[TVA Board Meeting] Rate Cuts on the Way

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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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This page contains a single entry by Charles Maldonado published on February 12, 2009 12:10 PM.

[TVA Board Meeting] Kilgore Says Cleanup Could Be As Much as $800M was the previous entry in this blog.

[TVA Board Meeting] Former RNC Head to Take Over As Chair is the next entry in this blog.

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