TVA May 10 Board Meeting Recap

The Tennessee Valley Authority Board of Directors on Wednesday recognized the agency’s 90th-anniversary milestone and outlined the agency’s plan to double its solar energy capacity while supporting the Tennessee Valley region’s record-growing demand.

“TVA’s mission of service is just as important today as it was 90 years ago,” said TVA President and CEO Jeff Lyash. “We were created as an innovation company, and we will use that same innovative spirit and mission of service as we address today’s challenges. Our region is experiencing growth at six times the national average, which means we must invest in our current power system and build new generation so we can continue meeting our region’s demand.”

TVA’s Approach to Meeting Our Region’s Rapidly Growing Energy Needs – Highlights from CEO Jeff Lyash’s Report

TVA believes the transition to a clean energy economy requires a holistic approach that entails a strategy that must be broad and flexible and should consider the economic and environmental effects of our choices. Also, there is no “one option” that provides all the reliable, affordable, resilient and clean power needed for our future.

And the recent growth of people moving to the Valley and economic development in our region has underscored the need to provide affordable, reliable power today. We are currently building new generation that includes solar, energy storage, combustion turbines and combined-cycle natural gas. But more energy resources are needed to meet load growth, the onshoring of manufacturing, and the electrification of other sectors. TVA is aware that it takes time to study, site, permit, source, and build generation assets; and it is currently taking longer than ever before with additional risk.

To create flexibility and provide information for TVA’s decision-makers, we will begin numerous environmental studies with different near-term and long-term options. These reviews will help us prepare for the future, be more agile in execution, and continue to meet the growing needs of the Valley.

We are conducting a study of the environmental impacts of new solar facilities and additional gas sites and conducting a review of new pumped storage facilities which are needed to balance the intermittency of our growing renewable portfolio. Additionally, we are reviewing individual projects on turbines and generators to increase MWs on the existing hydro-generation fleet.

Importantly, we continue an environmental study on the possible retirement of the Kingston Fossil plant. Due to the need for firm dispatchable power and grid stability in the Eastern part of the system, gas is our preferred alternative for the site and would reduce carbon emissions by approximately 60% and serves as a bridge as other technologies are developed. The Kingston (DEIS) assesses the impacts associated with the retirement of Kingston Fossil Plant units near Kingston, Tenn., and the potential construction and operation of alternative replacement generation, including replacing retired generation with a natural gas plant. We will not make a final decision on retirement and replacement generation without public input at the conclusion of the environmental review, specifically the record of decision planned for publication in early 2024. A public comment period is scheduled from May 19 – July 3. Public comments can be submitted for this and other new studies at Get Involved, Stay Involved (tva.com).

Over the next few months, we will also be conducting other environmental studies including building a virtual power plant from our energy efficiency and demand response programs which could meet up to 40% of load growth. We will continue to study individual solar projects including the possibility of awarding up to 40 new projects that are being identified through TVA’s Clean Energy RFP and we will finalize environmental studies on providing Local Power Companies more power supply flexibility to bring online additional carbon-free resources and/or storage projects.

Along with our evaluation of the Clinch River site for a small-modular reactor, we anticipate starting environmental reviews of additional potential sites around the Valley. And we remain focused on our goal to reach net-zero.

We will also begin work on the next Integrated Resource Plan which will help us explore options to reach net-zero carbon emissions by 2050. Information about these ongoing reviews and how you can participate can be found on our TVA website throughout the summer.

Public Engagement/ Notice of Intent (NOI) – 4 NOIs are posting Friday, May 12

NOIs – announce public comment period and virtual and in-person public meeting and ask for public input on what should and should not be evaluated as part of future environmental reviews. Four NOIs – pumped storage, programmatic solar, Cheatham County, IRP and the Kingston Draft Environmental Impact Statement (DEIS) are posted for public review and comment along with scheduled public meetings. Find details at Get Involved, Stay Involved (tva.com).

TVA is building the energy system of the future to enable ongoing and future growth around the Valley, focusing on cleaner and more efficient energy generation while maintaining low rates and reliable power for the 10 million people we are privileged to serve. This effort includes evaluating all our assets to include possible retirement and replacement generation needs as outlined in TVA’s 2019 Integrated Resource Plan (IRP).

Additional News

TVA has released its 2022 Sustainability Report. Sustainability for TVA means ensuring its ability to provide the region with affordable and reliable energy, a healthy environment, and a prosperous economy. Accomplishments cited in the report include:

• Helped attract $10.2 billion in projected capital investments – with 26,512 jobs expected to be created and 40,027 jobs retained
• Advanced its Environmental Justice Program to help address disproportionate health, environmental, economic and climate impacts on disadvantaged communities
• Donated more than $9 million in community contributions and disaster relief
• Announced a partnership with the Baker Center for Public Policy at the University of Tennessee to study ways all segments of the economy can move the region toward a clean, secure energy future
• Sponsored 449 total environmental outreach and stewardship projects across the region
• Completed 120 biodiversity projects and initiatives
• Prevented an estimated $3 million in flood damage along the Tennessee River

Read the full report at tva.com/reports.

If you have questions, please contact Cathy Coffey at ccoffey@tva.gov.