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VOL. 127 | NO. 89 | Monday, May 07, 2012

Warm Winter, Higher Expenses Lead to Drop in TVA Revenue

By RAY HENRY

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ATLANTA (AP) — The Tennessee Valley Authority announced Friday it will seek to cut less than 1,000 positions as it faces a drop in electricity sales driven by an unusually warm winter and looming expenses, including an over-budget effort to finish building a nuclear reactor in Tennessee.

TVA officials reported that the electricity supplier brought in roughly $5.2 billion in revenue during the first half of its financial year ending in March, or nearly 11 percent less than the same period last year.

The electric supplier blamed the bulk of those losses on an unusually warm winter, which cut both the demand for electricity and the prices that TVA can charge for it. TVA officials stood by the board’s recent decision to approve adding $1.5 billion to $2 billion to the estimated cost of building a second nuclear reactor at its Watts Bar power plant in Spring City, Tenn.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 76 166 10,044
MORTGAGES 105 195 13,070
FORECLOSURE NOTICES 5 40 2,578
BUILDING PERMITS 216 370 23,894
BANKRUPTCIES 82 152 9,685
BUSINESS LICENSES 42 51 3,654
UTILITY CONNECTIONS 103 264 14,227
MARRIAGE LICENSES 29 53 3,116

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