TVA offers buyouts to staff in attempt to cut expenses
CHATTANOOGA, TN (Times Free Press) -
TVA's new CEO discarded the "diet and exercise" mantra adopted last year by the federal utility to get the agency into better fiscal shape.
In its place, TVA President Bill Johnson talks frequently about making America's biggest government utility "safer, better, faster and leaner."
But regardless of the terminology, TVA is trying again this year to cut expenses in response to stagnant power sales. After a net loss of $191 million in the first half of fiscal 2013 and the shutdown of its biggest industrial customer last month, TVA managers say they are planning next year's budget with fewer employees and less operating costs.
TVA announced in May it is slowing engineering work at its Bellefonte Nuclear Plant and will eliminate 530 jobs, including 495 contractor positions.