KNOXVILLE — After increases for eight months, starting Nov. 1 the Tennessee Valley Authority will cut residential bills between $3.50 and $7 due to lower-than-projected fuel costs.
The nation’s largest public utility said in a statement Wednesday that in September, coal, purchased power and gas prices were 12 percent below the predicted level. That helped to offset demand that was higher than projected and lower hydro generation than had been forecast.
About half of TVA’s power supply comes from coal, oil and natural gas.
The 5 percent decrease in November follows a total 28 percent increase in the fuel cost adjustment since March.
TVA supplies power to nearly 9 million people in Tennessee, Alabama, Mississippi, Kentucky, Georgia, North Carolina and Virginia.
The Associated Press