TVA board meets — Kilgore retiring and rates to stay steady

NORTH MISSISSIPPI — Tennessee Valley Authority president Tom Kilgore is retiring.

TVA announced that the board of directors has a process underway to recommend a new president and CEO. Kilgore announced his retirement at the end of the meeting. He will serve as the head of the federal utility until a successor is hired.

Kilgore joined TVA in 2005. He is the first president and CEO of the utility, which changed its governance from three full-time board members to a larger, part-time board and a CEO.

TVA serves about nine million power customers.

In a separate item, electricity rates for TVA customers in seven states will not be increased in the coming fiscal year.

TVA’s board of directors voted to approve an $11.2 billion budget for the upcoming fiscal year that begins Oct. 1 and does not include any rate hikes.

The federal utility provides electricity to nine million people in Tennessee, Kentucky, Mississippi, Alabama, Georgia, North Carolina and Virginia.