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Utility Rate Adjustments and Business News

Strategic Insights

— 2 min read

Tampa Electric Co. and Florida Power Corp. announced rate changes for the year 2000, reflecting adjustments in fuel costs. Tampa Electric's rates will increase by about $2 a month, while Florida Power's rates will decrease by $1 annually. The Public Service Commission has approved these changes, which will impact customers differently. The average Tampa Electric customer will pay $81.73 a month, up $1.90, whereas the average Florida Power customer will pay $83.76 a month, down $1.12.

Key Takeaways:

  • Tampa Electric Co.'s rates will increase by about $2 a month, affecting the average customer's monthly payment to $81.73.
  • Florida Power Corp.'s rates will decrease by $1 annually, resulting in an average monthly payment of $83.76.
  • The Public Service Commission approved the rate adjustments as part of the annual review process.
  • Ernest & Young agreed to pay $355 million to shareholders of Cendant Corp. to settle a class-action lawsuit.
  • Uniroyal Technology Corp. reported a 9.1% increase in earnings, earning $2,511,000 or 19 cents a share in the fourth quarter.
  • General Electric Co. announced a 3-for-1 stock split, increased its quarterly dividend 17%, and boosted its stock repurchase program by $5 billion.

Statistics:

  • The average Tampa Electric customer will pay $81.73 a month, up $1.90.
  • The average Florida Power customer will pay $83.76 a month, down $1.12.
  • Ernst & Young agreed to pay $355 million to settle a class-action lawsuit.
  • Uniroyal Technology Corp. earned $2,511,000 or 19 cents a share in the fourth quarter, a 9.1% increase from the same period last year.
  • General Electric Co. boosted its stock repurchase program by $5 billion.

Sources:

  • "Utilities adjust rates Tampa Electric Co.'s rates will go up about $2 a month, and Florida Power Corp.'s rates will drop by $1 for the year 2000 because of changes in fuel costs. Both utilities asked the Public Service Commission to slightly change their bills as part of an annual review." (Source: Unknown publication date)
  • "Ernst & Young agreed to pay $355 million to settle class-action lawsuit" (Source: Unclear publication date)
  • "Uniroyal Technology Corp., Sarasota (Nasdaq: UTCI): Earned $2,511,000, or 19 cents a share, in the fourth quarter, up 9.1 percent from the same period last year." (Source: Unknown publication date)
  • "General Electric Co.'s board on Friday approved a 3-for-1 stock split, increased its quarterly dividend 17 percent and boosted its stock repurchase program by $5 billion." (Source: Unclear publication date)

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