CHATTANOOGA, Tenn. (AP) – The Tennessee Valley Authority is encouraging many of its employees to retire early or resign.
The nation’s largest public utility outlined its plan on Wednesday to reduce its workforce and cut spending so that it can save $500 million a year in operating costs and keep rates more in line with neighboring utilities.
The Chattanooga Times Free Press (http://bit.ly/1i128SX) reports severance packages are being offered to all non-nuclear employees who have been with the company for at least a year.
TVA officials say they hope the offer helps the utility limit or avoid major layoffs later this year when the utility plans to close more coal plants and limit other operations.
TVA supplies power to about 9 million people in Tennessee, Alabama, Mississippi, Kentucky, Georgia, North Carolina and Virginia.