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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 This material may not be published, broadcast, rewritten or redistributed.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 125 460 19,282
MORTGAGES 156 638 24,832
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 222 899 41,501
BANKRUPTCIES 53 285 14,407
BUSINESS LICENSES 15 92 5,912
UTILITY CONNECTIONS 55 294 22,096
MARRIAGE LICENSES 10 75 5,137

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