BEGIN:VCALENDAR VERSION:2.0 METHOD:PUBLISH PRODID:-//Telerik Inc.//Sitefinity CMS 15.1//EN BEGIN:VTIMEZONE TZID:Central Standard Time BEGIN:STANDARD DTSTART:20251102T020000 RRULE:FREQ=YEARLY;BYDAY=1SU;BYHOUR=2;BYMINUTE=0;BYMONTH=11 TZNAME:Central Standard Time TZOFFSETFROM:-0500 TZOFFSETTO:-0600 END:STANDARD BEGIN:DAYLIGHT DTSTART:20250301T020000 RRULE:FREQ=YEARLY;BYDAY=2SU;BYHOUR=2;BYMINUTE=0;BYMONTH=3 TZNAME:Central Daylight Time TZOFFSETFROM:-0600 TZOFFSETTO:-0500 END:DAYLIGHT END:VTIMEZONE BEGIN:VEVENT DESCRIPTION:TVA Board Meeting Recap - August 22\, 2024The Tennessee Valley Authority Board of Directors approved $150 million in additional advanced nuclear funding during its quarterly board meeting held Aug. 22 in Florenc e\, Alabama. Funds will support continued design work and TVA’s developmen t of potential small modular reactors at its Clinch River site near Oak Ri dge\, Tennessee.The board\, which approved an initial $200 million at its February 2022 meeting\, has now approved a total of $350 million for the p roject. With nearly 60% of its current generation carbon-free\, this inves tment to build clean generation accelerates TVA’s transition to clean ener gy to power the region’s growing population and economy.“We believe advanc ed nuclear technologies will play a critical role in our region and nation ’s drive toward a clean energy future\,” said Jeff Lyash\, TVA President a nd CEO. “Today’s Board decision demonstrates TVA’s commitment to continue leading in this effort.“Small modular reactors are an energy innovation te chnology that America must dominate – for our energy security\, which is r eally our national security.”The TVA region is growing three times faster than the national average. To address the need for more electricity\, TVA is investing nearly $16 billion through FY 2027 to build new generation\, enhance the reliability of existing assets and for initial infrastructure The agency is building ~3\,500 megawatts of new generation\, TVA has made great progress by completing 1\,400 megawatts and securing 800 megawatts o f solar this year.Solar energy growth remains a focus for TVA. The Board a pproved accelerating TVA’s deployment of clean technologies\, including 10 \,000 megawatts of solar by 2035.To fund ongoing construction and energy d evelopment\, the TVA board approved a 5.25% base rate increase that will t ake effect Oct. 1\, 2024. With an average residential bill in FY 2023 at a bout $138\, this increase will translate to about an additional $4.35 each month.“We recognize that people don’t pay rates\, they pay bills\, and th at matters\,” Lyash said. “We know this is a kitchen table issue for many families across our region. At TVA\, we don’t like price increases any mor e than you do\, and that’s why we continually work to reduce expenses by h undreds of millions of dollars each year. We have done everything possible to absorb costs as we invest in the reliability of our existing plants\, construct new generation to keep up with growth and maximize solar to prod uce more carbon-free energy.”In August 2023\, the TVA Board of Directors a pproved a 4.5% base rate increase for FY 2024. These funds helped support the completion of the Paradise Combined Cycle Plant in Kentucky and helped TVA move forward with construction of additional generating resources at Cumberland\, Kingston\, Johnsonville and Shawnee.Lyash pointed out that be cause of TVA’s diverse generation resources\, reduced fuel costs have kept residential rates lower than 75% of the top 100 U.S. utilities. Through t he first nine months of this fiscal year\, power rates were 3% lower than the same period last year despite the rate increase.Read the full \;ne ws release \;from the Aug. 22 TVA Board of Directors meeting or view t he video and explore the resolutions adopted by the board using the links below.AgendaApproved ResolutionsListening session RecapMinutesPresentation Streaming Video DTEND:20240822T160000Z DTSTAMP:20260604T030324Z DTSTART:20240822T140000Z LOCATION: SEQUENCE:0 SUMMARY:TVA Board Meeting - August 22\, 2024 UID:RFCALITEM639161390047086370 X-ALT-DESC;FMTTYPE=text/html: