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NU eyes rate hike: Increase would take effect in October

Published: 9:56 AM, 05/30/2013 Last updated: 9:57 AM, 05/30/2013

Author: Nelson Morais
Source: The Newport Plain Talk

NEWPORT-If you're a resident or small business owner in Newport or Cocke County, your power bill may go up this fall.

If approved at the Newport Utilities board of directors meeting in June, the rate increases will go into effect Oct. 1.

The percentage increase for an average residential bill would be 2.9 percent, and 1.7 percent for small businesses, according to Finance Director Sherry Frisbee.

The NU board of directors, meeting Tuesday, May 28, heard Frisbee discuss why three small increases in electric bills spread out over the next three years may be the best option for the utility.

"Our 2013-2014 budget (which begins July 1) and five-year projection show expenses increasing three percent a year, but revenue only one percent a year," Frisbee stated at the regularly scheduled monthly meeting.

For more details, please see the Thursday edition of the Newport Plain Talk.

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