TVA revenues dip slightly so far in 2013

TVA revenues dip slightly so far in 2013

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COLUMBIA (AP/WATE) - The Tennessee Valley Authority board of directors learned Thursday revenues were slightly below expectations for 2013.

Chief Financial Officer John Thomas told the board a total of $4.43 billion had been received through February, but Thomas said the reduction is offset by lower expenses.

The board meeting came just days after the Obama administration suggested in its 2014 budget the idea of selling the utility as a way of decreasing the federal deficit.

The chairman of the Tennessee Valley Authority expressed confidence in the organization.

Bill Sansom said the board welcomes a proposed strategic review of the agency and any suggestions for ways to better serve the people in its seven-state region.

Sansom said he believes TVA is a good model and the review will also be good. But he also said some areas need improvement and suggested that making those improvements could help TVA in the upcoming review.

Although TVA does not receive taxpayer appropriations, and taxpayers aren't responsible for the TVA's debt, the utility's expenditure of borrowed funds does count in the federal deficit.

TVA had $24.6 billion in debt as of Dec. 31, 2012, according to the utility.

TVA officials have said they will continue operating normally during a proposed strategic review. The possible sale is not on the board's Thursday agenda.

The board also approved creating an advisory council on energy resources. Among other things, the council would advise staff on energy efficiency and renewable energy.

During the meeting, the board voted to establish a citizens' advisory group intended provide input on energy resources.

The panel, called the Regional Energy Resource Council, is similar to a citizens' advisory group called the Regional Resource Stewardship Council that was created in 2000.

The RRSC advises TVA on natural resource stewardship activities.

RERC members will include a nominee from each governor in the seven-state TVA service area. Other members will serve as representatives from the Tennessee Valley Public Power Association, local power companies, directly served customers of TVA, business and community members, the academic community and individuals or representatives of organizations on environmental and/or energy issues.

Up to 20 members will be selected.

Portions of this report Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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