TVA Board Adopts Principles Of Public Power Flexibility

Thursday, February 13, 2020

The TVA Board of Directors approved a set of principles to guide local power companies interested in adding locally sourced energy for their customers during its quarterly meeting Thursday.

Last August, TVA began offering local power companies a long-term partnership option that includes the flexibility for them to meet a portion of their power needs through their own generating sources. To date, 135 of the local power companies served by TVA have taken advantage of the Valley Partner option.

“Over the past few months, we collaborated with our new Valley Partners to develop a set of principles to help them serve some of their own customers’ requests for cleaner energy,” said TVA President and CEO Jeff Lyash. “Among the principles we’ve jointly developed, up to 5% of a partner’s average energy needs can be met by new distributed energy solutions built in their own service territory, ultimately helping TVA’s carbon reduction efforts in the future.”

            Valley Partners can begin implementing this flexibility option later this year after the completion of necessary environmental reviews.

            The flexibility option is consistent with direction outlined in TVA’s Integrated Resource Plan, and TVA has already been adding its own new renewable energy generation and programs while continuing to maintain 99.999% reliability and low energy costs. Focusing on larger-scale solar installations that offer significantly lower costs per kilowatt-hour, TVA signed power purchase agreements for 674 megawatts of new solar generation in 2019 and has already signed up an additional 484 megawatts in 2020.

            A portion of this solar generation comes through TVA’s new Green Invest program, which links local power companies, businesses and solar developers together to create new generation to supply specific needs. The most recent Green Invest facility, announced in Columbus, Mississippi, will include 200 megawatts of generation and 50 megawatts of battery storage capability when it comes online in 2022.

            “TVA already has one of the cleanest power systems in the country with 57% of the energy used in the first quarter of FY20 coming from carbon-free sources,” said Lyash. “Adding the new renewable capacity offered by our solar programs to TVA’s existing nuclear, hydroelectric, wind and solar generation will continue to reduce our carbon emissions, which are already 60% below 2005 levels and on track for a 70% reduction by 2030.”

            Improvements to TVA’s power system are factored into its 10-year strategic financial plan, which includes continued investment while maintaining steady rates and reducing debt.

            In the first quarter of FY20, TVA’s fuel and purchased power expenses were 13% lower than the same period a year ago with an overall net income of $192 million. Interest expense was 5% lower while TVA’s total debt and financial obligations were $246 million dollars lower in Q1 – their lowest levels in 30 years

            “Reducing debt, investing in a cleaner, more diverse portfolio and improving our operational performance helps us keep rates low,” said John Thomas, chief financial officer. “In fact, our effective wholesale rate for Q1 was 2% lower than the previous year.”

            Reliable, low cost energy continues to be a key factor in bringing new business to TVA’s seven-state service area. Working with local power companies and other agencies, TVA helped attract or retain more than 27,500 jobs and $2.4 billion in capital investment to the region in the first quarter of FY20.

In other business, the board:

Renewed the charters of the Regional Resource Stewardship Council and the Regional Energy Resource Council, two advisory groups made up of individuals with varying viewpoints from across the area to provide input on TVA’s current and future actions.

Extended an agreement with the U.S. Department of Energy on the disposition of spent nuclear fuel

Recognized TVA engineer Dr. Noelle Currey, recipient of the 2020 Ike Zeringue Engineer of the Year award


TLAP Develops Guide To Help Attorneys Cope With Pandemic

Chattanooga Chamber Calendar Of Events April 14-16

AG Slatery Joins Bipartisan Coalition To Hold Manufacturers Accountable For Defective Products


The Tennessee Lawyers Assistance Program has created a resource guide to assist attorneys who may be facing extra stress and pressure because of the coronavirus outbreak and related closures. ... (click for more)

Apr. 14, Live call: Local COVID-19 Legislation and Aid Package Update with Kerry Hayes 2 p.m. Kerry Hayes, Mayor Berke's Chief of Staff, updates us on local guidance related to COVID-19 ... (click for more)

Tennessee Attorney General Herbert H. Slatery III has joined a bipartisan coalition of attorneys general from 39 states and the District of Columbia defending the rights of Tennesseans and all ... (click for more)




Business

TLAP Develops Guide To Help Attorneys Cope With Pandemic

The Tennessee Lawyers Assistance Program has created a resource guide to assist attorneys who may be facing extra stress and pressure because of the coronavirus outbreak and related closures. TLAP is a free, confidential assistance program providing consultation, referral, intervention, and crisis counseling for lawyers, judges, bar applicants and law students who are struggling ... (click for more)

Chattanooga Chamber Calendar Of Events April 14-16

Apr. 14, Live call: Local COVID-19 Legislation and Aid Package Update with Kerry Hayes 2 p.m. Kerry Hayes, Mayor Berke's Chief of Staff, updates us on local guidance related to COVID-19 and the latest on the Small Business Stabilization Fund. Justin Groenert, the Chamber's vice president of Public Policy, will also provide updates on state and federal legislation related to ... (click for more)

Breaking News

Tennessee Has 15 More Coronavirus Deaths; Now Up To 94; Cases Rise To 4,634; Hamilton County Has 10th Death

Tennessee has an additional 15 coronavirus deaths - bringing the count to 94, state Health Department officials said Thursday afternoon. Cases are listed at 4,634 - up from 4,362. Officials said 505 people have been hospitalized in the state from coronavirus - up from 449. The state report shows 98 cases in Hamilton County - an increase of four - and an additional death, ... (click for more)

Georgia Has 10 More Coronavirus Deaths To Go To 379; Cases Reach 10,566

Georgia state health officials said Thursday that another 10 people in the state have died from the coronavirus since Wednesday, bringing the total to 379. The confirmed cases are now at 10,566 - up from 10,189 on Wednesday. Officials said 2,159 have been hospitalized in Georgia with the deadly virus. Whitfield County remains at 20 cases and three deaths. Walker ... (click for more)

Opinion

Coronavirus Brings Out Kindness In People

Sept. 11 brought out greater kindness in us to strangers. After 9/11 I immediately noticed increased kindness in the simplest of things, holding doors open, courtesy in public. The coronavirous has had that same effect but even more intense. I see strangers concerned for the well being of others, not just in terms of social distancing but myriad acts of personal kindness and ... (click for more)

Joe Smith: I'm In Rhonda Thurman's Corner

I didn’t sleep well last night. It was one of those times when this old boxing coach was in a 10-round boxing match in my spirit. So many people are hurting right now. I have friends that have lost their jobs and are struggling to feed their families. My 11-year-old grandson tells me, “Pops I want to go to school.” I miss Sunday morning worship with my pastor and church family. ... (click for more)