Pennyrile Electric announces a rate increase after Tennessee Valley Authority’s (TVA) recent announcement of a 1.5% wholesale rate increase beginning October 1st. According to a release, there will also be a slight increase in the monthly customer charge in the amount of $2 to aid Pennyrile Electric in recovering fixed costs. The average residential member will see an additional increase of $3-$5 depending on their monthly usage.
Pennyrile Electric President and CEO Greg Grissom says they have invested more than $24,655,000 since 2013 to replace and upgrade equipment to improve the efficiency of the power grid in the nine-county service area. Those improvements include replacing more than 4,800 power poles, 1,860 transformers, and upgrading power lines.
Pennyrile Electric only operates on 27% of every dollar collected, with the other 73% going to the TVA.
