TVA CEO Tom Kilgore Announces Retirement - Full Report of TVA Quarterly Board Meeting

AUGUST 16, 2012 - KNOXVILLE, TENNESSEE AT THE CORPORATE HEADQUARTERS OF THE TENNESSEE VALLEY AUTHORITY - TVA

At today's quarterly TVA meeting TVA CEO Tom Kilgore announced he was going to retire in 4-6 months.

"Nooga.Com" coverage: http://nooga.com/156798/tvas-ceo-tom-kilgore-announces-retirement/

Short video of Mr. Kilgore's announcement.

Knoxville, Tn. TVA Quarterly Board Meeting Opening

TVA Board Governance: http://www.tva.com/abouttva/board/governance.htm

 TVA'S QUARTERLY BOARD MEETING

Information about the TVA Board of Directors and Quarterly Meetings http://www.tva.com/abouttva/board/index.htm

TVA Board of Directors Listening Session

At the beginning of each TVA Board meeting the Board of Directors conduct a Listening Session. A speaker may sign up to speak prior to the meeting. Yesterday's session was long due to many citizens speaking about TVA's Transmission Line Clearance Policy. Approximately 30 citizens spoke in opposition of the policy and cited examples and photographs of inappropriate incursions onto private property. Another 15-20 citizens spoke on the issue of Energy Efficiency, Renewable Sustainable Energy needs, recreation property usage and 4 called for the resignation or firing of Tom Kilgore.

Listening Session Video link: Video of listening session (Windows Media) 

TVA Board of Directors Meeting

"The Board of Directors guides TVA in achieving the objectives and missions established by the TVA Act for the benefit of the people of the Valley.  As provided by the TVA Act and the TVA Bylaws, the principal responsibilities of the Board are to establish the broad strategies, goals, and objectives, long-range plans, and policies of TVA and to ensure that those are achieved by the TVA staff led by the Chief Executive Officer. Each Director takes an oath to faithfully and impartially perform the duties of office. Directors serve part-time." (TVA Board of Directors description) 

Board of Directors  Video of meeting (Windows Media)

TVA Executives Power Point presentation to the Board of Directors: TVA Presentation (PDF)

TVA News Release

KNOXVILLE, Tenn. – "Despite a challenging year, the Tennessee Valley Authority board of directors on Thursday passed a TVA budget for fiscal year 2013 that includes no increase in wholesale electric rates."  http://www.tva.com/news/releases/julsep12/august_board.htm

Video of media briefing (Windows Media)

Knoxville News Sentinel

"Whose on TVA's Board? That firm will presumably consider outside candidates, but here’s a look at the top executives who are already on the agency’s roster. Kim Greene  Janet Herrin  Joe Hoagland  Rob Manning  Ralph Rodgers  Mike Skaggs  Preston Swafford  John Thomas III  http://www.knoxnews.com/news/2012/aug/17/whos-tvas-management-bench/  

Chattanooga Times Free Press

"Kilgore said he will hold off turning his attention to his farm near Knoxville until TVA has chosen his successor. Board members said they will consider internal candidates and launch a nationwide search for Kilgore's replacement. In the meantime, TVA will begin the new fiscal year holding the line on electricity rates...TVA was able to keep rates steady in spite of losing $290 million in the first three quarters of the fiscal year." http://www.timesfreepress.com/news/2012/aug/17/tva-keeping-rates-down-kilgore-to-retire/

TVA's ranking in the top 100 utilities in the nation, 39 0f 100.

Knoxville News Sentinel

"After two hours of hearing complaints about TVA's tree cutting policy and other issues, the TVA board of directors approved a budget proposal Thursday that includes no wholesale electric rate increase for fiscal year 2013...[TVA Chief Financial Officer John Thomas] "We are not recommending a rate increase," he told the board. "We have sufficient resources to meet our obligations next year.""  http://www.knoxnews.com/news/2012/aug/17/no-rate-hike-in-tva-budget/

More debt on tap for FY2013.

Chief Financial Officers Budget Recommendation was approved.

"arklite.blogspot.com"

Comprehensive report on the current financial state of the TVA as described in their Quarterly SEC 10Q filing as of August 3, 2012 and Government Accounting Office's (GAO) October 2011 summary of TVA regarding a lack of financial planning. Also included is the latest TVA Bond Report from Fitch. http://arklite.blogspot.com/2012/08/talkn-about-tva-finances.html  

TVA Nuclear Problems

Preston Swafford, TVA Vice President of Nuclear Operations commented on several issues relating to TVA's Nuclear Power programs.

Browns Ferry problems continue to mount. "TVA's Browns Ferry Nuclear Plant flagged for more safety issues. August 15, 2012"

"The Athens, Ala., electricity plant powered by three nuclear reactors had a preliminary "white" finding -- NRC's least serious safety flag -- extended from one of the reactors to all three, according to NRC spokesman Joey Ledford."The "white" finding for all three units was based on an NRC inspection that found plant operators and staff would not have been able to satisfactorily perform newly implemented procedures for safe plant shutdown," Ledford said." http://www.timesfreepress.com/news/2012/aug/15/chattanooga-flagged-again-nuclear-plant/

Further information relating to the Browns Ferry January 2012 Unit 3 Control Room fire is expested to be released next week by the NRC. "TVA-Browns Ferry Nuclear Power Facility, NRC Meeting Supplemental Inspection Report." http://arklite.blogspot.com/2012/08/tva-browns-ferry-nuclear-power-facility.html

TVA will replace the four steam generators in Unit 2 at the Sequoyah Nuclear Plant. The proposed project would involve off loading the 65-foot-long, 15-foot-diameter cylindrical steam generators from transport barges, the cutting of a 45-foot by 22-foot-oval hole in the roof of the Unit 2 concrete shield building, the removal of the old steam generators through the hole, the installation of the new steam generators, repairing the roof of the shield building, and the on-site storage of the old steam generators in a special shielded building.

According to Dr. Marilyn Brown, TVA Board of Director member and Nuclear Oversight Committee Chair, one of the largest cranes in the world will be erected to remove and replace the steam generators.

It is estimated the Sequoyah Nuclear Plant steam generator replacement project will cost between $320-350 million dollars, tentatively scheduled to begin in September 2012 and will take approximately 90 days for project completion if all goes well.

The next TVA Board Meeting is tentatively scheduled for November 15, 2012 at Scottsboro, Alabama.