TVA board votes for 1.5% rate increase - WSMV News 4

TVA board votes for 1.5% rate increase

NASHVILLE, Tenn. (AP) - The Tennessee Valley Authority is increasing its base rate by 1.5%, the first increase by the nation's largest public utility in two years.

The agency's board of directors approved the hike and a $10.5 billion fiscal year 2014 budget at its meeting on Thursday. The new fiscal year begins Oct. 1.

The rate adjustment will add about a $1.50 to the monthly power bill of a customer using 1,000 kilowatt-hours of electricity.

TVA's budget for the upcoming year anticipates 4.6% lower sales year over year and is about 6% less than 2013.

TVA provides power to about 9 million people in Alabama, Georgia, Kentucky, Mississippi, North Carolina, Tennessee and Virginia.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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