MEMPHIS, TN (WMC) - Memphis citizens are worried about not being able to pay for electricity in 2018.
That's because Memphis, Light, Gas & Water announced it needed to raise rates or else risk running out of cash.
MLGW laid out Tuesday how much the company wants to raise prices on services. Analysts said it will likely cost customers between $4-12 each month.
Clarence Mabry said that increase really adds up.
"Everybody on a fixed income, mostly everybody on a fixed income, can't afford to do that," Mabry said. "I'm struggling, you know, to pay this bill."
MLGW said it hasn't raised electric rates in 14 years, and it hasn't raised gas rates in 10 years.
All that adds up to Memphis having some of the lowest rates of any large city.
Still, Mabry said he's worried the increase will take more money out of his pocket.
"It's high enough now," Mabry said.
MLGW has been running annual deficits of late. In fact, the company was downgraded by a credit agency during the last bond issue. MLGW said if it can't raise rates, it will continue losing operating in the red.