TVA Helps Businesses Invest $4.3 Billion in Economic Development Projects in 2010

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Dec 29, 2010, 02:18 ET

KNOXVILLE, Tenn., Dec. 29, 2010 /PRNewswire-USNewswire/ -- The Tennessee Valley Authority's technical services, financial assistance and other incentives helped companies invest $4.3 billion in economic development projects and attract or retain 41,000 jobs across the region in fiscal year 2010.

(Logo: http://photos.prnewswire.com/prnh/20100304/TVALOGO)

John Bradley, TVA senior vice president of Economic Development, said TVA economic development support has contributed to 264,500 new or retained jobs and $27 billion in business investment since 2005.

In 2010, TVA's economic development activities, which are part of TVA's non-power mission under the TVA Act, helped recruit or expand more than 150 companies into the TVA service area.

"Low-cost, reliable power and innovative marketing programs are key ingredients to TVA's successful formula for attracting businesses, creating jobs, and boosting regional economic development," Bradley said.

TVA power distributors and direct-served customers; regional, state and local officials; and community organizations also are vital to TVA economic development programs, Bradley said.

One of the most successful efforts has been the Megasites program, which partners TVA with other stakeholders to market large industrial tracts to manufacturers. Megasites are large parcels that are ready for heavy industrial development, available for sale, have access to utilities and are free of easements and right-of-way issues.

Five megasites have been sold to the following: Dow Corning/Hemlock Semiconductor, to produce polysilicon for solar cells and semiconductors; Volkswagen, to build a new mid-sized sedan; Paccar, to build diesel truck engines; Toyota, to build its Corolla sedan; and SeverCorr, to make steel for commercial and automotive uses.

This year TVA assessed more than 50 locations across the service area for access, telecommunications, power availability and reliability, and other characteristics suitable for data center development.

Data center sites have been identified in the Tennessee cities of Athens, Bristol, Fayetteville, Jackson, Lenoir City, Maryville, Murfreesboro and Tullahoma; Grenada and Olive Branch, Miss.; Guntersville and Hartselle, Ala., and Duffield, Va.. More information about these sites is available at TVAed.com/datacenters.

The Valley Investment Initiative, another innovative program offered by TVA and local distributors, offers financial incentives to companies that make at least a five-year commitment to remain in the TVA service region, retain or increase their workforce and make long-term capital investments in their regional operations.

TVA in 2010 was named one of Site Selection Magazine's North American Top Utilities for economic development and is one of only three utilities to earn the designation five years in a row.

TVA's 2010 economic development efforts contributed to the following business investments and job totals for the TVA service districts:

Alabama: $391,700,000 and 3,401 jobs;
Kentucky: $435,600,000 and 6,537 jobs;
Mississippi: $534,100,000 and 7,337 jobs;
Middle Tennessee: $1,397,700,000 and 9,945 jobs;
West Tennessee: $750,700,000 and 7,293 jobs;
Northeast Tennessee and Virginia: $422,200,000 and 2,699 jobs;
Southeast Tennessee, Georgia and North Carolina: $384,700,000 and 3,687 jobs.

The Tennessee Valley Authority, a corporation owned by the U.S. government, provides electricity for utility and business customers in most of Tennessee and parts of Alabama, Mississippi, Kentucky, Georgia, North Carolina and Virginia – an area of 80,000 square miles with a population of 9 million. TVA operates 29 hydroelectric dams, 11 coal-fired power plants, three nuclear plants and 11 natural gas-fired power facilities that can produce nearly 34,000 megawatts of electricity, delivered over 16,000 miles of high-voltage power lines. TVA also provides flood control, navigation, land management and recreation for the Tennessee River system and works with local utilities and state and local governments to promote economic development across the region. TVA, which makes no profits and receives no taxpayer money, is funded by sales of electricity to its customers. Electricity prices in TVA's service territory are below the national average.

SOURCE Tennessee Valley Authority