Teco Coal going, going ... not gone yet

Teco Energy Inc. is finding it far more difficult to dump its coal-mining interests than the Tampa company anticipated.

Not only has the sale price of Teco Coal dropped at least once in the past year, but potential buyers have come and gone and come again. The utility company is now even poised to bring its original buyer, Cambrian Coal Corp., back into the mix after another unidentified buyer allowed a letter of intent to expire July 3.

Teco won't say how much this latest buyer was willing to pay, but its previous agreement with Kentucky-based Cambrian would have included $80 million in cash, as well as a possible additional $60 million over the next five years depending on how well the coal market does.