Middle Tennessee Electric Membership Cooperative (MTEMC) announced yesterday that the Tennessee Valley Authority (TVA) has approved its merger with Mufreesboro Electric Department (MED).
After years of negotiations and discussions including numerous listening sessions, workshops, City Council votes, and talks with stakeholders including employees and ratepayers of both organizations, the Murfreesboro City Council approved the merger in January. After the MTE board of directors gave unanimous approval of the deal, TVA began the regulatory review process.
MTEMC, the largest electric co-op in the TVA region and one of the five largest in the U.S., currently serves 236,000 accounts across 11 counties in Middle Tennessee. The merger with MED will bring another 67,000 accounts on board meaning MTEMC will provide electricity for more than 630,000 Tennesseans.
MTEMC will pay the city of Murfreesboro $302 million over the course of 15 years. The merger will be finalized when city and MTEMC officials sign closing documents.