MURFREESBORO, TN - The latest data from the U.S. Energy Information Administration (EIA) show residential customers served by Middle Tennessee Electric (MTE) and Murfreesboro Electric Department (MED) see energy prices that are more than 25 percent below the national average.
During fiscal 2018, MTE’s average price per kilowatt-hour (kWh) was 10.05 cents while MED’s was 10.16 cents. The national average was 12.87 cents, making MED’s price 26.7% percent below the national average and MTE’s 28.1 percent below.
“The electric industry across the country has kept rates pretty stable for many years, but these figures attest to how well MED and MTE have managed our utilities over the years in comparison,” said Chris Jones, MTE CEO. “Of course, the proposed merger of our two utilities will only accentuate our ability to drive further efficiencies, and our consumer-members can expect to enjoy electric price stability for years and years to come.”
When compared to utilities on the local level, residential electric prices at the two Murfreesboro-based utilities also come out on the good side.
EIA data shows the average residential price across Tennessee is 10.71 cents per kWh, more than five percent above both utilities. Nashville Electric Service’s (NES) average residential price was 11.81 cents per kWh, more than 16 percent above MED and MTE.
“Our state features some of the lowest rates and best utilities in the country – like MED, MTE and NES,” Jones said. “It’s quite an accomplishment for MED and MTE to continue to feature such low prices when you also factor in the growth we face and the investments in technologies and value we are driving. We work hard to deliver affordable energy and great value, while also balancing out service quality, safety, innovation and of course, community engagement.”
However, Jones encouraged customers to not allow these comparatively low prices to create complacency with their own efficiency and consumption.
“While our prices are affordable, consumption in our area tends to be higher,” he said. “So, if the price at the pump is low but your vehicle is a gas guzzler or you drive all the time, you’re still going to be paying a lot for gas. It’s the same for electricity. Take steps to make your home more energy efficient and pay close attention to your own consumption habits, especially with hot weather setting in. We’re here to help with that, so we always encourage our members to reach out to us, and there’s tons of information on our website and on our mobile app, myMTEMC.”
Average retail residential prices are determined by taking total residential revenues and dividing by the total of kWh sales.
This information can be found on the EIA website at www.eia.gov/electricity/sales_revenue_price/.