The Tennessee Valley Authority is partnering with local power companies by providing $2 million in matching funds to support local initiatives that address hardships created by the COVID-19 pandemic. This funding is part of a comprehensive portfolio of assistance programs TVA is providing to support communities and customers across the Tennessee Valley.
The COVID-19 Community Care Fund will help amplify work being done by nonprofit organizations to support families and businesses affected by pandemic conditions.
Local power companies will have the opportunity to identify organizations for which they will seek matching funds for existing or new community initiatives. The fund is intended to help sustain and improve the quality of life in the valley and support economic recovery.
“In the spirit of public power, we are honored to partner with local power companies to address the unprecedented challenges facing those we serve,” said Jeannette Mills, TVA executive vice president and chief external relations officer. “TVA has a mission of service to make life better for the people of the Valley, and providing these funds to address immediate needs is one way we can help ease the burdens on families and communities.”
The COVID-19 Community Care Fund is part of a broader effort by TVA and local power companies to support communities with resources, programs and assistance and reinforce the strength of public power in the Tennessee Valley.
In its role as regulator for local power companies, TVA is providing the local companies with more flexibility to meet immediate customer needs in a fair, consistent manner. TVA also announced a credit support program in late March to provide financial stability and assist local power companies in their efforts to support their customers through these challenging financial conditions. TVA is also working to identify additional potential funding from federal, state and local government stimulus programs to help mitigate the impacts of COVID-19 in the valley.
TVA is a corporate agency of the U.S. that provides electricity for business customers and local power companies serving nearly 10 million people in parts of seven southeastern states. TVA drives virtually all of its revenues from sales of electricity. Of the 73 generating sites TVA owns, 29 are conventional hydroelectric plants and one is a pumped storage facility. In Fiscal Year 2020, hydro accounted for 10% of TVA’s overall electricity generation.