The TVA Board of Directors took action at its meeting last week to further extend support to communities, businesses, and people across the region challenged by the COVID-19 pandemic, approving an extension of the Pandemic Recovery Credit through fiscal 2022. The board also requested a proposal to explore the potential of a further extension through the following year.
First approved a year ago, the initiative provides a monthly 2.5% wholesale power cost credit to each of the 153 local power companies TVA serves, as well as TVA directly served customers and large customers served by local power companies. For fiscal 2021, the credit will be about $200 million and extending the program through fiscal 2022 is expected to provide an additional $220 million.
The Board also approved the continuation of the Community Care Fund into the new fiscal year, providing up to $5 million in additional TVA funds. The Community Care Fund supports local initiatives that address hardships created by the COVID-19 pandemic and TVA has now contributed $9M to it, it said in a press release.
“TVA was created to benefit the public good and has continued to build on that clear mission,” said Jeff Lyash, TVA president and CEO. “Thanks to the dedication and hard work of our employees, we continue to deliver value to those we serve.
“Because of TVA’s strong operational and financial performance, we have an opportunity and responsibility to use these resources to provide continued support for customers, businesses, and communities.”
The Board also commended the success of TVA and its local power company partners in reliably delivering energy to the region during challenging weather conditions in February and over the past three weeks, when TVA met some of its highest summer peak energy demands in the past decade.
“Even under difficult circumstances, we can consistently deliver some of the nation’s lowest-cost, most reliable, and cleanest energy,” added Lash in a statement.
Lowering carbon emissions
Through the end of June, nearly 60% of TVA’s energy was delivered from carbon-free sources, said the company. TVA’s overall carbon emissions at the end of the last fiscal year were 63% below 2005 levels.
To further support carbon reductions, TVA announced its intent to convert up to half of its fleet vehicles to electric, while continuing to lead a broad vehicle charging network across the entire region through the Electric Highway Coalition.
The TVA board also approved TVA’s fiscal 2022 goals to align with its five strategic priorities: leveraging its people advantage, building powerful partnerships, striving for operational excellence, igniting innovation and continuing to build financial strength.