Local residents will see a slight increase on their electric bill, beginning with the November billing cycle.
Plateau Electric Cooperative said last week that the Tennessee Valley Authority's recently-approved 1.5 percent increase on wholesale electricity rates will be passed through to its members in November. The TVA rate increase takes effect on October 1.
The rate increase will be minimal. PEC said that customers using 1,000 kilowatt-hours of energy will see their bill increase by about $1.50.
TVA Chief Financial Officer John Thomas said the increase is part of TVA's long-range financial plan that includes capital investments to diversify and maintain the agency's fleet, fuel cost savings and a reduction in debt.