Why your electric bill might go up - FOX 13 News

Why your electric bill might go up

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TAMPA (FOX 13) -

This is some not-so-welcome news for your wallet.

Tampa Electric Company says it wants to raise its rates by about 10 percent next year, starting in January 2014. The company has filed a request for approval.

If passed, residents would see an average hike of about 10 percent in their electric bills – totaling an estimated $135 million for the company.

"There is never a good time to raise rates, and we empathize with our customers who are also feeling the effects of a difficult economy. The pace of the economic recovery has not been what anyone predicted," said Gordon Gillette, president of Tampa Electric, in a statement. "We have worked diligently to keep costs low, but costs continue to outpace growth.

On Monday, TECO cited an increase in costs and the sluggish economy as a reason for raising rates. It did point out that it hasn't raised rates in nearly five years.

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