Non-Kingston highlights:
- TVA electric rates will be cut about 7 percent in April, resulting from lower fuel costs, despite a litany of financial problems for the utility, detailed in the meeting by TVA's Chief Financial Officer Kim Greene.
- TVA CEO will forego incentives for 2009, cutting his pay by about 50 percent from what he made last year (about $2.2 million).
- As for the other 11,000 employees, the board decided to cut out corporate incentives, which account for about 30 percent of employee incentive dollars.
- TVA's lost $3 billion on the market since 2007, depleting its nuclear decommission and PENSION funds by nearly 40 percent apiece, even as pension obligations rose substantially. Board members pledged to maintain a "healthy pension system" at TVA.
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