With overnight temperatures falling below freezing this weekend, amid the coldest weather so far this season, Chattanooga homeowners are bracing for what is expected to be a costlier winter for heating their homes.
But homeowners who heat with electricity and have had to pay record-high prices this year will get a bit of a reprieve next month when the Tennessee Valley Authority cuts its fuel cost adjustment in its biggest monthly cut since June.
Electricity prices remain above 2021 levels due to a doubling of natural gas prices in the past year and higher prices for coal. But with base rates constant and some recent drops in gas prices, EPB plans to cut the delivered price of its electricity in December by about 2.5% below current rates.
For the average Chattanooga residential electricity customer who uses 1,295 kilowatt-hours of electricity a month, the December power bill will be $135.92, or $3.46 less than what such a homeowner would pay for that power this month. However, prices are still up 2.7%, or $3.55, more than what they paid for such power in December 2021.