If you've noticed a significant increase in your electricity bill this year, you're certainly not alone. However, it appears that immediate rate increases may be on hold.

According to the Associated Press, Tennessee Valley Authority President Jeff Lyash stated in an interview last week that rate hikes may not happen for a while.

The federal utility has improved its balance sheet over the part few years, and with operational improvements, should be able to avoid any wholesale rate hikes — and could even cut some electric rates — over the next 10 years.

Lyash will recommend to the TVA board next week that rates remain unchanged in fiscal 2020 — the first time in six years that TVA will not increase its base rates. The new TVA president also will outline a new 10-year spending plan designed to keep electric prices relatively stable through 2030. Source.

Even if the rate cuts don't happen, not having another hike is still good news.