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VOL. 129 | NO. 153 | Thursday, August 7, 2014

TVA to Cut More Than 2,000 Jobs

AP

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CHATTANOOGA, Tenn. (AP) – The nation's largest public utility is eliminating more than 2,000 jobs as part of a $500 million cost-cutting campaign.

The Chattanooga Times Free Press reports the Tennessee Valley Authority is making the cuts this year to pare expenses and make electric rates in the Tennessee Valley more competitive with neighboring utilities.

Most of the staff reductions are being made by not filling vacant jobs and through retirements and resignations by the end of next month.

More than 900 employees agreed to resign or retire and were given a week's pay for each year of employment. Another 1,000 staff vacancies were not filled.

TVA declined to detail the number of layoffs, which are the agency's largest in more than two decades.

TVA President Bill Johnson said this week that the voluntary reduction offers well-received and avoided the need for massive firings, although some employees are being laid off.

"We are well on our way toward achieving our multiyear goal of reducing operating and maintenance costs by a sustainable $500 million (below 2013 spending levels)," Johnson said. "Once we make that target, we will continue to look for ways to eliminate unnecessary costs and to live within our means."

Information from: Chattanooga Times Free Press, www.timesfreepress.com

Copyright 2014 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 This material may not be published, broadcast, rewritten or redistributed.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 80 80 6,019
MORTGAGES 107 107 7,199
FORECLOSURE NOTICES 29 29 1,144
BUILDING PERMITS 142 142 12,733
BANKRUPTCIES 58 58 4,405
BUSINESS LICENSES 28 28 2,391
UTILITY CONNECTIONS 41 41 2,581
MARRIAGE LICENSES 37 37 1,272

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