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TAMPA, Fla., July 23, 2003 -- TECO Energy's TECO Power Services subsidiary announced that it has completed the final two units at its Gila River Power Station, marking the end of major construction activity at the 2,145-megawatt facility.
TECO Energy Senior Vice President and CFO Gordon L. Gillette said, "This is a major milestone in our construction program. The highly efficient Gila River Power Station has been constructed ahead of schedule, which gives the facility more capacity for the peak summer months. Also, this reduces the amount of security TECO Energy is required to post to the project's lenders, which improves the company's liquidity position."
As a result of this milestone, the letter of credit postings required under the project completion undertaking will be reduced by $44 million to $66 million. Upon final acceptance of both plants, expected in the fall of 2003, the amount outstanding will be reduced to $8 million.
TECO Energy, Inc. (NYSE: TE - News) is a diversified, energy-related holding company based in Tampa. Its principal businesses are Tampa Electric, Peoples Gas, TECO Power Services, TECO Transport, TECO Coal and TECO Solutions.
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