The Tennessee Valley Authority (TVA) Board of Directors discussed the progress they have made toward their goal of net-zero carbon emissions by 2050 as well as the work they will continue to do to ensure affordable and reliable power at their quarterly meeting on Thursday.
TVA President and CEO, Jeff Lyash says the TVA is leading the charge on carbon reduction and currently around 60% of their power generation comes from carbon free sources which includes nuclear, solar, wind and water generation. However, Lyash says there is much more work that needs to be done in order to reach net-zero carbon emissions.
While focusing on a clean energy future, the board also emphasized the importance of ensuring reliable power. In 2023 Lyash says the TVA met a record demand for power and by 2050 they will have to double their power production capacity in order to continue meeting demands. Lyash says they expect for the population in their coverage region to grow around 22%.
Turning toward reliability, the TVA has reportedly added 1,400 megawatts of natural gas generation and about 800 megawatts of new solar generation to their production. Lyash says natural gas generation has become integral in helping the TVA integrate renewable power sources into their production.
To ensure their power remains reliable as their coverage region grows, the TVA is building more than 3,800 megawatts of additional generation that includes solar, energy storage, combustion turbines and combined-cycle natural gas.
Concerning power affordability, the board reported that the price of electricity for the first three months of 2024 was down 4% in comparison to last year as a result of the TVA diversifying their power generation.
Around 12,400 homeowners in the TVA service region received rebated energy efficiency upgrades which will help lower their electric bills and power consumption. According to a report, homeowners have saved nearly $6 million on their annual electric bills.
Along with servicing homes, the TVA’s 2024 round of the School Uplift Program which serves to help schools find ways to easily conserve power. From the program, $3 million in grants were reportedly awarded to 106 schools that participated in the program.
More information about TVA’s clean energy efforts can be found at tvaenergy.com.