MEMPHIS, Tenn. — Thursday morning, the Tennessee Valley Authority approved a more than 5 percent increase to energy rates. The five-point-two-five base rate increase was approved with unanimous votes by the TVA board, and they say this increase is expected to bring in more than $900 million to the energy provider.
MLGW tells ABC24 because of this approved rate hike customers will pay about $4 more per month. And with 2023‘s 4.5 percent TVA hike in addition to MLGW’s 12 percent hike some Memphians say it's hard to afford.
“Times are real hard right now,” said Mattie Kelly.
Kelly has lived in a North Memphis home for more than 20 years.
The unanimous vote green-lighting the 5.25% increase to its base energy rate took place at a board meeting in Florence, Alabama, Thursday morning.
They say the rate increase is expected to generate more than $900 million for MLGW's energy provider.
This while many Memphians say regardless of how much the increase is, right now, it’s to much to handle.
"It’s still a struggle, because my kids are going to have to come and help me,” Kelly said.
The rate increase will begin October, 2024.