TVA and Memphis have a long relationship, going back to 1934 when they joined to provide public electric power to the city and surrounding area. For over eight decades, TVA has provided reliable, low-cost public power to Memphis homes, businesses, schools and hospitals.
Now, as MLGW and Memphis evaluate TVA against other energy suppliers, TVA President and CEO Jeff Lyash spoke to the MLGW Board about what a long-term partnership with TVA brings to the table.
“Our value proposition has six dimensions,” Lyash told the commissioners. “Price, reliability, environmental stewardship, economic development, community engagement and risk management.”
Price: 75% percent of U.S. residents pay more for electricity than those served by TVA. TVA prices have been stable for six years and are expected to remain flat for the next decade.
Reliability: TVA has delivered power to MLGW with 100% reliability for 18 consecutive years and is investing $72 million to further improve reliability and efficiency in the Memphis area.
Environmental Stewardship: TVA has reduced carbon emissions by 60 percent since 2005 and more than half of TVA’s power now comes from carbon-free sources. TVA has at least twice as much renewable capacity as any other utility in our region.
Economic Development: TVA has partnered with MLGW, the local community and others to attract or retain 28,000 jobs and $3.6 billion in investment to Memphis since 2012. TVA offers a portfolio of technical and community development services and incentive programs to further support the Memphis economy.
Community Engagement: TVA invests more than $70 million a year in the Memphis community, including $17 million in tax equivalent payments; and TVA partners with MLGW and others through the Home Uplift program and related activities to help lower-income residents reduce their monthly power bills.
Risk Management: TVA’s strengths mean lower risk for MLGW and Memphis because of our strong financial and operational performance; our diverse and integrated generation and transmission system; our congressional mandate to provide power at the lowest feasible cost; and our public power partners’ strong participation in a new long-term partnership agreement.