The Tennessee Valley Authority (TVA) is doubling down on its commitment to advanced nuclear technology by approving an additional $150 million for the development of small modular reactors (SMRs) at its Clinch River site near Oak Ridge, as first reported by WVLT. This decision follows the funding of $200 million designated for the project back in February 2022, totaling a $350 million investment from the nation's largest public power supplier.

According to Powermag, Jeff Lyash, TVA president and CEO, expressed that “advanced nuclear technologies will play a critical role in our region and nation’s drive toward a clean energy future," and went further highlighting, "Today’s Board decision demonstrates TVA’s commitment to continue leading in this effort." With the region's population growing at a rate three times faster than the national average and economic growth surpassing the national GDP, the utility is confronted with a rapidly escalating demand for electricity, a situation compelling enough, it seems, to justify sizable investments in future-ready nuclear technology.

However, TVA’s bold financial push towards clean energy isn’t without its impact on the consumer; a 5.25% base rate increase is impending, starting October 1, 2024, as reported by WVLT, and while TVA is renowned for rates lower than 75% of the top 100 U.S. utilities, the increase equates to about a $4.35 hike per month for customers, understandingly, for Lyash acknowledges that people don’t pay rates, they pay bills, and that matters. In response, TVA highlights its continued efforts to curb expenses while ramping up its energy portfolio to be increasingly carbon-free and substantially expandable.