MARTIN, Tenn. (WHNT) — Despite high inflation and fuel prices, the Tennessee Valley Authority (TVA) says it is maintaining strong, steady electric rates for the next decade.
Over the past 10 years, the TVA says their wholesale power rate has maintained an average of about 7 cents per kilowatt-hour. “This allows us to keep those rates flat because we’re investing in new technology…new nuclear…new solar,” TVA Spokesman Scott Fiedler said.
Nationwide, utility customers are experiencing higher bills than in the Tennessee Valley because residential power rates in TVA’s service area are lower than 80% of other utilities, according to the most recent data from the U.S. Energy Information Administration.
“We recognize the effect any cost increase has on families right now, and TVA is focused on doing everything we can to keep power bills as low as possible,” Jeff Lyash, TVA president and CEO said in a press release.
The Board increased a previously approved Pandemic Recovery Credit back to 2.5% for all customers, providing about $230 million to help alleviate the continued financial pressures of the economy, according to the TVA.
Lyash added, “TVA expects to return about $1.4 billion through the fiscal year 2023, helping our customers and communities as they deal with the challenges brought on by the pandemic and economy.”
Several community groups expressed displeasure with the TVA leadership board after they stopped allowing community members at their board meetings. You can read the TVA’s response here.