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TECO Energy's CEO Discusses Q3 2011 Results - Earnings Call Transcript

A couple of comments on Tampa Electric's energy sales, particularly why they were lower than the third quarter of last year even though the degree days were comparable. Rainfall was 14% above normal, which can reduce demand significantly, especially if it occurs at the peak time of the day. The other factor that entered into the calculation of degree days was unusually high overnight temperatures, and customers typically don't adjust their thermostat for night time temperatures they'll adjust it on a hot day.

Like Tampa Electric, Peoples Gas experienced an uptick in growth in the third quarter at 9/10 of 1%, which is the strongest growth we've seen at Peoples' since the third quarter of 2007. TECO Coal third quarter sales volumes were slightly below last year at 2.1 million tons. The average selling price for the quarter rose to almost $90 per ton, as we expected. And the all-in cost of production continued to rise this quarter to more than $81 per ton. Like the rest of the Central Appalachian producers, our production costs were affected by the same factors we've been discussing all year and were exacerbated this quarter by some difficult geology in some of our underground mines.

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