KNOXVILLE, Tenn. — The Tennessee Valley Authority Board approved a few measures to support the community through the COVID-19 pandemic Thursday, according to a release.
They approved a $200 million Pandemic Relief Credit for the coming fiscal year. It will be used to help communities and businesses recover more quickly, according to a release from TVA. The credit will help keep utility costs down so organizations can operate easier during the pandemic.
It will equal a 2.5 percent credit and will be applied to customers' bills beginning October, and will remain in effect through the end of fiscal year 2021 for TVA customers, including local power companies and direct customers.
With the credit, rates will be lower than they were a decade ago, according to a release from TVA.
"Our financial results remain strong and we are in a good position to do the right thing for our customers, providing people with the help they need when they need it most, while we continue to deliver our mission of service," Jeff Lyash said in a release, TVA President and CEO.
The board also approved giving $2 million to the Community Care Fund to help support nonprofits working to help people through the COVID-19 pandemic.
They also extended the Back-to-Business credit program, which helps larger customers resume operations as quickly as possible. Officials said that around a third of eligible large customers have benefited from the program.