TVA Encourages a Clean Energy Economy for a Sustainable Future

Knoxville, TN – The Tennessee Valley Authority Board of Directors at its quarterly meeting Thursday reviewed the agency’s comprehensive, integrated sustainability strategy that will take America’s largest public energy provider from nearly 60% carbon-free to net-zero emissions by 2050 . The board also assessed other initiatives that will create a more affordable, reliable and resilient energy system.

“TVA was founded more than 90 years ago to serve this region by developing innovative solutions to solve complex challenges,” said Jeff Lyash, TVA President & CEO. “That same goal guides our work today. We are a national leader in the field of CO2 reduction, but we realize that there is still more to do.’

“We are addressing the challenges of the region’s growth by developing solutions that will deliver a clean energy future. These efforts will provide communities across the region with a sustainable competitive advantage.”

With the region growing three times faster than the national average and the University of Tennessee Baker School projecting the region’s population to grow 22% by 2050, the TVA Board of Directors is guiding the agency to meet the challenges ahead are to be addressed with a multifaceted approach of (1) building additional clean, efficient generation and (2) reducing consumption by 30% over the next decade by investing in energy efficiency and demand response programs. As a result, the electricity price for the first three months of calendar year 2024 was 4% lower than a year ago.

“The prosperity of our state is directly tied to the work of the Tennessee Valley Authority’s public power model,” said Tennessee Governor Bill Lee. “As we continue to experience tremendous growth, Tennessee is investing in new energy technologies – such as nuclear power – to create a clean energy ecosystem that will meet the demand for affordable, reliable and clean electricity to power the lives of all Tennesseans improve.”

To meet the region’s growth, TVA is building more than 3,800 megawatts of additional generation, including solar, energy storage, combustion turbines and combined cycle natural gas. Lyash reported that TVA is making good progress building additional generation with 1,400 megawatts completed between Colbert, AL., and Paradise, KY., natural gas facilities and approximately 800 megawatts of new solar energy secured. In total, TVA has more than 4,000 megawatts of solar energy in use or under construction.

Last October, TVA launched a $1.5 billion energy efficiency and demand response program – one of the largest in the industry – to help homes, schools and businesses become more energy efficient over the next five years. TVA expects the program to offset nearly 30% of expected load growth and peak demand peaks through FY33. TVA’s goal is to reduce energy consumption by 2,200 megawatts: the equivalent of nearly 1.3 million homes.

In the first six months of the program, TVA’s efforts to help businesses and residents save energy have reduced more than 161,000 metric tons of CO2, equivalent to the carbon emissions of 18,466 homes powered for a year.

“We are proud of this progress, but we are just getting started,” says Lyash. “May is Home Improvement Month and TVA is investing in your home, school and business to help you save energy and money. We encourage everyone to take advantage of our energy saving programs and tools to save money and live a smart life. become an energy consumer.”

Businesses are eligible for up to $3 million in energy efficiency upgrades annually. During this fiscal year, TVA enabled more than 1,700 businesses to save energy, saving nearly $115 million on their annual electric bills over the life of their energy improvements.

“The TVA EnergyRight incentive for mini-split units installed in our offices will enable the Chattanooga Area Food Bank to provide thousands of additional meals to our neighbors facing food insecurity while making the space more comfortable for years to come ” said Angela Nicholette, Chief Operations Officer of the Chattanooga Area Food Bank.

On May 2, TVA announced that 106 schools earned $3 million in grants for energy and learning environment upgrades through the agency’s nationally recognized School Uplift program.

“I recommend the School Uplift program,” says Jason Bradley, biology and robotics teacher at Clarkrange High School, Clarkrange, Tennessee. “It allows schools to realize how much energy they are wasting and allows them to start saving to reinvest that money in the energy sector. school.” Clarkrange High School earned a $410,000 School Uplift grant.

To date, TVA has invested $7.87 million in School Uplift, helping more than 225 schools save nearly 10% on their energy bills. Registration for the 2024-2025 School Uplift program is open and up to 120 new schools have already been registered.

Homeowners can take advantage of a wide range of TVA rebates and can combine upgrades to save up to 50% per year on their energy bills. Just in time for summer, TVA is offering a $50 rebate for HVAC tune-ups and recently increased its attic insulation rebate to $500 to save homeowners money on their air conditioning costs.

“I don’t have to worry about whether my air conditioning will make it through the summer,” says Sharon Blankenship, Signal Mountain, Tennessee. “Thanks to the TVA discount, I was able to easily have my unit adjusted and received my discount money quickly. ”

In FY24, more than 12,400 homeowners benefited from energy efficiency improvements. They received more than $2.5 million in rebates and helped them save nearly $6 million on their annual electric bills over the life of their energy improvements.

With a 58% reduction in mass carbon emissions from 2005 levels, one of the largest reductions in the nation, TVA remains a leader in clean energy. To ensure TVA is moving toward a sustainable future, the Board of Directors reviewed TVA’s FY 2023 Sustainability Report, which was released Wednesday. Notable highlights from the FY 2023 report include:

• Through investments in existing solutions and innovative research, nearly 60% of TVA’s energy was carbon-free, and the agency is aiming for net-zero carbon emissions by 2050.
• TVA’s economic development efforts have helped attract $9.2 billion in anticipated capital investments, which are expected to create 12,000 new jobs and retain 46,000 jobs.
• TVA team members completed 267 biodiversity activities and worked with 132 partners.
• TVA and the retired organization Bicentennial Volunteers, Inc. contributed $1.5 million to science, technology, engineering and math activities in K-12 classrooms. A total of 343 schools received subsidies, allowing more than 130,000 students to participate in practice-oriented STEM education.
• TVA provided $1.1 million to open 27 STEM centers in partnership with the Cal Ripken Sr. Foundation, to support primary and secondary school children in disadvantaged neighborhoods.
• TVA’s Connected Communities initiative donated approximately $2 million to local communities, supporting economic empowerment, broadband and digital literacy, energy and environmental justice and improved community resilience.
• Working with local energy companies, the TVA EnergyRight Home Uplift program has surpassed more than 5,000 homes upgraded, valued at $10,000 to $12,000 per home, since its inception in 2018.

“The steps we have taken to help our region are a testament to our employees as we work to improve our communities and achieve our country’s sustainability goals in a responsible and equitable manner,” said Lyash. “TVA is an industry leader and going forward, our environmental, social and governance strategy will remain our foundation as we work together to build a better company, a better region and a better future for everyone we serve.”

In other matters, the Board of Directors:

• Reviewed TVA’s operations and nuclear performance
• Heard reports on TVA’s financial performance and funding of strategic initiatives for FY24
• Discussed executive compensation and committee assignments

TVA attaches great importance to transparency. Learn more about TVA’s efforts in diversity and inclusion, sustainability, strategic planning, financial health and the new nuclear program at tva.com/about-tva/reports.

The Tennessee Valley Authority is the nation’s largest public energy supplier, providing energy to 10 million people in seven southeastern states. TVA was founded 90 years ago to serve this region and the country 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 pursuit of a clean energy future.

TVA is a United States business agency that receives no taxpayer funding and derives virtually all of its revenue from the sale 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 energy companies and state and local governments with economic development and job creation.