The table below provides a summary of Tampa Electric's revenue and expenses and energy sales by customer type.
Summary of Operating Results
(millions)
2011
% Change
2010
% Change
2009
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,020.6
(6.6)
$2,163.2
(1.4)
$2,194.8
Other operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
242.4
(16.3)
289.5
18.3
244.7
Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
106.8
(8.0)
116.1
(5.9)
123.4
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
222.1
2.9
215.9
7.7
200.4
Taxes, other than income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
143.6
(1.2)
145.3
0.3
144.9
Restructuring costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
--
--
--
--
18.4
Non-fuel operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
714.9
(6.8)
766.8
4.8
731.8
Fuel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Purchased power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
733.5
125.9
(4.4)
(29.9)
767.6
179.6
(16.9)
1.1
923.3
177.6
Total fuel expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
859.4
(9.3)
947.2
(14.0)
1,100.9
Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,574.3
(8.2)
1,714.0
(6.5)
1,832.7
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
446.3
(0.6)
449.2
24.1
362.1
AFUDC equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.0
(47.4)
1.9
(79.6)
9.3
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 202.7
(2.9)
$ 208.8
30.3
$ 160.2
Megawatt-Hour Sales (thousands)
Residential . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,718
(5.1)
9,185
6.0
8,667
Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,207
(0.2)
6,221
(0.8)
6,274
Industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,804
(10.2)
2,010
0.7
1,995
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,835
2.1
1,797
(2.3)
1,839
Total retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18,564
(3.4)
19,213
2.3
18,775
Sales for resale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
352
(31.8)
516
17.3
440
Total energy sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18,916
(4.1)
19,729
2.7
19,215
Retail customers-thousands (average) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
675.8
0.7
671.0
0.6
666.7
Retail net energy for load . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19,205
(5.7)
20,362
3.1
19,753
Operating Revenues
In 2011, retail megawatt hours (MWh), as measured on a billing cycle basis shown in the table above, decreased 3.4%.
Compared to the cold winter and hot summer in 2010, the mild winter and wet summer in 2011 resulted in pretax base revenue that
was $31 million lower than in 2010 (after revenues were reduced $24 million under the regulatory agreement described above),
despite a 0.7% increase in the average number of customers and improvements in the local economy. In 2011, total retail net
energy for load, which is a calendar measurement of retail energy sales rather than a billing cycle measurement, decreased 5.7%,
compared to the 2010 period. In 2011, total degree days in Tampa Electric's service area were 3% above normal, but 10% lower
than in 2010. Despite total above normal degree days, the weather patterns described in the Results section above reduced energy
sales.
For the past several years, weather normalized energy consumption per residential customer declined due to the combined
effects of voluntary conservation efforts, economic conditions, changes in lighting and appliance efficiency, which we believe have
contributed additionally to voluntary conservation.
Sales for resale, which are a decreasing portion of Tampa Electric's energy sales, declined 31.8% in 2011, primarily due to
changes in Tampa Electric's wholesale rates and reduced demand due to the mild weather.
In 2010, retail MWh, as measured on a billing cycle basis, increased 2.3% primarily due to favorable weather throughout the
year and 0.6% customer growth. In 2010, total retail net energy for load increased 3.1%. Off-system sales (sales for resale)
increased 17.3%, primarily due to increased demand throughout Florida in response to cold winter weather.
Electricity sales to the phosphate industry decreased 23.2% in 2011 after a 5.1% increase in 2010, driven by the return to
service of a phosphate customer's self-generating capacity following an outage in 2010. The increase in sales to phosphate
customers in 2010 was driven by higher operating rates at the customer's facilities in response to higher demand for their products
41