TALLAHASSEE, Fla. (AP) - Tampa Electric Co. will refund $24 million to retail customers through a one-time credit on their bills.

The Florida Public Service Commission on Tuesday approved the refund. It will amount to $18.50 for a residential customer using 1,000 kilowatt hours per month, which is about average for a small home.

The refund is the result of a settlement TECO has reached with the public counsel's office, which represents consumers in utility cases, Attorney General Bill McCollum's office, the Florida Industrial Power Users Group and the Florida Retail Federation.

It resolves issues pending before the commission and Florida Supreme Court related to a $25.74 million rate increase that went into effect in January.