Site Selection magazine names TVA among top power companies
The Tennessee Valley Authority is one of ten power companies on Site Selection magazine's 2012 list of the best power companies for economic development.
The magazine credits Knoxville-based TVA for helping to attract or retain some 43,000 jobs across its seven-state service area and generate $4.9 billion in economic development in 2011.
Site Selection noted several corporate investments that TVA helped attract, including Amazon.com and Electrolux in Tennessee, Olin-Winchester and GE Aviation in Mississippi, GM and Martinrea Hopkinsville in Kentucky and Topre America and North American Lighting in Alabama.
Site Selection is intended for corporate executives and consultants responsible for choosing where companies build new plants.
TVA has made the magazine's annual best power companies list each of the last seven years.
"TVA's mission is to provide reliable and low-cost power. Our customers, regional and state agencies, and economic, industrial and community leaders all play significant partnership and teamwork roles to prepare for economic growth opportunities," John Bradley, TVA senior vice president of Economic Development, said in a statement.
TVA's economic development programs have resulted in 240,000 new or retained jobs and $30 billion in business investment since 2007, Bradley said.
Site Selection's picks are based on an analysis of corporate development in the utility's service area; surveys of corporate end users and site consultants; "incentives for business, including energy efficiency and renewable energy programs"; and "the utility's own job-creating infrastructure and facility investment trends," according to a news release.
In contrast to its economic development successes, TVA has suffered some high-profile profile economic losses.
TVA said completion of its Watts Bar Unit 2 reactor will cost up to $4 billion, $2 billion more than originally estimated, and won't be finished until late 2015, three years late.
And the ongoing cleanup of the 2008 Kingston coal ash spill could cost TVA ratepayers more than $1 billion, not counting damages and litigation costs.
TVA provides electricity for 9 million people in parts of seven southeastern states.
Source: Knoxville News Sentinel