The Tennessee Valley Authority Board of Directors on Thursday voted to invest roughly $150 million in funding towards developing advanced nuclear energy—and they also approved a budget that will increase rates.
The budget for fiscal year 2025 will reflect a rate increase of 5.25 percent to the base rate, which President and CEO Jeff Lyash says will mean an increase of around $4 on each customer’s bill from the TVA—though there’s a chance that could be less, considering other factors.
Lyash says the budget also reflects their drive to maintain energy security while striving to meet the growing demand for even more energy across the region.
One of the big focuses moving forward will be advanced nuclear energy, and at the Board meeting, they voted to invest $150 mill towards that goal. That makes $350 million invested in the endeavor so far, with Lyash saying nuclear energy is a must have for energy, and national, security.
The Tennessee Valley serves a wide region that includes numerous states, and that includes locally, as the energy provider for both Hopkinsville Electric System and Pennyrile Electric.