The Tennessee Valley Authority will not raise electricity rates this fall. The agency’s board voted to keep rates steady for the fiscal year that starts in October.
Despite record power use over the summer, CEO Tom Kilgore says TVA didn’t see a drastic increase in the cost of generating power.
“We burned a lot of cheap gas this summer and that nuclear plant was running all summer.”
Brown’s Ferry Unit 1 in Alabama ran at full capacity. TVA brought its fifth natural gas-powered plant online, as well. While the cost of making electricity has gone down, so have TVA’s profits. That’s because an unseasonably warm winter lowered demand. TVA officials expect to end the fiscal year break even, or with a small loss.
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