The Greeneville Energy Authority board approved a rate increase for GEA customers during their meeting on Monday morning.
Director and CFO of Accounting and Finance Paige Mengel said this is the 4th consecutive year there was a small rate increase. Mengel said for residential customers the access charge would increase by $2 a month, with the kilowatt hour rate set at $0.0003 per kilowatt hour, and there would be a $2 access charge increase per month to small businesses. This results in a $2.45 rate increase per month for their average residential customer and is a 1.5% rate increase in revenue.
The approved changes go into effect October 1st, 2024 but will first need to be submitted to the Tennessee Valley Authority. Mengel added small increment rate increases began in 2021 in effort to avoid customers receiving a large rate increase. The increases were necessary and will help GEA maintain equipment and materials needed for the company.
