Latest news with #Lyash
Yahoo
02-04-2025
- Business
- Yahoo
How much will the new Tennessee Valley Authority CEO be paid?
KNOXVILLE, Tenn. (WATE) — The Tennessee Valley Authority will soon have a new leader that will replace the outgoing CEO whose high pay had previously been the target of criticism from President Donald Trump. Don Moul was named the newest CEO of the nation's largest public utility on Monday. He will officially replace Jeff Lyash later this year, who will retire after heading the independent agency since 2019. City of Sevierville files lawsuit over Camping World's 130-foot-tall flagpole A TVA spokesperson told 6 News that Moul's base salary will be $1.2 million, roughly the same as Lyash's base pay approved by the TVA Board in November 2024. He is eligible to receive an additional $2.45 million if three-year performance cycle goals are met and a long-term retention bonus of $1.05 million. Moul is also eligible for accrued benefits through TVA's Supplemental Executive Retirement Plan and its Executive Severance Plan. Trump previously criticized Lyash's compensation during his first term in office and called for the position's pay to be capped at $500,000. His total compensation was more than $10 million in fiscal year 2024, made up largely of performance-based incentives and accrued benefits. The TVA doesn't get taxpayer money from the federal government. It a self-sustaining entity primarily funded by electricity sales that top $10 billion annually. Could the Tennessee Valley Fair leave Chilhowee Park after more than a century? The TVA Board defended its CEO pay from Trump's criticism in the past, noting in a 2020 memo to employees and contractors that the total compensation ranked in the bottom 25 percent of utility peers in the private sector. Moul has served as TVA's executive vice president and chief operating officer since June 2021. He is set to assume the CEO role on April 9. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
20-02-2025
- Business
- Yahoo
TVA develops separate electric rate class for data centers, which suck up power to train AI
The Tennessee Valley Authority is developing a separate electricity rate class for data centers, which use huge amounts of power to process data for artificial intelligence platforms. The federal utility's Board of Directors asked managers last November to explore options for putting data centers in their own electricity price category after several major tech companies, including Elon Musk's xAI, opened large-scale data centers in the Tennessee Valley. Data centers are distinct from other large industrial customers that buy electricity from TVA and its local utilities because they often use more power while creating fewer jobs, making them less attractive for TVA's economic development work. TVA used to recruit companies building data centers, but stopped giving economic incentive grants to the projects in 2023, including cryptocurrency mining facilities. The vast majority of data centers in the Tennessee Valley are not direct customers of TVA, but buy power from local utilities, including xAI. Two companies – CC Metals & Alloys and Core Scientific – buy electricity directly from TVA to power data mining operations. Go deeper: TVA's power is relatively cheap. What about after KUB buys and resells it to you? Here's what to know about the upcoming change to TVA's rate structure. How much power do data centers use?: Large-scale data centers, called "hyperscalers," can use more than 100 megawatts of electricity. The TVA board approved a power agreement in November to supply xAI's Memphis data center, anchored by a massive supercomputer named Colossus, with 150 megawatts of electricity through Memphis Light, Gas and Water. By the estimate TVA uses, that's enough to power nearly 90,000 homes. What makes data centers a new animal for TVA?: "Before three or four years ago, it was rare to have a customer come on the system who was asking for more than 25 megawatts," TVA CEO Jeff Lyash told Knox News. "Now, we have businesses like data centers that can come on at 300 megawatts and decide three months from now they want to grow 300 megawatts more." TVA works to maintain rates that are equitable for the diverse kinds of customers it serves, and data centers will have to pay their fair share, Lyash said. "They should pay the cost of their service, and you shouldn't," Lyash said. When will new rate structure come into effect?: After a six-month period of talking to companies running data centers and other TVA customers, the utility's managers will bring a proposal for a new rate class before the board at its May meeting in Cookeville, Tennessee. Would TVA say no to powering a data center? TVA does not turn down customers who want to build facilities in the Tennessee Valley, Lyash said on a quarterly financial call on Feb. 5. 'We don't tell customers no. The answer from us is always yes," Lyash said. "We may have to build assets, transmission or generation, and we try to work with them to make sure we meet their needs while we're maintaining the reliability and resiliency of the system.' Large industrial customers like xAI may have to enter demand response programs as a condition of power agreements. The programs require companies to use less electricity when TVA is facing high demand for power, like during January's record-setting winter storm. How many data centers are in the Tennessee Valley?: It's difficult to find accurate and complete information about how many data centers operate in the U.S. or in specific regions. Because only a few data companies are direct customers of TVA, the utility does not keep track of how many there are in its service area. There are 45 data centers in Tennessee, according to though the number could be higher. How does TVA set electricity rates?: The TVA Act, the utility's governing legislation, gives the board sole responsibility for setting its electricity rates. Its rates are not subject to judicial review or approval by any other regulatory body. TVA sells power to 153 local utilities and around 60 large industrial customers, like the U.S. Department of Energy in Oak Ridge and Ford's Blue Oval City campus in West Tennessee. Its residential rates are lower than 80% of the top 100 U.S. utilities and its industrial rates are lower than more than 90% of the top 100 U.S. utilities, according to TVA's annual financial report for 2024. TVA electricity rate dropped last year: The utility's average electricity rate in 2024 was 7.4 cents per kilowatt-hour, which was lower than the year before. Though TVA raised its base electricity rates twice in two years, the increase was offset by lower costs for fuel to run its power plants. Fuel costs are factored into the price customers pay for power. Daniel Dassow is a growth and development reporter focused on technology and energy. Phone 423-637-0878. Email Support strong local journalism by subscribing at This article originally appeared on Knoxville News Sentinel: TVA considering separate electric rate for power-hungry data centers
Yahoo
31-01-2025
- Business
- Yahoo
CEO of the nation's largest public utility plans to retire
NASHVILLE, Tenn. (AP) — The CEO of the nation's largest public utility will retire no later than September after nearly six years in his position, the Tennessee Valley Authority announced Friday. Jeff Lyash's departure as president and CEO of the federal utility follows a tenure with ups and downs in a seven-state service region growing in population. TVA has focused on nuclear energy with its proposal to build a small modular reactor. It also worked toward its plan to retire all its coal-fired plants by 2035, laid out a roadmap for an electric vehicle charging network and kept its retail electricity rates at 80% lower than the rest of the U.S. and its industrial rates at 95% lower, according to the utility. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. Lyash has also drawn scrutiny from clean energy advocates. He helped lay plans to replace several of TVA's aging coal plants with another fossil fuel, natural gas. Several of TVA's proposals for new natural gas plants have prompted criticism from the U.S. Environmental Protection Agency. And the utility's targets fell short of former President Joe Biden's administration goal for a carbon-pollution-free energy sector by 2035, despite having a Biden-appointed majority on the board. Additionally, over two days in December 2023, the utility resorted to rolling blackouts after coal and natural gas units went offline during dangerously cold conditions. The scenario prompted changes that may have helped keep its system online during a new high in demand in a cold spell earlier this month. 'TVA truly is a special place – created more than 90 years ago to improve the quality of life for more than 10 million people across this region," Lyash said in a news release Friday. "That mission of service continues to be our focus today." His announcement also follows the return of President Donald Trump, who put Lyash on the hot seat in his first term. In 2020, Trump fired the former TVA board chairman and another board member. He also called for Lyash's replacement and the position's pay to be capped at $500,000. In response, TVA has noted that the CEO pay ranks in the bottom quartile of the power industry. Lyash's total compensation topped $10.5 million in the 2024 budget year, including various pension and performance incentives worth millions of dollars. Additionally, the utility has stressed that it doesn't receive federal taxpayer money and instead is funded by electricity customers. Trump also drove TVA to reverse course on the hiring of foreign labor for information technology jobs. TVA was out of Trump's crosshairs as his 2020 campaign heated up during the pandemic. The utility has not come up publicly for Trump in his early days of returning to office. TVA spokesperson Scott Brooks said Lyash's retirement "is not related to the administration or any current politics" and that Lyash began talking to TVA board members last fall about considering retirement. Lyash is listed as 63 years old in a November SEC filing. 'TVA has worked with 20 presidential administrations since its creation in 1933 — that's 15 different presidents, each with their own goals and commitments,' Brooks said.
The Hill
31-01-2025
- Business
- The Hill
CEO of the nation's largest public utility plans to retire
NASHVILLE, Tenn. (AP) — The CEO of the nation's largest public utility will retire no later than September after nearly six years in his position, the Tennessee Valley Authority announced Friday. Jeff Lyash's departure as president and CEO of the federal utility follows a tenure with ups and downs in a seven-state service region growing in population. TVA has focused on nuclear energy with its proposal to build a small modular reactor. It also worked toward its plan to retire all its coal-fired plants by 2035, laid out a roadmap for an electric vehicle charging network and kept its retail electricity rates at 80% lower than the rest of the U.S. and its industrial rates at 95% lower, according to the utility. Lyash has also drawn scrutiny from clean energy advocates. He helped lay plans to replace several of TVA's aging coal plants with another fossil fuel, natural gas. Several of TVA's proposals for new natural gas plants have prompted criticism from the U.S. Environmental Protection Agency. And the utility's targets fell short of former President Joe Biden's administration goal for a carbon-pollution-free energy sector by 2035, despite having a Biden-appointed majority on the board. Additionally, over two days in December 2023, the utility resorted to rolling blackouts after coal and natural gas units went offline during dangerously cold conditions. The scenario prompted changes that may have helped keep its system online during a new high in demand in a cold spell earlier this month. 'TVA truly is a special place – created more than 90 years ago to improve the quality of life for more than 10 million people across this region,' Lyash said in a news release Friday. 'That mission of service continues to be our focus today.' His announcement also follows the return of President Donald Trump, who put Lyash on the hot seat in his first term. In 2020, Trump fired the former TVA board chairman and another board member. He also called for Lyash's replacement and the position's pay to be capped at $500,000. In response, TVA has noted that the CEO pay ranks in the bottom quartile of the power industry. Lyash's total compensation topped $10.5 million in the 2024 budget year, including various pension and performance incentives worth millions of dollars. Additionally, the utility has stressed that it doesn't receive federal taxpayer money and instead is funded by electricity customers. Trump also drove TVA to reverse course on the hiring of foreign labor for information technology jobs. TVA was out of Trump's crosshairs as his 2020 campaign heated up during the pandemic. The utility has not come up publicly for Trump in his early days of returning to office. TVA spokesperson Scott Brooks said Lyash's retirement 'is not related to the administration or any current politics' and that Lyash began talking to TVA board members last fall about considering retirement. Lyash is listed as 63 years old in a November SEC filing. 'TVA has worked with 20 presidential administrations since its creation in 1933 — that's 15 different presidents, each with their own goals and commitments,' Brooks said.
The Independent
31-01-2025
- Business
- The Independent
CEO of the nation's largest public utility plans to retire
The CEO of the nation's largest public utility will retire no later than September after nearly six years in his position, the Tennessee Valley Authority announced Friday. Jeff Lyash's departure as president and CEO of the federal utility follows a tenure with ups and downs in a seven-state service region growing in population. TVA has focused on nuclear energy with its proposal to build a small modular reactor. It also worked toward its plan to retire all its coal-fired plants by 2035, laid out a roadmap for an electric vehicle charging network and kept its retail electricity rates at 80% lower than the rest of the U.S. and its industrial rates at 95% lower, according to the utility. Lyash has also drawn scrutiny from clean energy advocates. He helped lay plans to replace several of TVA's aging coal plants with another fossil fuel, natural gas. Several of TVA's proposals for new natural gas plants have prompted criticism from the U.S. Environmental Protection Agency. And the utility's targets fell short of former President Joe Biden 's administration goal for a carbon-pollution-free energy sector by 2035, despite having a Biden-appointed majority on the board. Additionally, over two days in December 2023, the utility resorted to rolling blackouts after coal and natural gas units went offline during dangerously cold conditions. The scenario prompted changes that may have helped keep its system online during a new high in demand in a cold spell earlier this month. 'TVA truly is a special place – created more than 90 years ago to improve the quality of life for more than 10 million people across this region," Lyash said in a news release Friday. "That mission of service continues to be our focus today." His announcement also follows the return of President Donald Trump, who put Lyash on the hot seat in his first term. In 2020, Trump fired the former TVA board chairman and another board member. He also called for Lyash's replacement and the position's pay to be capped at $500,000. In response, TVA has noted that the CEO pay ranks in the bottom quartile of the power industry. Lyash's total compensation topped $10.5 million in the 2024 budget year, including various pension and performance incentives worth millions of dollars. Additionally, the utility has stressed that it doesn't receive federal taxpayer money and instead is funded by electricity customers. Trump also drove TVA to reverse course on the hiring of foreign labor for information technology jobs. TVA was out of Trump's crosshairs as his 2020 campaign heated up during the pandemic. The utility has not come up publicly for Trump in his early days of returning to office. TVA spokesperson Scott Brooks said Lyash's retirement "is not related to the administration or any current politics" and that Lyash began talking to TVA board members last fall about considering retirement. Lyash is listed as 63 years old in a November SEC filing. 'TVA has worked with 20 presidential administrations since its creation in 1933 — that's 15 different presidents, each with their own goals and commitments,' Brooks said.
