The Tennessee Valley Authority Board of Directors took action Thursday to approve $15 billion in investments over the next three years
to build additional generation and upgrade the existing system to ensure the region continues to benefit from affordable, reliable power.
TVA CEO/President Jeff Lyash said the demand for electricity continues to grow.
In 1950, around two percent of the energy used in the United States came from electricity. Today, it’s growing and sits at around twenty-two percent.
During Thursday’s meeting, the board unanimously approved a 4.5% increase in the effective rate.
Over the last ten years, TVA has invested $25 billion in existing and new generations. Currently, they are adding 3,800 megawatts of new generation. Three new flexible, dispatchable units at Colbert came online in July under budget and ahead of schedule.
An additional 1,250 megawatts are scheduled to come online in 2023 and 2024 at Paradise and Johnsonville. TVA is also working to add more than 10,000 megawatts of new solar energy by 2035 and is adding its first battery storage facility in Vonore, Tennessee.
Additionally, TVA is working to offset approximately 30% of new load growth in the next 10 years through energy efficiency and demand response programs. They will invest $100 million in energy efficiency and demand response programs to accomplish this, continuing to help lower energy bills.
Lyash added that growth in the TVA service region has seen around $47 billion in new capital investments.
Other actions taken during Thursday’s TVA meeting included: approving the Fiscal Year 2024 budget and rescinding the Declaration of Surplus for the Bellefonte Nuclear Plant site.
