Just what you want to hear on a Friday...
The board of the Tennessee Valley Authority passed a seven percent rate increase today that is expected to add $5 to $6 on the typical MLGW customer’s monthly energy costs. MLGW receives no additional revenue from this increase. The increase becomes effective April 1.
This increase impacts utility customers served by all of TVA’s 158 locally-owned distributor utilities in seven states. By law and under the terms of MLGW’s contract with TVA, the utility is required to pass the increase on to customers.
According to TVA, the rate increase will generate approximately $300 million of additional revenue for fiscal year 2008. TVA says the revenue is needed in order to lessen its dependence on more costly power from other energy suppliers and meet growing energy demand. TVA must invest in new generating facilities and energy efficiency initiatives in 2008 and into the future.
Despite the TVA increase, MLGW customers will still enjoy among the lowest combined energy costs in the nation. Customers can find practical tips for saving energy and money on MLGW's website.
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