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TVA trimming 1,000 jobs, delaying some capital projects

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CHATTANOOGA, TN. (Times Free Press) -- With a net loss for the second quarter and a projected loss for the budget year, TVA officials said the utility's "diet and exercise plan" involves trimming about 1,000 jobs and delaying some capital projects -- including work to complete Bellefonte Nuclear Power Plant.

The 1,000 eliminated positions will include about 700 TVA workers and 300 contractors, according to an announcement made Friday to TVA employees after the utility filed its earnings statement with the Securities and Exchange Commission.

"TVA is achieving about $100 million in labor savings as we work to reduce costs to meet the challenges of the lower revenues we are currently experiencing. This will help us to maintain financial health in the near term, while improving competitiveness over the longer term," said Janet Herrin, executive vice president and chief administrative officer.

The federal utility reported a net loss for the first half of fiscal 2013 of $267 million on sales of less than $5.2 billion. In the same period a year ago, the Tennessee Valley Authority, a wholesale electricity maker, earned $205 million on sales of nearly $5.8 billion.

Read more on the story from our news partners at the Chattanooga Times Free Press.

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