Regulatory (Tables)

15 Months Ended

Jun. 30, 2012

Regulatory Assets and Liabilities

Details of the regulatory assets and liabilities as of June 30, 2012 and Dec. 31, 2011 are presented in the following table:

Regulatory Assets and Liabilities
(millions)	June 30, 2012		Dec. 31, 2011
Regulatory assets:
Regulatory tax asset (1)	$	62.5	$	63.6
Other:
Cost-recovery clauses		58.6		73.3
Postretirement benefit asset		245.2		252.4
Deferred bond refinancing costs (2)		9.1		11.1
Environmental remediation		37.7		30.5
Competitive rate adjustment		3.5		3.5
Other		17.7		17.4
Total other regulatory assets		371.8		388.2
Total regulatory assets		434.3		451.8
Less: Current portion		83.2		87.3
Long-term regulatory assets	$	351.1	$	364.5
Regulatory liabilities:
Regulatory tax liability (1)	$	15.3	$	16.0
Other:
Cost-recovery clauses		58.7		61.4
Environmental remediation		28.4		28.4
Transmission and delivery storm reserve		47.6		43.6
Deferred gain on property sales (3)		4.1		5.0
Provision for stipulation and other		1.0		0.8
Accumulated reserve - cost of removal		582.4		578.8
Total other regulatory liabilities		722.2		718.0
Total regulatory liabilities		737.5		734.0
Less: Current portion		83.4		86.2
Long-term regulatory liabilities	$	654.1	$	647.8

(1) Primarily related to plant life and derivative positions.

(2) Amortized over the term of the related debt instruments.

(3) Amortized over a 4- or 5-year period with various ending dates.

Regulatory Assets

The following table further details the regulatory assets and the related recovery periods:

Regulatory Assets
(millions)	June 30, 2012		Dec 31, 2011
Clause recoverable (1)	$	62.1	$	76.8
Components of rate base (2)		258.5		264.9
Regulatory tax assets (3)		62.5		63.6
Capital structure and other (3)		51.2		46.5
Total	$	434.3	$	451.8

(1) To be recovered through cost-recovery clauses approved by the FPSC on a dollar-for-dollar basis in the next year.

(2) Primarily reflects allowed working capital, which is included in rate base and earns a rate of return as permitted by the FPSC.

(3) “Regulatory tax assets” and “Capital structure and other” regulatory assets have a recoverable period longer than a fiscal year and are recognized over the period authorized by the regulatory agency. Also included are unamortized loan costs, which are amortized over the life of the related debt instruments. See footnotes 1 and 2 in the prior table for additional information.

Tampa Electric Co [Member]

Regulatory Assets and Liabilities

Details of the regulatory assets and liabilities as of June 30, 2012 and Dec. 31, 2011 are presented in the following table:

Regulatory Assets and Liabilities
(millions)	June 30, 2012		Dec. 31, 2011
Regulatory assets:
Regulatory tax asset (1)	$	62.5	$	63.6
Other:
Cost-recovery clauses		58.6		73.3
Postretirement benefit asset		245.2		252.4
Deferred bond refinancing costs (2)		9.1		11.1
Environmental remediation		37.7		30.5
Competitive rate adjustment		3.5		3.5
Other		17.7		17.4
Total other regulatory assets		371.8		388.2
Total regulatory assets		434.3		451.8
Less: Current portion		83.2		87.3
Long-term regulatory assets	$	351.1	$	364.5
Regulatory liabilities:
Regulatory tax liability (1)	$	15.3	$	16.0
Other:
Cost-recovery clauses		58.7		61.4
Environmental remediation		28.4		28.4
Transmission and delivery storm reserve		47.6		43.6
Deferred gain on property sales (3)		4.1		5.0
Provision for stipulation and other		1.0		0.8
Accumulated reserve - cost of removal		582.4		578.8
Total other regulatory liabilities		722.2		718.0
Total regulatory liabilities		737.5		734.0
Less: Current portion		83.4		86.2
Long-term regulatory liabilities	$	654.1	$	647.8

(1) Primarily related to plant life and derivative positions.

(2) Amortized over the term of the related debt instruments.

(3) Amortized over a 4- or 5-year period with various ending dates.

Regulatory Assets

The following table further details the regulatory assets and the related recovery periods:

Regulatory Assets
(millions)	June 30, 2012		Dec 31, 2011
Clause recoverable (1)	$	62.1	$	76.8
Components of rate base (2)		258.5		264.9
Regulatory tax assets (3)		62.5		63.6
Capital structure and other (3)		51.2		46.5
Total	$	434.3	$	451.8

(1) To be recovered through cost-recovery clauses approved by the FPSC on a dollar-for-dollar basis in the next year.

(2) Primarily reflects allowed working capital, which is included in rate base and earns a rate of return as permitted by the FPSC.

(3) “Regulatory tax assets” and “Capital structure and other” regulatory assets have a recoverable period longer than a fiscal year and are recognized over the period authorized by the regulatory agency. Also included are unamortized loan costs, which are amortized over the life of the related debt instruments. See footnotes 1 and 2 in the prior table for additional information.