TVA surpasses 3-year cost reduction goal by more than $100M - WRCBtv.com | Chattanooga News, Weather & Sports

TVA surpasses 3-year cost reduction goal by more than $100M

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BOWLING GREEN, KY (AP) - The Tennessee Valley Authority says it surpassed its $500 million goal for reducing operation and maintenance costs over a three-year period. Officials say the utility beat the goal by more than $100 million.

CEO Bill Johnson told board members Friday in Bowling Green that ratepayers also benefited from lower fuel and purchased power costs in fiscal year 2015. The result was an 8 percent decrease in operating expenses for the fiscal year ending Sept. 30. That meant a $760 million savings.

Also that year, TVA helped attract and retain more than 76,200 jobs and a capital investment of more than $7.8 billion.

The Tennessee Valley Authority is the nation's largest public utility. It supplies power to about 9 million people in Tennessee, Alabama, Mississippi, Kentucky, Georgia, North Carolina and Virginia.

This story has been corrected to show the cost-cutting goal was $500 million, not $500,000.

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