Business Briefs: Fuel costs raise rates

Business Briefs: Fuel costs raise rates

May 22nd, 2014 by Staff Reports in Business Around the Region

Fuel costs raise rates

Electric prices in Chattanooga won't change much in June but will remain 4.1 percent above the price of June 2013, according to EPB. The Tennessee Valley Authority will raise its monthly fuel cost adjustment next month just enough to add 2 cents to the typical Chattanooa homeowner's light bill in June. The average Chattanooga homeowner who uses 1,461 kilowatt-hours of power in June will pay $153.20, up from $147.16 a year ago.

With less rainfall and cheap hydroelectric power this year, TVA is paying slightly more for fuel to generate electricity, TVA spokesman Scott Brooks said. TVA also raised its base rates by 1.5 percent last fall.

"Despite more moderate weather, hydro generation was lower than anticipated, causing TVA to rely on higher cost fuel resources," he said.

Chattanoogan heads Colonial Life

Chattanooga native Tim Arnold, senior vice president of sales and marketing at Colonial Life, will become president of the Unum divison on July 1. Arnold, who left Chattanooga in 2011 to join Colonial in Columbia, S.C., will succeed Randall C. Horn as head of the life insurance business.

Arnold is a graduate of Hixson High School, received his bachelor's in management from UTC in 1984 and his master's in finance from there in 1988. While a Unum manager in Chattanooga, he served on the boards of First Tee, Girls Inc., and CADAS.