Here's why your electricity bill will increase this fall - FOX13 Memphis
Here’s why your electricity bill will increase this fall | News | fox13memphis.com
MEMPHIS, Tenn. - The Tennessee Valley Authority (TVA) is raising electricity rates by 4.5% on Oct. 1.
"It's very pricey,” said Cecily Deener, an east Memphis resident. “It would be good if we could get a discount!"
TVA estimates it will cost the average customer an extra $3.50 a month.
The Tennessee Valley Authority provides power to 153 local companies, including Memphis, Light, Gas and Water. This is the first rate increase in four years.
“It sounds like a small amount, but everybody on the TVA team realizes for folks on a fixed income, or the high energy burden, that’s not a small amount,” said Jeff Lyash, the president and CEO TVA.
Lyash is the highest paid federal employee in the country. Last year, he brought in nearly $10 million in compensation and bonuses, according to the Chattanooga Times Free Press.
TVA board members cited a growing demand for power as justification for the rate increase.
“These funds are going to be used with a high degree of stewardship to invest in the reliability and the resiliency of TVA’s system and to support the continued economic growth that will raise wages for people in this region,” Lyash said.
Much of the Mid-South can recall the rolling power outages that marked the Christmas holiday in 2022.
WATCH: Why the TVA plans to raise electricity bills in the coming months
That happened when demand for power outpaced supply.
Cordova resident Ronald McCorkle remembers those outages. He told FOX13 he is frustrated with his quality of utilities at the local and regional level.
"Once we hold our elected officials accountable, then we can hound TVA and the electric company,” McCorkle said.
Download the FOX13 Memphis app to receive alerts from breaking news in your neighborhood.
Trending stories:
Woman dead, 2 seriously injured after shooting in Downtown Memphis, MPD says
Mississippi State student found dead, University officials say
Woman dead, 1-year-old injured after shooting in Binghampton, police say
Mid-South Most Wanted Fugitives
Related Knowledge Center: ENERGY BASICS: energy efficiency
The energy price spikes of the 1970s drove consumers, businesses and government to calculate opportunities for energy efficiency — investments, practices, and regulations to avoid some of the energy costs associated with particular products or services. Those calculations ran counter to a lot of engrained practices, and the friction between business and government is a feature of energy and environment policy discussions. Now, energy efficiency decisions — whether involving building practices, appliance efficiency, or vehicle mileage and emissions standards — are a complex mix of government regulation and market behavior.