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KNOXVILLE, Tenn. (AP) - The Tennessee Valley Authority directors on Friday approved a 7.5 percent across-the-board electric rate increase that will raise about $524 million a year.
The country's largest public utility blamed the increase on the rising cost of fuel and purchased power from other utilities. The increase, effective Oct. 1, is TVA's first since 2004.
The higher rates will affect the 62 industries served directly by TVA and about 8.5 million consumers in Tennessee and parts of Alabama, Mississippi, Kentucky, Georgia, North Carolina and Virginia.
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