The fiscal year 2020 budget for the Tennessee Valley will not increase wholesale power rates under its new strategic direction and updated Integrated Resource Plan set by the Tennessee Valley Authority (TVA) Board last week.
The new strategy will cover through 2030, while the latest IRP will guide energy needs for the region of more than 10 million people over the next 20 years.
“Our success to this point has come from a disciplined approach to how we run our business, which has allowed us to reduce our debt to its lowest point in 25 years and still invest in our generation and transmission system,” John Thomas, TVA CFO, said. “That same financial discipline will now allow us to maintain stable rates through 2030 and implement the initiatives recommended by the IRP.”
According to TVA President and CEO Jeff Lyash, they have already managed to achieve many 10 year goals in a mere six years, setting the scene for success.
The FY2020 budget will consist of $10.59 billion, focused on efficiency efforts and balancing existing assets, capabilities and debt reduction. Going forward, the Board is also concerned with reduced the region’s carbon footprint, which is why they intend to include up to 14 gigawatts of new solar capacity by 2038. Additionally, they have adopted a long-term partnership agreement with local power companies with an eye on competitive rates and an evolving market.
TVA’s regulatory policies will also be modified to provide local power companies more options for financing support broadband. At the same time, they want to maintain oversight to guarantee that electric system operations do not begin subsidizing other utility efforts. Large generator interconnection procedures have been altered, performance-driven compensation plans have changed, and more than 100 megawatts of firm power will be provided to a directly served customer under a new agreement reached during this latest meeting.
The Board also agreed to select an external auditor for FY2020.
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