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Board of Directors
TVA Board Meeting Recap - August 22, 2024
The Tennessee Valley Authority Board of Directors approved $150 million in additional advanced nuclear funding during its quarterly board meeting held Aug. 22 in Florence, Alabama. Funds will support continued design work and TVA’s development of potential small modular reactors at its Clinch River site near Oak Ridge, Tennessee.
The board, which approved an initial $200 million at its February 2022 meeting, has now approved a total of $350 million for the project. With nearly 60% of its current generation carbon-free, this investment to build clean generation accelerates TVA’s transition to clean energy to power the region’s growing population and economy.
“We believe advanced nuclear technologies will play a critical role in our region and nation’s drive toward a clean energy future,” said Jeff Lyash, TVA President and CEO. “Today’s Board decision demonstrates TVA’s commitment to continue leading in this effort.
“Small modular reactors are an energy innovation technology that America must dominate – for our energy security, which is really our national security.”
The TVA region is growing three times faster than the national average. To address the need for more electricity, TVA is investing nearly $16 billion through FY 2027 to build new generation, enhance the reliability of existing assets and for initial infrastructure The agency is building ~3,500 megawatts of new generation, TVA has made great progress by completing 1,400 megawatts and securing 800 megawatts of solar this year.
Solar energy growth remains a focus for TVA. The Board approved accelerating TVA’s deployment of clean technologies, including 10,000 megawatts of solar by 2035.
To fund ongoing construction and energy development, the TVA board approved a 5.25% base rate increase that will take effect Oct. 1, 2024. With an average residential bill in FY 2023 at about $138, this increase will translate to about an additional $4.35 each month.
“We recognize that people don’t pay rates, they pay bills, and that matters,” Lyash said. “We know this is a kitchen table issue for many families across our region. At TVA, we don’t like price increases any more than you do, and that’s why we continually work to reduce expenses by hundreds of millions of dollars each year. We have done everything possible to absorb costs as we invest in the reliability of our existing plants, construct new generation to keep up with growth and maximize solar to produce more carbon-free energy.”
In August 2023, the TVA Board of Directors approved a 4.5% base rate increase for FY 2024. These funds helped support the completion of the Paradise Combined Cycle Plant in Kentucky and helped TVA move forward with construction of additional generating resources at Cumberland, Kingston, Johnsonville and Shawnee.
Lyash pointed out that because of TVA’s diverse generation resources, reduced fuel costs have kept residential rates lower than 75% of the top 100 U.S. utilities. Through the first nine months of this fiscal year, power rates were 3% lower than the same period last year despite the rate increase.
Read the full news release from the Aug. 22 TVA Board of Directors meeting or view the video and explore the resolutions adopted by the board using the links below.
Board Members
Board members are nominated by the President of the United States and confirmed by the Senate, and each serves a term of five years. The proceedings of Board meetings are open to the public. When their terms expire, directors may remain on the board until the end of the current congressional session (typically in December) or until their successors take office, whichever comes first.
Chair - Joe Ritch of Huntsville, Alabama, practices law with the firm of Dentons Sirote, PC, in Huntsville. He also serves as chairman of the Redstone Regional Alliance and remains active in the community. He has received numerous business and community awards and was inducted into the Alabama Business Hall of Fame in 2021. A previous TVA Board Chair, his term expires on May 18, 2025.
Beth Geer of Brentwood, Tennessee, serves as the chief of staff for former Vice President Al Gore and participated in the Nashville Sustainability Advisory Committee. She applied her policy experience in climate change and environmental justice to previous positions in the Clinton-Gore White House, the U.S. Department of Labor, and the U.S. Senate. Her term expires on May 18, 2026.
Beth Harwell of Nashville, Tennessee, was the speaker of the Tennessee House of Representatives for seven years while serving as the 56th District state representative for nearly 30 years. Previously, she chaired the Tennessee Republican Party and served as an assistant professor of political science at Belmont University, as well as in a variety of additional roles in both education and public service. Her term expires on May 18, 2024.
Bobby Klein of Chattanooga, Tennessee, served as a vice president of the International Brotherhood of Electrical Workers after a decades-long career as a lineman and foreman with the Electric Power Board of Chattanooga. He also served 14 years as president of the Tennessee Valley Trades and Labor Council, as well as on the TVA Labor-Management Committee. His term expires on May 18, 2026.
Michelle Moore of Midlothian, Virginia, is the author of “Rural Renaissance” and CEO of Groundswell, a nonprofit that builds community power to reduce energy burdens and expand economic opportunity. From her roots in rural Georgia, Michelle has worked to connect clean energy with affordability and quality of life for more than 25 years, including leading federal sustainability and infrastructure project delivery for the Obama White House. Her term expires on May 18, 2026.
Brian Noland of Johnson City, Tennessee,
joined East Tennessee State University as its ninth president in 2012 after
previously serving as the chancellor of the West Virginia Higher Education
System. In 2018, he was elected to the board of the American Council on
Education and also serves on the boards of a number of other educational and
civic organizations, as well as an Institute of Higher Education fellow at the
University of Georgia. His term expires on May 18, 2024.
Bill Renick of Ashland, Mississippi, is the chair of the Commission on the Future of Northeast Mississippi and previously served 13 years as the Workforce Division Director at Three Rivers Planning and Development District. A longtime public servant, Renick has served in multiple local and state elected and appointed positions. His term expires on May 18, 2027.
Wade White of Eddyville, Kentucky, completed his 12th year as Lyon County Judge Executive and is now employed with Farmers Bank and Trust Co. of Princeton and Eddyville in business development and public relations. He is the recipient of multiple awards. An avid supporter of recreational fishing, he led initial efforts to raise awareness about the invasive Asian carp species that threatens the Tennessee and Cumberland rivers and was inducted into the Freshwater Fishing Hall of Fame in 2016. His term expires on May 18, 2027.