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TVA To Cut More Than 10 Percent Of Jobs

TVA To Cut More Than 10 Percent Of Jobs

CREATED May 6, 2014

CHATTANOOGA, Tenn. (AP) - The Tennessee Valley Authority said 750 employees have retired or resigned through a voluntary incentive program, another 1,000 vacant positions are being eliminated and more cuts are on the way.

The Chattanooga Times Free Press reported it will be the largest staff reduction at the federal utility in more than 20 years.

Cuts also are planned in TVA's nuclear program and involuntary layoffs are expected later this year.

The cuts are being made so staffing levels and electric rates will be more in line with other utilities as power consumption growth slows.

TVA President Bill Johnson said he wants a $500 million reduction in annual expenses by next year.

TVA supplies power to about 9 million people in Tennessee, Alabama, Mississippi, Kentucky, Georgia, North Carolina and Virginia.

(Copyright 2014 by The Associated Press. All Rights Reserved.)