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Spinning the Web since 1994
TVA Customers Paying Big for Management Ignorance
Remember the ash spill of a while back at Kingston, Tennessee? Caused by years and years of piling up coal ash onto the side of a hill. Even a county line clod-hopper could tell you that one day it was all gonna come sliding down the hill. But TVA has big rooms full of super-computers and highly paid hacks in pin-stripped shirts, and they somehow convinced themselves that they could overcome that Universal Law of Physics: “crap runs downhill”.
It should be noted here that TVA doles out quite large “bonuses” every year to these same pin-stripped wonders. The top dog netted a million dollar bonus just recently, along with a quite large pay raise. You can check it yourself at the Knoxville times article: “Tennessee’s congressional delegation reacted with dismay and disbelief on Friday over the TVA board’s decision to grant the utility’s top executive a half-million-dollar pay raise.”
The bills are starting to come for the mess they made. The first is referenced here in the article titled “Weather boosts TVA’s quarterly revenues”.
“TVA reported net income for reinvestment of $199 million in its quarterly report for the three months ending June 30, on TVA’s Form 10-Q filed Aug. 2, with the Securities and Exchange Commission. That compares with a net loss of $167 million for the third quarter of the previous fiscal year, which included $258 million in expenses from the Kingston ash spill recovery effort. The TVA board of directors subsequently approved recovering those costs in power rates over 15 years.”
Perhaps they’re hiding a little of this expense in the “fuel adjustment charge” they’ve been increasing every month, for six straight months. Folks here’s some real losers that get the big bucks and don’t know “it” from Shinola.
Oh yeah, here’s more good news for us “rate payers”: TVA’s coal ash spill trial to begin in September
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Shorten your shower
Every minute you cut from your shower is roughly 5 gallons of water. The less time your shower takes, the lower your impact on the environment.