Business Briefs: Chattanooga electric rates to rise in May

Business Briefs: Chattanooga electric rates to rise in May

April 16th, 2013 by Staff Reports in Business Around the Region

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Chattanooga electric rates to rise in May

The typical Chattanooga household will pay an extra $1.71 for electricity in May due to an increase in TVA's monthly fuel cost adjustment, EPB spokesman John Pless said Monday. The Tennessee Valley Authority, which adjusts part of its power prices each month based upon its fuel expenses, is having to pay more for fuel this spring because of the below-average temperatures in March, which caused higher consumption and more use of higher cost fuel.

"Essentially, March was colder than we expected so we had to purchase more fuel than planned to meet demand," TVA spokesman Scott Brooks said.

Hamilton County gets top ratings

Hamilton County government has received the highest financial rating from all three major bond rating agencies -- the only one among Tennessee's 95 counties to have the AAA ratings from Fitch, Moody's and Standard and Poor's rating services.

"Strong financial reserves should continue to provide a cushion against potential revenue fluctuations, though tax base stability limits those occurrences," Standard and Poor's said in its bond rating. Fitch also cited Hamilton County's growing commercial development, which the ratings service said "will continue to diversify the county's economic profile over the next few years."