TVA Board Action Highlights Performance Excellence

Thursday, February 14, 2013

The Tennessee Valley Authority board of directors at its meeting Thursday approved performance measures for the agency that support the call for excellence throughout TVA by new President and CEO Bill Johnson.

“We are serving the people of the Tennessee Valley, and we must do that to the best of our ability,” Mr. Johnson told the board in his first TVA board meeting since being named president and CEO.

“We must try continuously to improve everything we do, always striving for excellence, both financially and operationally, and focusing on the right priorities – safety and reliability throughout our operations,” he said. “The goal is to be better today than yesterday, better tomorrow than today.”

Fiscal year 2013 performance measures include safety, financial health, power plant performance, transmission system reliability and environmental responsibility. These drive a system of performance measures that reach down to individual work groups and employees, according to Johnson.

“I am impressed with the dedication and capability of TVA employees. Working with our customers, we will safely deliver low-cost, cleaner energy that helps communities in the region attract and keep good jobs,” Mr. Johnson told the eight-member board, which includes four directors who were sworn in during January: Lynn Evans of Memphis; Peter Mahurin of Bowling Green, Ky.; Mike McWherter of Jackson, Tn., and Joe Ritch of Huntsville, Ala.

Mr. Johnson explained that the utility’s diverse mix of energy sources, which enables it to generate power reliably and economically under a variety of conditions, was critical during three recent refueling outages at its nuclear plants. TVA increased generation at its natural gas and coal plants to meet power needs and was able to avoid buying higher-cost energy from other utilities.

Having a more balanced portfolio follows the strategic direction established in TVA's long-term energy plan, known as its Integrated Resource Plan. The plan was developed in collaboration with TVA partners and stakeholders, and accepted by the board in 2011. Mr. Johnson reported that TVA will begin updating the IRP in 2013 and will again engage its stakeholders.

Mr. Johnson also reported on several challenges TVA faces, including emerging from the Nuclear Regulatory Commission’s heightened level of oversight as a result of its 2011 “red” finding at Browns Ferry Nuclear Plant, completing Watts Bar Nuclear Plant Unit 2 on time and within budget, bringing the Raccoon Mountain Pumped Storage Plant back online, and complying with increasingly stringent environmental regulations.

Chief Financial Officer John Thomas reviewed results for the fiscal year’s first quarter, which ended Dec. 31. Total operating revenue remains essentially on plan with sales relatively flat, total revenues consistent with the prior year and net income down. Higher off-system sales were offset by lower sales to directly served industrial customers.

In addition to receiving the President’s Report, the board also approved new committee assignments for the board’s five standing committees.



Scam Phone Calls Continue; IRS Identifies Five Easy Ways To Spot Suspicious Calls

The Internal Revenue Service issued a consumer alert today providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending to be with the IRS.   These callers may demand money or may say you have a refund due and try to trick you into sharing private information. These con artists can sound convincing when they call. They ... (click for more)

CBL & Associates Properties To Pay Common And Preferred Stock Dividends

CBL & Associates Properties, Inc. Thursday announced that its Board of Directors has declared a quarterly cash dividend for the company’s Common Stock of $0.245 per share for the quarter ending Sept. 30. The dividend is payable on Oct. 15 to shareholders of record as of Sept. 30. The Board also declared a quarterly cash dividend of $0.4609375 per depositary share for the ... (click for more)

Bradley, 24, Charged In Death Of Boy, 3; Child Had Numerous Injuries After Left With Boyfriend; Mother Was In Workhouse

Justin Dale Bradley has been charged with criminal homicide in the death of a three-year-old child, who was rushed to the hospital on Wednesday and later died. Police said Dakota James Arndt had numerous injuries over his body. Authorities said Bradley, 24, is the boyfriend of the child's mother, Brianna Kwekel, who was in the Workhouse at the time. Ms. Kwekel was serving 48 ... (click for more)

Helen Burns Sharp Asks Recovery Of Legal Fees In Successful Black Creek TIF Lawsuit

Helen Burns Sharp, citizen activist who sued to try to stop a $9 million Black Creek Tax Increment Financing (TIF) and won, is seeking to have her legal expenses paid by the city and the developers. Ms. Sharp said in a court filing that her legal bills to attorney John Konvalinka are $74,427 thus far. Chancellor Frank Brown ruled in favor of Ms. Sharp, saying the Sunshine ... (click for more)

The Many Lessons I Learned From Helen McDonald Exum

Helen McDonald Exum was my friend and mentor. As I think of her passing I can only imagine the celebration that is happening in heaven as the news of her arrival is being told. I am sure that there is a party that not only has she organized but that there is not a detail that has been left to chance. I am sure that it is the grandest of events, for you see, she has been planing ... (click for more)

Insurance Burden Should Not Fall On The Teachers

I have attended several Hamilton County School Board meetings over the past few months, including the recent special called meeting" to vote on teacher insurance changes. First, let me say I am very impressed with Superintendent Rick Smith and his staff at the Central Office.  Mr. Smith is a very dedicated public servant, working hard to provide services to our community ... (click for more)