NEXO INVESTIGATIONS

TAMPA, FLORIDA · CITIZEN JOURNALISM

EVIDENCECALCULATIONUNCERTAINTYACCOUNTABILITY

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ENERGY PLANNER / RSVP-1Low ↔ P1 · Medium ↔ P2 · High ↔ P3 · Critical ↔ P4
BILL FORENSICS

36/36
Low / Medium / High
0 fabricated

Bill Lab

TARIFF

Low / P1
Medium / P2
High / P3
Critical / P4

    05

    Underlying Energy+FuelStorm layer
    PSC-2025-0062-PCO-EI

    06

    TECO asks→OPC / intervenors challenge→Staff analyzes→FPSC decides→Customer pays resulting rates

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    → → →

    JUN 10 · 6:00 PM
    JUN 11 · 2:30 PM
    JUN 13 · 10:00 AM

    FEB 1, 2024
    21 DAYS
    FEB 22, 2024
    40 DAYS
    APR 2, 2024
    245 DAYS
    DEC 3, 2024
    62 DAYS
    FEB 3, 2025

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    FACT → SOURCE → CONTEXT → HUMAN CONSEQUENCE → POWER → PUBLIC AGENCY → COUNTERPOINT → UNKNOWN
    06A

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      HARD RULE:

      2024 PROJECTED SPP COSTS$212.590M
      2024 JURISDICTIONAL REVENUE REQUIREMENT$90.585M
      2024 RESIDENTIAL RS FACTOR0.658¢/kWh
      2025 TOTAL SPPCRC RECOVERY AMOUNT$117.624M
      2025 INITIAL ORDER-APPROVED RS FACTOR0.838¢/kWh

      BEFORE MAR 20250.000¢
      →
      MAR 2025 – JUL 20261.995¢/kWh
      →
      FROM AUG 1, 2026REMOVED
      Storm Surcharge ≠ Storm Protection Plan Recovery Charge ≠ Fuel ≠ CETM

      JAN–MAY 20253.083¢/kWh
      → June 2025 →
      JUN–DEC 20253.391¢/kWh

      LOW / P1−3.053¢
      MEDIUM / P2−1.608¢
      HIGH / P3+9.505¢
      CRITICAL / P4+49.054¢

      Standard Residential (RS)

      Energy Planner / RSVP-1

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      DO NOT INFER:

      • Revenue
      • Net income
      • Rate base
      • Authorized / Earned ROE
      • Capital investment
      • Executive compensation

      BILLS ↑≠ automaticallyPROFIT ↑ because of those bills

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        AUTHORIZED→PROJECT→BUDGET→ACTUAL→COMPLETED→OUTCOME

          07

          FLORIDA ELECTRIC UTILITY NET INCOME$627M → $641M → $845M2023 · 2024 · 2025
          CAPITAL EXPENDITURES$1.736B → $1.942B → $2.153B2023 · 2024 · 2025
          AUTHORIZED ROE MIDPOINT10.50%range 9.50%–11.50%

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          ISSUE 53 · COMPENSATION

          REQUESTED→CHALLENGED→RECOMMENDED→ALLOWED / DISALLOWED→CUSTOMER-RECOVERABLE?

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          REQUESTED ≠ AUTHORIZEDAUTHORIZED ≠ COLLECTEDCOLLECTED ≠ SPENTBUDGET ≠ ACTUALCOMPLETED ≠ EFFECTIVECORRELATION ≠ CAUSATION

          08

          AUTHORIZED→PROJECT→ACTUAL SPEND→COMPLETED→OUTCOME

          LOBBYING

          Tampa Electric Company≠TECO Energy≠Emera≠PAC / Committee≠Individual employee

          → → → → →

          09

          December 3, 2024

          Vote Sheet DN 10091-2024

          STIP · LTIP · SERP

          TECO requested→OPC objected→Staff recommended→Commission decided

          ≠≠≠

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          10

          FLORIDA LAW · EFFECTIVE JULY 1, 2026

          PUBLICATION STANDARD
          VERIFIED
          QUALIFIED
          NOT YET VERIFIED
          11

          DATA

          PRIMARY RECORD CHECK

          OPC / CONSUMER POSITION

          $7.170M LTIP

          STAFF RECOMMENDATION

          $107K SERP removed

          FINAL VOTE AUDIT

          Vote Sheet DN 10091-2024

          ACCOUNTABILITY

          NOT YET VERIFIED
          VERIFIED
          VERIFIED
          PUBLICATION-SAFE

          VERIFY

          —
          14
          VERIFIED / OPEN

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          ~2,000 mi²
          869,995
          1,362 + 9 mi
          6,053 + 6,805 mi
          218

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          2
          2026 · 131DLU projects · $124.2M projected
          2027 · 90DLU projects · $121.9M projected
          2028 · 50DLU projects · $125.1M projected

          JAN 15, 2025
          MAY 20–22, 2025
          ≤ 180 DAYS
          FIRST 3 YEARS

          STORM DAMAGE→UTILITY CASH / RESERVE→DEFERRED RECOVERY→PSC REVIEW→CUSTOMER SURCHARGE
          $129MIan restoration
          $121M
          ~$2MNicole
          ~$131M
          1.022¢

          ~$35MIdalia 2023
          ~$49MHelene 2024 deferred
          ~$340MMilton 2024 deferred
          ~$377M

          2023SPP 0.373¢+ Storm Surcharge 1.022¢ from Apr
          2024SPP 0.658¢+ Storm Surcharge 0.219¢
          JAN–FEB 2025SPP 0.722¢No Storm Surcharge
          FROM MAR 2025SPP 0.722¢+ Storm Surcharge 1.995¢

          04

          FEB 1, 2024
          21d
          FEB 22OPC intervention
          40d
          APR 2
          69d
          JUN 10
          176d
          DEC 3
          62d
          FEB 3, 2025
          05

          TECO requested→OPC objected→Staff recommended→FPSC decided

          06

          AUTHORIZED→PROGRAM / PROJECT→BUDGET→ACTUAL SPEND→COMPLETED→MEASURED OUTCOME