After eight months of consecutive increases, the Tennessee Valley Authority announced today that it will cut rates in November due to lower fuel costs.
TVA electricity rates will drop 5 percent on Nov. 1, saving the typical consumer from $3.50 to $7 a month, TVA spokesman Scott Brooks said today.
"For September, lower fuel and purchased power prices helped to offset sales that were higher than forecast and hydro generation that was lower than forecast," Brooks said.
Warmer than normal temperatures boosted sales in September by 6 percent above forecast but hydro generation was 31 percent lower than expected due to the lack of rain in the Tennessee Valley.
TVA adjusts the fuel portion of its power rates each month to reflect changes in the cost of coal, natural gas and purchased power.
For complete details, see tomorrow's Times Free Press.