TVA to invest another $150 million in nuclear

The Tennessee Valley Authority said on Thursday that they plan to invest another $150 million in advanced nuclear technology.

The additional money, approved by the TVA Board of Directors, will go toward the development of small modular nuclear reactors. Jeff Lyash, TVA President and CEO said, “We believe advanced nuclear technologies will play a critical role in our region and nation’s drive toward a clean energy future. Today’s Board decision demonstrates TVA’s commitment to continue leading in this effort. Small modular reactors are an energy innovation technology that America must dominate – for our energy security, which is really our national security.” 

The additional funding means rate increases across the service area. TVA officials said they don't take rate increases lightly. Lyash said, "We recognize that people don’t pay rates, they pay bills, and that matters. We know this is a kitchen table issue for many families across our region. At TVA, we don’t like price increases any more than you do, and that’s why we continually work to reduce expenses by hundreds of millions of dollars each year."

The base rate will increase 5.25%, meaning the average bill will increase $4.35 per month beginning October 1st. 

In February 2022, $200 million was initially approved as TVA began making a move toward clean energy to power the region. The development of the potential small modular reactors will take place near Oak Ridge at the Clinch River facility.