taxes receivable (3)		0		10
Accounts payable (2)		14		31
Note payable to TECO Energy (4)		195		195
Interest payable to TECO Energy (4)		1		0
Taxes payable (3)		4		0

(1)On January 1, 2023, TEC entered into a loan agreement with PGS for PGS’s allocation of outstanding unsecured notes issued by TEC and outstanding short-term borrowings associated with the separation of PGS from TEC on that date. As of September 30, 2023, the note receivable from PGS was a term loan in the principal amount of $670 million and a revolving loan in the principal amount of $226 million, offset by discounts and issuance costs of $7 million. The maturity date for both loans is December 29, 2023. The note receivable for the term loan bears interest at primarily the stated rate and the revolving loan rate is consistent with the market rate of TEC's commercial paper. See "Separation of PGS from TEC" in Note 1 for further information.

(2)Accounts receivable and accounts payable were incurred in the ordinary course of business and do not bear interest.

(3)Taxes receivable were due from EUSHI and taxes payable were due to EUSHI. See Note 4 for additional information.

The note payable with TECO Energy bears interest at a rate approximating the market rate of TEC's commercial paper.