The COVID-19 Pandemic impact on the Upper Cumberland is unprecedented, creating economic uncertainty for members struggling to pay their electric bills.
To help communities and businesses recover in our area, UCEMC will pass along to members a credit the co-op is receiving on its Tennessee Valley Authority (TVA) wholesale power bill. The TVA Board approved the credit as part of a unique $200 million Pandemic Relief Credit plan. The UCEMC retail member bill credit of approximately 1.6% applies to all standard service rate classes and becomes effective October 1, 2020, through September 30, 2021.
UCEMC General Manager Jimmy Gregory calls the Pandemic Relief Credit a positive move toward investing in the community. “We buy our power for Upper Cumberland from TVA,” Gregory explains. “With the Pandemic Relief Credit plan, UCEMC will receive a wholesale power credit on our standard service base rate. In turn, this wholesale price reduction gives us the flexibility to pass those savings along to our members during this difficult time.”
In TVA's recently reported third-quarter results, power sales were 5% lower than last year due to milder weather and the Pandemic's impacts. Operating revenues, fuel costs, and operating and maintenance expenses were all lower. The Tennessee Valley Authority is a corporate agency of the United States providing electricity for local power distributors and serving nearly 10 million people in seven southeastern states. TVA receives no taxpayer funding, deriving virtually all of its revenues from sales of electricity.