$450 Million for Memphis Making Public Presentation
to Show How Much the City can Save by Leaving TVA, How it Can be Done, and Why Now is the Time.
WHAT: At the invitation of Mayor Strickland and City Hall, on August 17 all the groups who support issuing an RFP to find our next power provider will be given equal time as TVA has to present in one venue to City officials. These groups will make their case during a presentation specially designed for the Memphis City Council, Memphis City Hall, MLGW Board of Directors, the Power Supply Advisory Team for MLGW, the Power Supply of the Memphis Chamber of Commerce, and the general public to discuss all elements of the decision about where the city buys our power. This is arguably one of the most financially consequential decisions the leaders of our city must make, as there are $100s of millions of dollars in annual savings at stake which can make a difference for generations to come. Making certain that we have market rate electricity makes Memphis a much more livable city for families and a competitive city for recruiting future businesses.
We have never had an opportunity to leave TVA with such a short notice requirement, and perhaps most importantly, with no responsibility for stranded costs. The proposed new TVA contract, however, is one- sided, with a rolling 20-year notice, an unenforceable pledge against raising rates, and saddles Memphis with an exit fee in range of hundreds of millions of dollars should we seek other power supply options in the future.
This event will offer perspectives from many sources on why leaving TVA and buying our power from another source is a prudent decision from a savings and reliability perspective as well as how this transition can happen and any associated costs funded with no burden to the City. Any questions can be submitted in writing to be answered and posted online within a few days. Instructions for asking questions will be available day of the call.
Finally, some groups believe that a significant portion of the city’s realized electricity savings could be added to the city general fund, from which City leaders would make decisions on how best to allocate.
WHEN: On Monday, August 17, 2020 from 3:00 – 5:00p. MLGW is holding a public listening session to hear comments about the recent IRP from Siemens starting at 2p.
WHERE: While our presentation is designed for the Memphis City Council, MLGW and Chamber audience described above, all media is invited, and encouraged, to log in and cover the event. To join the meeting from a computer, tablet or smartphone visit: https://mlgw.zoom.us/j/93483273440.
OPEN TO THE PUBLIC: The event is open to the public so anyone interested can become educated on the facts and figures relevant to the biggest decision City leaders will make in over 100 years. It is a decision that will impact the rates residents and businesses pay for power for decades to come. A recording of the session will also be available at www.abetterwaythantva.com.
PRESENTATION PARTICIPANTS: The event will feature presentations by the following:
$450 Million for Memphis, Karl Schledwitz and Jim Gilliland Jr.
Friends of the Earth, Herman Morris
Southern Alliance for Clean Energy, Steve Smith
Nuclear Development LLC, Bill McCollum
Midcontinent Independent System Operator, Melissa Seymour
Entergy Arkansas & Entergy Mississippi – Haley Fisackerly & Laura Landreaux
Special Guests to be announced day of webinar