HOUSTON, Mar. 13—Renewable energy, especially solar, is expected to grow dramatically in the next few years.
New York, March 12, 2001 — Moodyï¿½s Investors Service is extending its ratings review for the possible downgrade of TECO Energy, Inc. and its affiliates to include the Prime-1 rating of its financial conduit, TECO Finance Inc. Concurrently Moodyï¿½s is confirming the Prime-1 commercial paper rating of Tampa Electric Company. On November 14, 2000, in response to TECO Energyï¿½s announcement that it had purchased interests to develop several power projects with a combined capacity of 5,770 mw., Moodyï¿½s placed various debt securities of both TECO Energy and Tampa Electric under review for possible downgrade. It now appears that the strategic decision to aggressively grow its independent power business will require that TECO Energy deploy significant financial resources over a relatively short period of time; a situation which could possibly infringe upon the credit quality necessary to support the Prime-1 commercial paper rating of TECO Finance, whose debt is guaranteed by its parent, TECO Energy.