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A resolution amending Resolution RS2020-441 to revise the Green Invest Agreement between the Tennessee Valley Authority, Nashville Electric Service, and the Metropolitan Government of Nashville and Davidson County for the purchase of renewable energy.
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WHEREAS, on July 21, 2020, the Metropolitan Council adopted Resolution RS2020-441 which was subsequently approved by Mayor John Cooper on July 22, 2020; and,
WHEREAS, Resolution RS2020-441 approved a "Green Invest Agreement" between the Tennessee Valley Authority, Nashville Electric Service, and the Metropolitan Government of Nashville and Davidson County for the potential purchase of renewable energy, and a copy of the proposed Agreement was attached and incorporated therein; and,
WHEREAS, the Green Invest Agreement does not obligate the Metropolitan Government to purchase renewable energy, but serves as a vehicle for the parties to investigate the option for entering into one or more future Tranche Amendments to purchase renewable energy from new renewable generation resources or to construct such resources at the request of the Metropolitan Government; and,
WHEREAS, in subsequent negotiations with the Tennessee Valley Authority, the Metropolitan Government was able to realize cost savings through a new pricing structure whereby TVA subtracts its avoided cost from the cost of the renewable energy obtained (with such difference not less than agreed-upon price minimums) and eliminates renewable energy credit fees; and,
WHEREAS, it is to the benefit of the citizens of The Metropolitan Government of Nashville and Davidson County that an amendment to the Green Invest Agreement be approved, thereby enabling the Metropolitan Government to realize more advantageous pricing structures.
NOW, THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That the Green Invest Agreement between the Tennessee Valley Authority, Nashville Electric Service, ...
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