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TVA approves 1.5% rate increase

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(Times Free Press) - The Tennessee Valley Authority will boost its base electric rates this fall for the first time in two years, but most consumers may not notice the difference.

TVA directors are considering a proposal today to raise base rates by 1.5 percent on Oct. 1 when the new fiscal year begins. The proposed budget for the federal utility would increase residential electric rates for the typical home owner by about $2 a month.

"We're being more efficient to find ways to live within our means," TVA President Bill Johnson said. "But we have to address the hard question of declining revenues."

TVA doesn't expect to get back to the power peaks it reached before the recession for at least another decade, TVA Chairman Bill Sansom said today.

Read more from our news partners at the Chattanooga Times Free Press.

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