Nation’s largest utility in long-term deals to sell power

MEMPHIS, Tenn. (AP) — Tennessee Valley Authority officials say most of the local companies that receive power generated by the utility have signed long-term partnership agreements, but some larger customers still have not agreed to the 20-year deals.

TVA President and CEO Jeff Lyash said during a board meeting Thursday that 85% of the 154 local companies that buy power generated by TVA have agreed to the deals, which carry a 3.1% monthly rebate on wholesale power rates. Lyash said the local companies could pass savings on to their customers and give them flexibility to provide part of their power generation through locally sourced options.

But TVA’s biggest customer, Memphis, Light, Gas & Water, has not signed a long-term deal. The Memphis utility is exploring other power generation options, including other suppliers.

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