TVA’s $15 B investment
TVA approved $15 B in investments over the next three years to build additional generation and upgrade the existing system.
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USA, Knoxville: TVA approved $15 B in investments over the next three years to build additional generation and upgrade the existing system.
The Tennessee Valley Authority Board of Directors approved $15 B in investments over the next three years to build additional generation and upgrade the existing system to ensure the region continues to benefit from affordable, reliable power. TVA is focused on meeting growing electricity demand while maintaining energy security and moving to a net-zero carbon future.
“It took us 90 years to build our current power system which positively changed the lives of millions,” said TVA president and CEO Jeff Lyash. “In the next 30 years, we will have to double or triple the current systems at a speed unlike any other time in TVA history to ensure we can continue to provide affordable, reliable, resilient and sustainable energy to fuel the region’s economic growth.”
In 1950, about 2 % of the energy used in the United States came from electricity. Today, it’s around 22 % and growing.
During the decade before COVID, TVA’s seven-state region saw almost no electric load growth. Post-COVID, the region has experienced tremendous economic growth, fueled by several factors — including TVA’s clean, affordable electricity.
Over the past 10 years, TVA has invested $25 B in existing and new generation. Currently, TVA is adding 3,800 MW of new generation. Three new flexible, dispatchable units at Colbert came online in July 2023.
An additional 1,250 MW are scheduled to come online in 2023 and 2024 at Paradise and Johnsonville. TVA is aggressively working to add more than 10,000 MW of new solar energy by 2035 and is adding its first battery storage facility in Vonore, Tennessee.
In addition, TVA is working to offset approximately 30 % of new load growth in the next 10 years through energy efficiency and demand response programs. TVA will invest $100 M in energy efficiency and demand response programs to accomplish this, continuing to help lower energy bills.
Over the next three years alone, TVA is planning to invest $15 B in its system.
“Our region’s future is bright,” Lyash said. “The challenge is finding the right balance in changing conditions that are fiscally responsible while ensuring that we can provide the power you need over the next 30 years.”
Source: T&D World
#generation#investment#solar energy#Tennessee Valley Authority