TVA Officials Plan to Cut Costs
The Tennessee Valley Authority will look for ways to reduce its expenses in the months ahead, and some positions will be cut. TVA officials announced today that the power supplier brought in about eleven percent less revenue during the first six months of its financial year, compared to the first six months of the previous financial year. An unusually warm winter, which reduced power sales, was cited as a major contributing factor.
TVA's expenses have increased. A decision to allow up to $2 billion in extra spending to finish building the Watts Bar unit 2 nuclear reactor contributed to those expenses.
Chief Financial Officer John Thomas says TVA plans to trim expenses by spending less on building projects. He says fewer than 1,000 positions will also be cut, but he did not offer more specific information about the staffing cuts.