Cleveland Utilities Pledges to Not Increase Retail Electric Rates Through the Period Ending June 2023
On Friday, September 25, 2020, Cleveland Utilities (CU) Board of Directors approved a resolution committing to no retail electric rates increases through the period ending June 2023.
This move by CU follows the announcement made on August 27, where the Tennessee Valley Authority (TVA) Board of Directors approved a Pandemic Relief Credit offering its customers a 2.5 percent wholesale base rate credit, which will begin in October and extend over a 12-month period.
“The continued impact of this pandemic on our communities is unprecedented and creates continued economic uncertainty,” said Jeff Lyash, TVA president and CEO. “Because of the TVA team’s strong operational and financial performance under challenging circumstances this past year, we have an opportunity and responsibility to use TVA’s resources and expertise to provide continued support for customers, businesses and communities.”
“We commend TVA for recognizing the challenges the COVID-19 Pandemic has created and its decision to provide relief funds across the Valley. TVA’s leadership team did the right thing at a time when it’s needed most,” said CU President/CEO Tim Henderson. Cleveland Utilities is always committed to providing support to its customers and community. “We are appreciative to be able to utilize these resources to positively impact our customer base for an extended period of time. This decision will hopefully provide some peace of mind for those we serve.”
Cleveland Utilities had projected retail electric rates to increase 1.5% in fiscal year 2021, 0.0% in fiscal year 2022 and 2.0% in fiscal year 2023. However, this action will complete a four-year period without retail electric rate increases.