Tampa Electric Company, or TECO, announced earlier today that it's seeking approval from the Florida Public Service Commission to increase all residential electricity bills in the Tampa area by 10 percent, according to the Tampa Tribune.
If approved, the price increase won't go into effect until January 2014 and would mean an $11 increase to about $113 a month for the average electricity bill in Tampa, the Tribune reports.
TECO cites increased costs and slow growth as their reasoning behind the request, according to a news release from the company.
Tampa Electric Company says it last raised its rates back in 2008. The Tampa utility company's rates have actually dropped by more than $12 in the past four years, the Tribune reports.
TECO is expected to submit their proposal to the Florida Public Service Commission sometime in April. The commission is expected to make a decision by the end of the year, according to the Tribune.
We'll keep you posted as more news arises regarding TECO and electricity bill rates in the Tampa Bay area.
