Business
3:01 pm
Thu August 16, 2012

TVA Will Not Raise Electricity Rates for Customers

The Tennessee Valley Authority will keep electricity rates the same for customers in the coming fiscal year. TVA's board of directors voted today to approve an over eleven billion dollar budget without raising rate hikes for the fiscal year that begins October 1st. The federal utility provides electricity to 9 million people in seven states, including Kentucky and Tennessee.  TVA CEO Tom Kilgore also announced at the meeting that he will be retiring after 6 years in the position. Kilgore says he would prefer to leave in four to six months but will wait until the board appoints his successor.