The Florida Public Service Commission approved new electric rates for TECO after the company asked for a three-year rate.TECO filed a request in April for a significant rate increase to recover operating costs and infrastructure investments. Back in June, ABC Action News asked TECO what the extra money would go towards. Three customer service hearings were held where customers could voice concerns over the rate increases.After reviewing the request and hearing from customers, the Commission adjusted TECO's request and approved the funds.On Dec. 3, the Commission voted to reduce TECO's requested revenue increase. On Dec. 19, they announced that the rate increase would be reduced by over $100 million, from $287.9 million to $184.9 million. This would allow TECO to continue its investments while minimizing the financial burden on customers.The approved rate will take effect in the first billing cycle of January 2025. The average TECO customer bill for 1,000 kWh usage would be around $145.48, an increase of $9.14 from the current bill.