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Meetings Archive
TVA Board Meeting - August 22, 2024
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.