Archive for category: News
What is the TVA Fuel Cost Adjustment?/in News /by Kelsey Bryant
As the temperatures fall, many members will begin to see higher energy bills, but are these higher bills entirely due to colder weather? Perhaps not.
One component of your electric bill is the Tennessee Valley Authority’s Fuel Cost Adjustment. This is the cost of the fuels it takes to generate your power. These fuels consist of uranium, coal, oil and natural gas. TVA must purchase these raw materials to generate the electricity that powers our homes. The Fuel Cost Adjustment is passed directly from TVA to our members, and every dollar goes back to TVA.
The prices of the fuels TVA needs rise and fall throughout the year. This is due to many factors, including weather, regional and global economic conditions, and supply and demand.
TVA’s Fuel Cost Adjustment continues to be higher than normal. For a comparison, the fuel cost for December 2022 was 12.6% higher than December 2021.
Due to a combination of increased fuel costs and colder temperatures, Powell Valley Electric Cooperative members can expect electric bills that are higher than normal. We understand that these higher bills could create a financial burden for our members. Assistance on your electric bill might be available for those who are eligible through the federally funded Low Income Home Energy Assistance Program (LIHEAP). For more information, visit energyright.com/residential/energy-assistance/ or pve.coop/account/energy-assistance/.
Powell Valley Electric Cooperative Board of Directors votes to pass TVA Pandemic Recovery Credit to members/in News /by Kelsey Bryant
For the third year in a row, Powell Valley Electric Cooperative will pass the TVA Pandemic Relief Credit, now renamed the Pandemic Recovery Credit, through to its membership. The Tennessee Valley Authority (TVA) first offered the credit to local power companies in 2020 in response to the economic hardships and financial impact the pandemic had on communities throughout the Tennessee Valley. Recognizing the lingering effects of the pandemic to the region, at the August 2022 board meeting TVA’s board approved an extension of the Pandemic Recovery Credit, a 2.5 percent base rate credit, through September 2023.
Many power distributors have decided to keep all or some of the credit to offset rising material and labor costs. However, PVEC and its Board of Directors understand that members are facing increasing costs in almost all essential living expenses, including groceries, housing, vehicles, and utilities. In an effort to support the members of the communities that it serves, Powell Valley Electric Cooperative’s Board of Directors has, once again, decided to pass 100% of the approximate $1.5 million credit directly to its members in the form of savings on kilowatt-hour rates.
“Powell Valley Electric Cooperative strives to provide safe, reliable, and affordable power to its members,” says Brad Coppock, PVEC General Manager. “I am pleased to share the board’s decision which demonstrates Powell Valley Electric’s on-going goal of providing power at affordable rates for all its members.
Powell Valley Electric Cooperative, headquartered in New Tazewell, Tenn., with branch offices in Jonesville, Va. and Sneedville, Tenn., is a not-for-profit member-owned energy provider that serves more than 33,000 homes, farms and businesses in the Virginia counties of Lee, Scott and Wise and the Tennessee counties of Claiborne, Grainger, Hancock, Hawkins and Union.
New Tazewell Office
420 Straight Creek Road
New Tazewell, TN 37825
331 Church Street
Jonesville, VA 24263
340 Jail Street
Sneedville, TN 37869