Trenton, Tenn. – The Gibson Electric Membership Corporation board resolved last night at a special called board meeting to sign the Tennessee Valley Authority’s proposed Long-Term Contract.
“Gibson EMC leadership felt it was important on behalf of our 39,000 member-owners to analyze TVA’s offering and other possible options before we moved from our current five-year contract to TVA’s 20-year contract,” said Gibson EMC President and CEO Dan Rodamaker.
“After a full evaluation of the marketplace for power supply, our Gibson EMC board of trustees has resolved to award TVA a long-term contract amendment,” he said.
Rodamaker commented that TVA has met Gibson EMC’s criteria of being reliable, affordable and resilient. “In this decision as with all others, we are 100% driven to do what is in the best interest of our member-owners,” said Rodamaker. “Gibson EMC has enjoyed a strong and productive relationship with TVA, and we look forward to continuing our business relationship with TVA as our power supplier,” Rodamaker said.
TVA’s 20-year contract will result in a 3.1 percent wholesale credit to Gibson EMC. “This was an important consideration as we work to keep our rates affordable for our member-owners,” Rodamaker explained.
Gibson EMC is a local, not-for-profit, member-owned and member-controlled electric cooperative serving more than 39,000 homes and businesses in eight west Tennessee counties (Crockett, Dyer, Gibson, Haywood, Lake, Lauderdale, Madison and Obion) and four west Kentucky counties (Carlisle, Fulton, Graves and Hickman). Gibson Connect is a wholly owned, not-for-profit subsidiary of Gibson EMC, working to provide high-speed, fiber-based broadband service access to the cooperative’s eligible members.