TVA extends price discounts another year and foresees stable rates for the next decade

File photos / TVA plans to extend its 2.5% power credit another year and hold the line on base rates

KNOXVILLE - America's biggest public power utility will extend for another year the price breaks it has provided during the pandemic for the local power companies that provide electricity to more than 10 million people under a budget plan adopted Wednesday.

The Tennessee Valley Authority, which has cut both its operating costs and debt expenses for nearly a decade, will extend its 2.5% pandemic relief rebate provided this year as a "pandemic recovery" credit and pledged to soon develop a plan to extend the credit into 2023. TVA President Jeff Lyash said the utility has paid down its debt by nearly $8 billion and cut its annual operating expenses by more than $800 million over the past decade to allow for the reduction in the price of electricity.

The pandemic recovery credit being provided to all TVA customers is in addition to the 3.1%