TVA pledges more investment in Memphis to help keep its biggest customer

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TVA President Jeff Lyash announced a package of initiatives worth up to $535 million over 20 years to persuade Memphis Light Gas & Water to remain a TVA customer, including a $10 million/year community revitalization program targeting energy burden reduction for low-income Memphians, expanded home energy efficiency programs, and a proposal to purchase MLGW's high-voltage transmission lines for approximately $400 million. TVA also offered to provide a 500-acre former coal plant site for development of a major inland port on the Mississippi River. The announcement comes as Memphis weighs a Siemens study suggesting it could save $120 million annually by leaving TVA for its own generation and MISO wholesale power.