TVA announces $200 million relief credit

KNOXVILLE, Tenn. (WATE) — The Tennessee Valley Authority is hoping to power an economic bounce-back from the pandemic with a $200 million relief credit.

The utility’s board approved a 2.5% credit on wholesale rates for local power companies and industrial customers. The credit will be applied beginning in October and will remain in effect through the end of the fiscal year 2021.

The board also extended TVA’s Back-to-Business credit program, which encourages large customers to resume operations as quickly as possible. To date, about one-third of eligible large customers have benefited from the program, according to the utility.

TVA also put another $2 million into a the Community Cares Fund to help groups that support families and businesses most in need. The money will be matched by local power companies and other community groups to benefit local organizations. The fund has provided more than $4.5 million to nearly 300 groups across the Tennessee Valley.