TVA board passes budget, rate increase in public meeting

TVA board passes budget, rate increase in Knoxville public meeting

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The meeting was held in the TVA West Tower Auditorium, 400 West Summit Hill Drive. The meeting was held in the TVA West Tower Auditorium, 400 West Summit Hill Drive.

KNOXVILLE (WATE) - Tennessee Valley Authority board members met in a public meeting Thursday, unanimously passing its 2014 fiscal year financial plan and budget with a 1.5 percent retail price increase.

The increase will amount to an approximate $1.50 rate increase on customers' monthly utility bills.

TVA reports annual revenues of $10.5 billion, with operating expenses of $8.7 billion.

The utility reported last week sales and revenues were down in the third quarter of its fiscal year. Reduced operating costs offset most of the reduced revenues.

The decreases were largely due to cooler temperatures, which kept power needs lower, and more rainfall, which helped TVA dams generate more electricity.

Knoxville attorney Larry Silverstein returned to talk again about TVA's tree cutting policy, as he has in past meetings.

No action will be taken on the tree policy.

Plaintiffs in a federal lawsuit filed against TVA over the policy are awaiting an appeal in the U.S. Court of Appeals in Cincinnati.

They are appealing a ruling by Judge Thomas Varlan dismissing their suit against TVA.

Varlan ruled that federal law does not require TVA to consider the impact of property values when deciding matters of safety.

A member of the Tennessee Solar Energies Association asked TVA to release more capacity for solar power, saying when 2.5 megawatts of power were released on August 1, it was absorbed by three solar companies in less than a day.

TVA does not appear to have any plans to release more solar power in the foreseeable future.

The meeting was held in the TVA West Tower Auditorium, 400 West Summit Hill Drive.

TVA serves nine million people in parts of seven southeastern states, making it the largest electric utility in the country.

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