TVA Board Highlights Employee Achievements
- In FY23, TVA achieved strong operational performance and maintained financial health that will support future investment of about $15 billion over the next three years to power the region’s growing economy.
- Board recognized employees for their commitment, dedication addressing weather extremes while also supporting economic development efforts and non-profit organizations to strengthen communities.
- TVA’s nuclear facilities – Browns Ferry, Sequoyah, and Watts Bar -- were recognized as one of the industry’s top performing fleets.
- Editor’s Note: Click for downloadable video and audio sound bites of President and CEO Jeff Lyash.
TUPELO, Miss. ― The Tennessee Valley Authority Board of Directors on Thursday concluded the agency’s 90th Anniversary events by highlighting fiscal year 2023 achievements and reviewing plans to build a stronger energy future.
“From the beginning, TVA has always adapted to change through innovation,” said TVA President and CEO Jeff Lyash. “Once again, we find ourselves in a time of great change where electricity powers almost every aspect of our lives, and TVA employees are on the forefront to deliver the energy needed to power our region’s growing economy.”
The Board recognized TVA’s 2023 industry-leading performance that addressed dynamic load growth and supported communities across seven states:
- Achieved a 54% reduction in “mass” carbon emissions from 2005 levels while working to be net-zero by 2050.
- Announced $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.
- Helped attract $9.2 billion in projected capital investment, expected to create over 12,000 jobs and retain over 46,000 jobs. Over the past five years, those figures are much larger – TVA has helped the region create about $45.9 billion in projected capital investment, which is expected to create more than 100,000 new jobs and retain more than 235,000 jobs.
- Improved resiliency against extreme winter weather by investing $8 million to strengthen plants in 2023. Met the highest summer demand in 15 years – including a three-day stretch in August with loads above 31,000 megawatts. Also announced investments of $35 million in fiscal year 2024 to improve winter readiness.
- All seven units at TVA’s nuclear plants were recognized as exemplary by the industry.
- Maintained rates lower than nearly 75% of the nation’s top 100 largest utilities, with industrial rates that are some of the lowest in the country.
- Built three new Colbert combustion turbine units ahead of schedule and under budget that could provide about 750 megawatts of new capacity and completed significant construction at Paradise – which will add another 750 megawatts of natural gas generation.
- Supported more than 900 organizations, across seven states, with over $22 million total contributions from TVA and local power companies since 2020 through the Community Care Fund.
- Donated $100,000 to disaster recovery and, 1,000 employees provided support following the tornado in Amory, in Monroe County, Miss., also donated $50,000 in supplies and equipment to Covington, Tenn., schools following tornadoes in that area.
- Provided $1 million in STEM grants to 238 regional schools.
- Invested $2.6 million in 64 schools to make classrooms safer, and more energy efficient.
- Added electric vehicle chargers across our region through numerous completed and planned installations.
- Completed Phase I of Blue Oval City on-time to support job growth.
- Repatriation of Native American remains – culmination of many years of work with tribes and commitment from TVA, surpassing other federal agencies in creating this outcome.
“I am immensely proud of our employees and the results achieved in FY23,” said Lyash. “It was both a remarkable and challenging year, and our employees were tested, but – through their dedication and resilience – delivered outstanding service to communities and customers across this region.”
Building A Stronger Future
The board reviewed the agency’s progress to ensure TVA can continue to power the region, which is growing three times faster than the national average. To help ensure power reliability in west Tennessee, in October 2024, TVA will commission a new 500-kV Substation – which is one of the largest in the TVA system. TVA is also building 3,800 megawatts of new generation by 2028 and investing $3.7 billion in transmission system improvements across its service area through 2028, to build the energy grid of the future that will continue to provide reliable, affordable, resilient and clean energy.
FY23 Financial Performance
In fiscal year 2023, TVA maintained strong financial health, while keeping base power rates unchanged for the fourth consecutive year. TVA’s debt remains at the lowest levels in over 30 years, and TVA made over $3 billion in investments in its power system in 2023. With its business plan approved by the TVA Board, TVA is planning nearly $15 billion in investments in the coming years to help meet future growth to power the region’s economy.
TVA’s net income was $500 million for the fiscal year, $85 million favorable to budget. A detailed review of TVA’s finances will be included in TVA’s Securities and Exchange Commission Form 10-K, which will be publicly available on Tuesday morning, Nov. 14.
“TVA’s strong financial performance in recent years has allowed TVA to provide substantial support to Tennessee Valley communities during the recovery from the pandemic, while supplying affordable, reliable and resilient power to meet the needs of our customers and support significant economic development,” said TVA’s Chief Financial and Strategy Officer John Thomas. “With our debt still at the lowest levels in over 30 years, we are in position to accelerate TVA’s investments in the power system to help meet growing power demand with new and even cleaner generation in the years to come.”
In other business, the Board:
- Approved FY24 CEO total compensation, which continues to balance recognition of leading TVA’s complex operations with the agency’s public service mission and remains below the national median compensation of similar organizations.
- Set a .95 corporate multiplier for TVA’s short-term at-risk compensation package for all eligible TVA employees, excluding executives and .85 corporate multiplier for executives, recognizing the continued performance of the team in meeting demanding goals under challenging conditions.
- Recognized Board Chair Bill Kilbride for his service during his final Board meeting.
TVA places a high priority on transparency. Learn more about TVA’s diversity and inclusion efforts, sustainability, strategic planning, financial health, and new nuclear program at tva.com/about-tva/reports.
The Tennessee Valley Authority is the nation’s largest public power supplier, delivering energy to 10 million people across seven southeastern states. TVA was established 90 years ago to serve this region and the nation by developing innovative solutions to solve complex challenges. TVA’s unique mission focuses on energy, environmental stewardship, and economic development. With one of the largest, most diverse, and cleanest energy systems – including nuclear, hydro, solar, gas, and advanced technologies – TVA is a leader in our nation’s drive toward a clean energy future.
TVA is a corporate agency of the United States, receiving no taxpayer funding, deriving virtually all of its revenues from sales of electricity. In addition to operating and investing its revenues in its electric system, TVA provides flood control, navigation, and land management for the Tennessee River system, and assists local power companies and state and local governments with economic development and job creation.