MEMPHIS, Tenn. — Memphis Light Gas and Water CEO J.T. Young advised board members to stay with the Tennessee Valley Authority as the power supplier for the city’s public utility.

His recommendation came down in a meeting Thursday morning. Young said TVA provides the “greatest value” with the “least risk” for customers.

MLGW has been evaluating proposals from alternative power suppliers to potentially replace the TVA.

Young told the utility board that TVA’s LTP proposal would save MLGW about $603 million over a 25-year period if the deal begins in January 2023.

That would mean the average customer would save about $32 a year on their electric utility bill for the first five years, Young said.

The community will have at least 30 days to share comments before the board and/or city council makes a final decision. Because it’s a proposed contract for more than five years, city council will have to weigh in, if the board decides to move forward with TVA.