TVA Votes to Raise Rates

For the second year in a row, the Tennessee Valley Authority (TVA) Board of Directors voted Thursday to raise power rates. Beginning in October, rates will increase by 5.25% in addition to the 4.5% increase from last year.

TVA increases rates by 5.25%Photo bypexels

This amounts to an almost 10% increase than it was last year for residents across the Tennessee Valley. The Tennessee Valley Authority undergoing the expensive process of replacing power plants with cleaner options like natural gas and solar energy.

The impact of the two rate increases will hit TVA’s residential customers extremely hard. Those low-income customers already struggling with high inflation over the last several years will be affected the most. TVA is the country’s largest public utility with 10 million customers across seven states.