TVA Approves Huge Rate Increase
Largest Increase At TVA Since 1974
POSTED: 11:06 am CDT August 20, 2008
UPDATED: 7:59 pm CDT August 20, 2008
KNOXVILLE, Tenn. -- The Tennessee Valley Authority has approved a huge electric rate increase for millions of consumers across the seven-state region.
Video: TVA To Substantially Increase Electric Bills
TVA directors meeting in Knoxville Wednesday approved a total increase in rates of 20 percent effective Oct. 1.
The impact on the average TVA household will be an increase of $12 to $15 a month per 1,000 kilowatt hours used.
The average TVA household uses 1,320 kilowatt hours per month. The increase is broken down as 17 percent in a quarterly fuel adjustment charge to offset rising costs in coal and natural gas prices.
The other 3 percent is part of the base rate increase taking effect under the new $12.6 billion budget for fiscal 2009.
This would be the largest increase at TVA since a 20.2 percent increase in 1974.
Copyright 2008 by The Associated Press.
Michael sez: We, the taxpayers, paid for TVA. Looks like we are going to be payng some more for it!