Alcoa Electric Upcoming Rate Increases
[Alcoa, Tenn.] – Alcoa Electric customers can expect an electric rate increase effective October 1, 2023. This will be seen in two parts.
The Tennessee Valley Authority (TVA) Board approved a rate increase at the August 24, 2023, board meeting that equates to 2.79% increase for Alcoa Electric’s retail energy charge. This charge will be applied to the energy (kwh) charge per month beginning October 1, 2023. For an average monthly usage of 1,255 kwh, this equates to an approximate monthly increase of $4.32 per Alcoa Electric customer. This increase is a pass through from TVA and is derived from the need to build new generation capacity to meet the growing demands of the Tennessee Valley, including Alcoa and Blount County. This increase is applied to all 153 local power companies served by TVA. More details can be found in TVA’s press release, located here.
For questions, comments, or concerns in reference to TVA’s rate increase please contact TVA by phone at (865) 632-2101 or email at tvainfo@tva.com.
Additionally, an Alcoa Electric local increase of 1.1% will be applied to the monthly customer charge. This charge equates to a monthly increase of $2.25 per Alcoa Electric customer, or $27.00 a year. This incremental increase is to offset significant price increases in materials and equipment, financial impacts from inflation, and investment in capital improvements to stay ahead of the increasing electric demand across the county.
Alcoa Electric recognizes the hardship and financial impact this has on rate payers. We remain steadfast in our mission to provide the highest level of reliable electrical service to our customers at the most economical rates possible.
For questions or more information about the Alcoa Electric rate increase, please call (865) 380-4890.