During the Greeneville Energy Authority board meeting on Tuesday, the board discussed the rate increase that will begin October 1st, 2024.
The increase is a 1.5% increase in revenue and was approved by the Tennessee Valley Authority. President and CEO Dwayne Wells told Radio Greeneville News that the local adjustment to rates would equate to approximately $2.45 on the average residential bill.
The Tennessee Valley Authority also passed a 5.25% rate increase that will begin in October. Wells said GEA and TVA’s rate increase results in approximately $4.35 per month. The average increase would be around $6.80 per month.
Director and CFO of Accounting and Finance Paige Mengel previously told the board 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 for small businesses.
The increases were reportedly necessary and will help the company maintain equipment and purchase materials needed.
