TVA Invests in Carbon Reduction Innovation
KNOXVILLE, Tenn. – The Tennessee Valley Authority announced Tuesday that it is joining an energy industry effort to develop low-carbon energy technologies of the future.
Through an unprecedented partnership with the Electric Power Research Institute, Gas Technology Institute and other utilities across the country, the Low-Carbon Resources Initiative will advance clean power and decarbonization technologies for deployment in the 2030 to 2050 timeframe.
“TVA is supplying clean energy today and is building the energy system of the future,” said Dr. Joe Hoagland, TVA vice president for Innovation & Research. “TVA and our EPRI partners are focusing research dollars on technology that will continue to promote a cleaner energy future across the nation for decades to come.”
“As an innovation leader, TVA recognizes the need to rethink the carbon problem through a team approach that obtains results beyond the reach of today’s technology,” said Dr. Hoagland. “Sharing TVA’s research on technologies, such as advanced nuclear, battery storage, grid modernization and electric vehicles – and learnings from our industry partners – will ensure clear solutions to successfully lower carbon emissions around the world.”
Chief Sustainability Officer Rebecca Tolene said, “TVA is already on pace to reduce its greenhouse gas emissions to 70% below 2005 levels by 2030. By collaborating with industry partners in this initiative, we are now looking at what will be achievable beyond 2030.”
TVA is a national leader in carbon reduction in its current operations – double the national utility average. According to the recent TVA Sustainability Report, the utility reduced its carbon output by nearly 60% in the past 15 years by boosting power generation from carbon-free nuclear, hydro and solar sources. This year, TVA is on track to have over 60% of its electricity come from carbon-free generation.
TVA will be investing $5 million over the next five years to support technology development through the initiative.
“Nearly 90 years ago, TVA used hydro power – the latest technology of the day – to make life better for the people of our region,” said Dr. Hoagland. “Once again, TVA is on the forefront to lead the technology revolution in the utility industry by developing technologies that will help drive our nation to a cleaner energy future.”
TVA established its Innovation & Research organization to work with industry partners to stay on the forefront of low-carbon technology.
Other partners in the Low-Carbon Resources Initiative are American Electric Power, Con Edison, Dominion Energy, Duke Energy, Exelon Corporation, Lincoln Electric System, Los Angeles Department of Water & Power, Missouri River Energy Services, Mitsubishi Hitachi Power Systems, Americas, National Fuel, New York Power Authority, Portland General Electric, PPL Corporation, Salt River Project, SoCalGas, Southern California Edison and Southern Company.
The Tennessee Valley Authority is a corporate agency of the United States that provides electricity for business customers and local power companies serving nearly 10 million people in parts of seven southeastern states. TVA receives 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.