The Tennessee Valley Authority announced April 16 it will partner with local power companies by providing $2 million in matching funds to support local initiatives that address hardships created by the COVID-19 pandemic.
“This initiative is part of a comprehensive portfolio of assistance programs that TVA is providing to support communities and customers across the Valley,” TVA said.
The COVID-19 Community Care Fund “will help amplify vital work being done by nonprofit organizations to support families and businesses affected by pandemic conditions,” TVA noted.
Local power companies will have the opportunity to identify organizations for which they will seek matching funds for existing or new community initiatives.
The COVID-19 Community Care Fund is part of a broader effort by TVA and local power companies to support communities with resources, programs and assistance and reinforce the strength of public power in the Tennessee Valley.
In its role as regulator for local power companies, TVA is providing the local power companies with more flexibility to meet immediate customer needs in a fair, consistent manner, TVA said.
TVA in March unveiled an initiative to support increased flexibility for local power companies that are responding to community and customer needs during the ongoing response to the COVID-19 pandemic.
TVA will make up to a total of $1 billion of credit support available as an option to local power companies through the deferral of wholesale power payments based on the needs of individual local power companies.
TVA is also working to identify additional potential funding from federal, state, and local government stimulus programs to help mitigate the impacts of COVID-19 in the Valley.