TVA Board Approves 5.25% Rate Hike
Starting this October, the cost to keep lights on for the Tennessee Valley Authority customers in the state of Alabama will increase – that after the Board approved a 5.25% rate hike on Thursday; the Board stated its rate competitiveness coupled with growing infrastructure needs justified the increase.
The region is experiencing a population increase – leading to $16 billion being invested in 2027 toward infrastructure meanwhile TVA’s rates are among the lowest among its competitors – that according to Wade White, Chairman of the Board’s Rate Committee.
The average TVA power bill last year was $138. The newest rate increase – which comes on the heels of a 4.5% hike in 2023 – will add about $4.35 to customers’ utility bills.