TECO ENERGY, Inc.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(All significant intercompany transactions have been eliminated in the consolidated financial statements.)
         

    March 31,

(thousands)   2002   2001
ASSETS        
Current assets        
Cash and cash equivalents   $ 82,832   $ 56,778
Restricted cash   1,631   1,672
Short-term investments   6   6
Receivables, less allowance for uncollectibles   366,935   346,357
Note Receivable   136,966   28,017
Inventories, at average cost        
Fuel   112,704   81,348
Materials and supplies   83,373   75,222
Current derivative asset   4,527   -
Prepayments   29,507   14,129

Total current assets   818,481   603,529

         
Property, plant and equipment        
Utility plant in service-electric   4,903,480   4,707,571
Utility plant in service-gas   705,229   639,060
Construction work in progress   1,128,281   477,850
Other property   1,096,375   1,086,835

    7,833,365   6,911,316
Accumulated depreciation   (2,760,487)   (2,613,335)

Total property, plant and equipment, net   5,072,878   4,297,981
         
Other assets        
Other investments   374,474   194,249
Investment in unconsolidated affiliates   182,561   186,962
Intangible Asset   12,280   -
Goodwill   167,216   -
Long term derivative asset   1,152   -
Regulatory Tax Asset   43,219   39,768
Deferred income taxes   241,884   117,903
Deferred charges and other assets   300,843   455,331

Total other assets   1,323,629   994,213

Total assets   $ 7,214,988   $ 5,895,723

         
         

LIABILITIES AND CAPITAL        
Current liabilities        
Long-term debt due within one year   $ 813,730   $ 226,837
Notes payable   545,300   1,150,300
Accounts payable   311,421   239,773
Current derivative liability   5,014   -
Customer deposits   87,574   83,375
Interest accrued   65,308   50,364
Taxes accrued   84,700   60,949

Total current liabilities   1,913,047   1,811,598
         
Other liabilities        
Deferred income taxes   487,087   449,410
Investment tax credits   31,183   35,742
Regulatory liability -- tax related   41,453   48,440
Long term derivative liability   1,082   -
Other deferred credits   317,542   201,600
Long-term debt, less amount due within one year   1,808,278   1,373,652
Preferred Company Securities   649,125   200,000
Capital        
Common equity (outstanding 139,831,589 shares in 2002        
and 135,185,402 shares in 2001)   2,007,373   1,824,286
Unearned compensation   (41,182)   (49,005)

Total liabilities and capital   $ 7,214,988   $ 5,895,723

         
Book value per share   $ 14.36   $ 13.49