NASHVILLE, Tenn. — The Chief Executive Officer of the largest public utility in the United States is set to retire by September at the latest, as announced by the Tennessee Valley Authority (TVA) on Friday. Jeff Lyash, who has served as president and CEO for nearly six years, leaves behind a career marked by both achievements and challenges in a rapidly growing seven-state service area.
TVA has prioritized nuclear energy during Lyash’s tenure, including plans for a small modular reactor. The organization has also committed to terminating all coal-fired power plants by 2035. Additional initiatives include developing a charging network for electric vehicles and achieving substantially lower retail electricity rates—80% below the national average—as well as industrial rates that are 95% lower than others in the U.S.
Nevertheless, Lyash faced criticism from advocates of clean energy due to plans aimed at replacing aging coal facilities with natural gas plants. Some of these proposals have raised eyebrows with the U.S. Environmental Protection Agency. Despite the board’s Biden-appointed majority, TVA’s new targets did not meet the expectations set by the previous administration for a carbon-free energy sector by 2035.
Further complicating matters, TVA experienced rolling blackouts in December 2023 when coal and natural gas units went offline due to extreme weather conditions. These events subsequently led to operational changes aimed at managing demand during subsequent cold spells.
In a statement, Lyash reflected on TVA’s long-standing purpose, saying, “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. That mission of service continues to be our focus today.”
His upcoming retirement comes amid the renewed influence of former President Donald Trump, who previously placed Lyash under scrutiny during his first term. In 2020, Trump dismissed the chairman of the TVA board and another member and expressed a desire for both Lyash’s departure and a cap on the CEO’s salary at $500,000.
In self-defense, TVA has stated that the CEO’s compensation is among the lowest in the power industry. Lyash’s total earnings for the 2024 budget year surpassed $10.5 million, which includes various pension and performance-related bonuses. TVA further emphasizes that it does not rely on federal tax funding but is instead financed by its electricity customers.
During Trump’s administration, TVA also reversed its decision regarding the hiring of foreign workers for IT roles. However, with the onset of the 2020 campaign and the pandemic, TVA largely escaped Trump’s criticisms. Recently, a TVA spokesperson indicated that Lyash’s retirement is not linked to political factors and noted that discussions about his departure began last fall. At 63 years old, Lyash has worked alongside multiple presidential administrations over the years.
TVA spokesperson Scott Brooks commented on the organization’s history, stating, “TVA has worked with 20 presidential administrations since its creation in 1933—that’s 15 different presidents, each with their own goals and commitments.”
