NASHVILLE, Tenn. (WTVF) — Electric rates will lower in September for customers across the board, Tennessee Valley Authority officials said this week.
Bills in September will see a 33% drop in fuel costs from August.
"The higher fuel rate is mostly due to higher commodity prices, relative to the comparative three-year timeframe, which includes COVID impacts," TVA spokesperson Scott Fielder said. "Gas, purchased power and coal rates remain much higher than the three-year average rates, and volatility is still prevalent — especially in natural gas pricing. Lastly, an increase in the sales forecast is also contributing to the higher fuel rate. Sales are 9% higher compared to the 3-year average."
The electric load hit a June record of 31,617 megawatts, according to TVA officials. Natural gas prices are 141% higher this last June versus last year, and this summer was one of the hottest ones. July was Nashville's second hottest on record.
"We recognize the effect any cost increase has on families right now, and I can tell you that TVA is highly focused on doing everything possible to support communities by keeping power bills as low as possible," said Doug Perry, TVA senior president.
