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TVA cutbacks
The Tennessee Valley Authority is preparing to scale back it's operations. In a budget unveiled by the Trump White House, TVA expects to cut it's capital investment next year by $677 million, reduce it's operating expenses by $263 million and it's staff by another 316 employees . TVA Chief Financial Officer John Thomas says inflation will be met with reduced costs. Over the past three years the power producer has cut its staff by more than 2,000 employees and slashed it's operating expenses by more than $600 million. In the process, TVA is ahead of it's goal of cutting its debt by $22 billion before 2023. At the same time, TVA has hiked it's rates by less than the inflation rate over the past three years. TVA's pension plan remains underfunded by about $6 billion, but Thomas said investment income and fewer employees in the retirement system this year should help to improve the pension's financial standing this year and help TVA meet its long-term goal to restore the pension to full funding. The completion of America's newest nuclear reactor at Watts Bar is expected to save TVA about $100 million a year in fuel. TVA also has completed construction of a new combined cycle gas-fired plant in Kentucky so capital spending is projected to drop by more than 26 percent next year, as power demand remains stagnant. The agency also does not receive any taxpayer funding for its non-power programs, which include operating 49 dams and 47 reservoirs in seven Southeastern states.
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Return to Today's News Stories - Front PageThursday, April 29, 2021
US 411 Project News
Mill Creek Wildfire Update
More Bad News For Smokies' Fans
Wednesday, April 28, 2021
Mill Creek Wildfire doubles in size
Goodbye Smokies?
Keep Cocke County Beautiful
Cocke Co. High School Remote Learning today!
Tuesday, April 27, 2021
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Gas prices drop
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Monday, April 26, 2021
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Friday, April 23, 2021
Leaving WNPC
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Cruise Against Cancer
Jobless numbers
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