TVA To Cut More Than 10% of Jobs
The Tennessee Valley Authority says 750 employees have retired or resigned through a voluntary incentive program, another 1,000 vacant positions are being eliminated and more cuts are on the way. It will be the largest staff reduction at the federal utility in more than 20 years.
Cuts are also planned in TVA's nuclear program and involuntary layoffs are expected later this year. The cuts are being made so staffing levels and electric rates will be more in line with other utilities as power consumption growth slows.
TVA president Bill Johnson says he wants a $500 million reduction in annual expenses by next year.
TVA supplies power to about nine million customers in Kentucky and Tennessee as well as Alabama, Mississippi, Georgia, North Carolina and Virginia.